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Okereke Indicts CBN Over Capital Market Collapse …Oteh Absent At House Probe Panel
Following Monday’s allegations and accusations of financial imprudence made by the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh levelled on former Director-General of the Nigeria Stock Exchange, Prof. Ndi Okereke Onyiuke, the former DG of NSE appeared before the panel yesterday to defend herself against some of the allegations.
She also provided a way forward for the present administrators of the SEC and NSE.
In her earlier statement, Okereke-Onyuike accused the CBN merger loans of being the main reasons why the capital market was in a state of comatose.
She said, “the merger loans given to most of the commercial banks have cost the present mess faced by the capital market”.
She further said that many of the fictitious private companies registered by the Corporate Affairs Commission saw the capital market as a money making avenue for themselves, and tried to exploit individuals and innocent investors in the market.
However, she highlighted some major points on how the market could get back to its glorious days of market booming.
“I wish to state that some of the ways which the market can get its confidence back in the mind of investors are as follows: appointment of the market makers which must include a public enlightenment because the stock market is the barometer of the economy of any country.
Secondly, merger of stock brokering firms, as this will make them stronger because most of them are too weak to stand alone, thirdly, the e-dividend and e-certificates should be encouraged so that they can be properly kept and protected.
She further said that the setting up of another government’s agency to monitor unclaimed dividends and certificates should be discouraged as this would bring about over-lapping of duties.
Prof.Okereke-Onyiuke also said that the SEC should have developmental functions and not just police offenders but enlighten them while the SEC should be adequately funded by the Federal Government. She concluded by adding that Value Added Tax placed on shareholders should be abolished.
Meanwhile, the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh failed to appear before the panel yesterday, giving a written excuse in which she asked for the permission of the House probe panel to allow her to attend an economic summit being chaired by President Goodluck Jonathan.
But in a swift response, the chairman of the probe panel, Hon. Ibrahim El-Sudi, ordered her to appear before the panel unfailingly by 10am today or the law will be used against her.
Oteh had on Monday at the resumed probe, reeled out series of cases of recklessness in the running of the SEC under the watch of Okereke-Onyuike.
Meanwhile, former Director- General of the Securities and Exchange Commission, Prof. Ndidi Okereke-Onyuike, came under hammer on Monday at the resumed probe into the various malpractices that led to the collapse of the capital market.
D-G of the commission, Mrs. Arunmah Oteh, whose statements culminated in the dissolution of the initial probe panel in the House of Representatives, spilled it all as she left no one in doubt on the various criminal acts that got underway under the nose of the former DG.
In what amounted to a glaring abuse of positions, criminal diversion of funds and extravagant disbursement of funds, Oteh revealed that high-level transactions breached all rules known to the financial sector.
In many of the shady deals involving banks, Oteh accused her predecessor of allowing fraud under her watch.
Oteh said in one of the instances, “”Between August 2006 and December 2008, the Executive team of Finbank engaged six law firms to incorporate 95 companies and transferred more than 425 billion of depositors’ funds to nine of these companies, and purchased 2.8 billion units of its own shares against SEC rules.
“Between June 2007 and December 2008, Intercontinental Bank (now under Access Bank), its directors and principal officers engaged in unlawful share buyback schemes, buying about 3.4 billion units of shares using depositors’ funds. It violated Section 105, 106 and Section 110 of ISA 2007 as well as Section 160 of CAMA and Rule 109b of SEC Rules.
“Then, in 2007, Union Bank borrowed amounts totalling £430.4billion from two foreign investment banks. The funds were transferred to Union Trustees, which in turn transferred the funds to Falcon Securities. In four days in November 2007, Falcon purchased 620.4million units of shares worth $430.8 billion ahead of a public offer/rights issue.
“In 2007, Falcon Securities carried out 181,088 transactions with respect to Union Bank shares. This drove up the share price of Union Bank stocks from a low of $423.30 in January 2007 to £450.33 in November 2007, in other words, a price appreciation of over 110% within 11 months.
Lamenting further, Oteh said, “these were the kinds of financial imprudence that were perpetrated at the NSE.” ”
Narrating how the SEC spent huge funds on wasteful ventures, Oteh accused the Okereke-Onyuike-led SEC of purchasing 165 Rolex watches for N186million which were presented as gifts to awardees.
She disclosed that out of the 165, only 73 were given out while the remaining expensive gifts had remained unaccounted for till date.
At Monday’s sitting, it appeared that Oteh struggled to caution herself against statements that could cause further tension at the new probe panel having forced the House to appoint a new panel after her allegation of bribery against the former one led by Hon. Ihembe.
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I’m Committed To Community Dev – Ajinwo
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RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others

Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their living conditions.
This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.
Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s
She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.
According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.
The Head of Service also said the programme would support the youths to be gainfully employed while bridges and roads will be built to link farms and fishing settlements.
Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.
Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.
According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.
He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.
Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may lead to the cancellation of the project by the World Bank.
During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.
The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.
He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.
Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.
They, however, complained over the incessant attacks by pirates on their waterways.
At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.
King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.
Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.
Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.
At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.
He also expressed fears over the possibility of the project being hijacked by politicians.
Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.
John Bibor
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Senate Replaces Natasha As Committee Chairman

The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.
Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.
Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.
Bassey is the senator representing Akwa Ibom North-East Senatorial District.
Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.
In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.
However, the Senate has insisted it has not received a certified true copy of the court judgment.
Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.
In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.
Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.
Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.
“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.
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