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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.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.