Business

Onyuike, Dangote’s Sack: SEC Investigates NSE

Published

16 years ago

August 6, 2010

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.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.