Connect with us

Business

SEC Prosecutes Banks, Capital Market Operators

Published

on

Securities and Exchange Commission (SEC) has commenced hearing in matters involving principal officers of banks and capital market operators who might have breached the Investment and Securities Act (ISA) and the SEC rules and regulations in the ongoing crisis in the banking industry.

Ms. Daisy Ekineh, acting director-general of the commission stated this at a luncheon with journalists in Lagos.

According to Ekineh, having completed the investigations, the commission APC had in November commenced hearing on the matters involving the bank’s principal officer and capital market operators who might have breached the ISA and the SEC rules and regulations.

She added that it is expected that the hearings would be concluded soon.

The acting director-general said the banking crisis of 2009 had impacted not only on the money market but on the financial system as a whole, remarking that it had among others, exposed weaknesses in corporate governance in some banks and capital market entities.

She said the findings had revealed the involvement of capital market operators and participants in the saga.

Ekineh said the commission in 2009 focused its priorities on monitoring  and enforcement to ensure a safer more transparent and efficient capital market.

She said in order to achieve this, the commission intensified efforts to improve the efficiency of the market regulation and supervision as laws and rules are as efficient as their enforcement, adding that this included the adoption of zero tolerance on market infractions which has reduced new cases of infractions in the market, implying that operators now conform with the rules than they previously did.

The acting director-general said the commission suspended a number of operators and participants from market activities during the year while a few were referred to the Economic and Financial Crimes Commission (EFCC).

She said in the last 20 months, various enforcement actions including suspension from participating in capital market activities were taken against over 77 operators.

Ekineh said the commission intensified its on and off site inspection of operators, adding that more inspections are now conducted than were previously carried out in order to closely monitor the health and operations of intermediaries.

She noted that following the inspection findings, all operators were directed to make full and immediate provision for their impaired capital to be reflected in the October 2009 management accounts to the commission.

The acting director-general said the operators had largely compiled with the directive which showed large negative shareholders’ funds in some cases.

Ekineh contended that given the findings the commission held a meeting with operators on the imperative of re-opening the recapitalisation and consolidation exercise which was suspended and to sensitise them on the imperative for it under the present circumstance.

The recapitalisation is to be backed by risk based capital adequacy standards and risk based supervision which the commission is migrating to.

Ekineh said the objective is to create stronger institutions which would effectively and efficiently intermediate in the capital market, adding that the World Bank is assisting the commission in the move to risk based supervision and capital standards.

The commission is also formulating rules on the use of custodian for the safe keep of the assets of collective investment schemes while the possibility of same for clients of stock brokers is being examined.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending