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Action Against Oando, Aimed At Protecting Investors – SEC

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The Securities and Exchange Commission (SEC), yesterday said that Oando Plc was given sufficient opportunity of being heard before they were penalised.
The commission said in Lagos that there were various opportunities by the company to defend themselves during the investigation by SEC and during the forensic audit.
“The attention of SEC has been drawn to various reports questioning the regulatory authority of the SEC, and insinuating lack of due process in the investigations of Oando Plc.
“To put the records straight, SEC hereby states that fair hearing is a paramount and fundamental principle which the commission as a law abiding agency adheres to in all its investigative processes.
“In the course of the investigations, communications e.g. letters and phone calls were exchanged and meetings held between the commission and Oando Plc, requesting for its comments and explanations on issues relating to the investigations.
“The findings of the commission was communicated to the Group Chief Executive Officer (GCEO) of Oando Plc by a letter dated July 10, 2017,” SEC said in statement by Mrs Efe Ebelo, its head, Corporate Communications and made available to the News Agency of Nigeria (NAN)
The commission said it subsequently engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.
“In the course of conducting the forensic audit, Deloitte & Touche held regular sessions with members of the board and senior management of Oando Plc, and afforded them the opportunity to provide explanations on issues relating to the audit.
“The commission confirms that Oando Plc was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.
“The responses given by Oando Plc were, however, considered unsatisfactory; prompting, the decision by the commission to penalise the company and some of the individuals related to it for violations of securities laws.
“The actions of the commission were properly effected pursuant to the provisions of the Investments & Securities Act (ISA) 2007 and the SEC Rules and Regulations made pursuant to the ISA 2007,” SEC said.
It added that these facts had been properly articulated in the court process it filed at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive Officer of Oando Plc.
“As the apex regulator of the Nigerian capital market, the commission has a mandate to protect investors,” it said.
SEC noted that its recent action on Oando Plc aligned with the above cardinal mandate.
It said that the directive for the removal of persons from the board of Oando Plc and the appointment of an interim management team to temporarily steer the affairs of the company was to protect investors and preserve stakeholder value.
SEC said that failure or refusal of the commission to act in the face of the serious issues thrown up by the investigations or to reverse its directive would undermine the federal government’s agenda to build strong institutions.
Reports say that SEC on June 2, following the outcome of its forensic audit constituted an interim management team to be headed by Sunmonu for embattled Oando Plc.
It noted that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint new board of directors.
The regulatory body also said that appointed new board of directors at the meeting would subsequently select a management team for Oando Plc.
The commission, however, reiterated its commitment to maintaining the integrity of the market.

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Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings

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The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.

This was contained in an online report obtained by The Tide Source in Port Harcourt recently.

The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.

The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.

The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.

Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.

The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.

The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.

Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.

Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.

Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.

His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.

Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.

The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.

The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.

‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.

 

King Onunwor

 

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Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation

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A firm, Kompetenz Investment Zentrum Ltd,  has said it would crash down the cost of vegetable oil in the market through adequate production and milling of its product for large scale sales in and around the State.
The Head, Human Resource Management of the firm, Mrs Amina Shehu said this in Yenagoa, the State capital, Wednesday while speaking with newsmen on an inspection tour of the company.
She noted that while other firms have previously managed the Palm farm, her company which she described as an experienced manager of palm farms recently acquired right of management of the Bayelsa Government-own palm plantation in September, 2026.
“We inherited a poorly managed farm and machineries from our predecessors, and so we’re working assiduously to overhaul the mills in this firm, more especially the biggest one.
”Today we’ve been able to put the small one into use, and it’s functioning well. Some engineering contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing big mill we inherited, but surely the cost of repairs shown to us by the engineers run into billions.We’re however determined to get all our equipments and machinery functioning soon”, she said.
Mrs Shehu bemoaned the dysfunctional State of the farm facilities prior to its acquisition,  adding however that there were plans by the company to get all moribund machinery functioning and put them to maximum utilisation and production capacity, while also working towards ensuring revenue boost for the firm and the State in the future.
Speaking on manpower and employment generation, the company’s HRM  emphasised that at low peaks, the firm has employed no fewer than 200 staffers, comprising regular, casuals and workers on its daily payroll.
“At peak periods of harvest, more hands would be employed and production and milling capacity will be increased to 10 tons of palm oil  per day in order to gradually crash down the soaring price of red oil in and around  this State.
“We have just acquired the right of management of the Bayelsa Palm estate in September, 2026. We’re barely two months old as new management of this farm. As you can see for yourselves, a lot of work is currently ongoing in this farm.
“We have borrowed loans to run this farm, and so a lot of work; slashing of the palm fruits and clearing of the farm is ongoing.  But upon what we have done which amounts to millions, it’s like we have  not yet started because the Bayelsa Palm estate is really big” Mrs Shehu added.
She noted that during the world food day the company  “showcased some of our produce and as we speak calls are coming in from far and near placing orders and showing interest in doing business with us.
“Our Director (our boss), has the requisite experience in this business. He has reinvigorated and invested in similar Palm farm businesses in other parts of this country.
“Some contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing machinery we inherited, but surely the cost of repairs shown to us by the engineers run into billions.
‘We determined to get all our equipments and machinery functioning as we progress. For now we have  about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”.
The Tide gathered that the firm is the new operator of the Bayelsa Palm estate and managers of the state’s Palm tree plantation.
The Tide  spoke with a cross section of traders and consumers in major markets of the State and reports said the price of Palm oil which is botanically referred to as ‘elaeis guineensis’ has increased astronomically in recent months, due to general inflation in prices of commodities.

Ariwera Ibibo-Howells, Yenagoa

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Traders Decry Continuous Increase In Prices Of Foodstuffs

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Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.

This was made known by the traders when The Tide  visited the market recently.

The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .

A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to  N200 was seen.

Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.

According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of  N13,000.

Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.

A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.

Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.

In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.

Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.

Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.

He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .

Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.

Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .

Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.

“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.

He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.

The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.

Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.

He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.

Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.

Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.

He further commended the President, the Federal Ministry of Power and TCN for completing the project.

It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.

 

Wali Chioma, Obasi Chidinma & Amarachi Uche

 

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