Business
Onyuike, Dangote’s Sack: SEC Investigates NSE
The Securities and Exchange Commission, SEC, has commenced full investigation over alleged mismanagement of funds by the Nigerian Stock Exchange, NSE.
The investigation has led to the sacking of the Director-General of the Nigerian Stock Exchange (NSE), Ndidi Okereke-Onyuike.
Her sack was announced in a statement signed by the Assistant Director/Head Media of the Commission, Lanre Oloyi.
Also included in the sack is the removal of Aliko Dangote, the embattled President of the NSE Council.
Before the sacks billionaire and business mogul, Alhaji Aliko Dangote, had insisted that the Director General of NSE, Professor Ndi Okereke-Onyiuke, must apologise and retract all the statements she has made against him before he agreed to a cease fire in the ongoing messy war in the Exchange.
The Commission’s spokesperson, Mr. Lanre Oloyi, told The Tide source that SEC had swung into action to investigate the petition by Alhaji Aliko Dangote over alleged mismanagement of funds by the NSE.
Oloyi said: “The Commission has a responsibility to protect the stock market. It will not fold its hands and watch the market go down the drain. The Commission has received the petition and is on top of the matter. After our investigation, we will disclose our findings and then come up with our position. This I can say about the matter for now.”
Investigations revealed that Dangote told influential stakeholders who had appealed to him for cease fire, that in addition to apologising to him, the NSE director general must leave the Exchange immediately.
Dangote had on Monday raised alarm over the financial state of the Exchange saying that “the NSE was on the verge of bankruptcy” as it “could no longer honour its obligations as and when due.”
Dangote, who had earlier sent a petition to SEC on the precarious state of NSE’s finances, affirmed that the Okereke-Onyiuke’s management had solvency challenges.
He said in the petition that the NSE was currently dipping its hands in the Central Securities Clearing System, CSCS, accounts to borrow N900 million to support its cash deficit position.
Although his claim was refuted by the management of NSE, it nonetheless shook the Exchange causing the market to lose N51 billion on the first trading day of the week. This prompted the Senate to wade into the crisis on Tuesday with a view to safeguarding investors’ interest and integrity of the market.
Chairman, Senate Committee on Capital Market, Senator Ganiyu Solomon, told journalists after a closed door meeting with the management of the Exchange at the NSE headquarters in Lagos on Tuesday: “I am here because of the crisis.
The crisis has reached us in the Senate and we are definitely wading in. We hope it will not affect investors confidence.”
He said that the Senate had begun to hold talks with the parties involved in order to end the crisis.
Sources close to Dangote’s camp confirmed to The Tide source that there had, indeed, been appeals to him to sheathe his sword but he insisted that the NSE director general must apologise and retract all the statements she had falsely made against him.
It was learnt that Dangote had added that the director general must also leave immediately otherwise he would make more revelations about the fraudulent management of finances of the Exchange.
According to investigations the billionaire businessman decided to go on the offensive when he recently discovered that the NSE director general was behind the barrage of opposition to his presidency at the Exchange because of his alleged refusal to be cowed or controlled like everybody on the board of the Exchange.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter