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Shareholders Berate SEC Over Hotel’s Board Dissolution

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8 years ago

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Some shareholders on the Nigerian Stock Exchange  (NSE) have berated the Securities and Exchange Commission  (SEC) on the dissolution of the board of Ikeja Hotels Plc.
The Tide source last Friday reported that the dissolution of the board by the apex capital market regulator was belated, saying that the step was long overdue.
Chairman, Nigeria Professional Shareholders Association, Mr Godwin Anono, said that the disolution of the board by SEC was late in coming, stressing that the infighting among the board members had been there for too long.
Anono said that the shareholders had expected SEC to dissolve the board a long time ago to safeguard shareholders’ interests.
He said that the decision was not too bad, but should have been done earlier before now.
Anono advised SEC to ensure that the interim management appointed for the company would not stay more than necessary.
He said that from experience, many interim boards instituted by regulators liked extending their stay to the detriment of the minority shareholders.
Anono also advised SEC to investigate the company’s board members and prosecute those found wanting on issues relating to fraud and abuse of corporate governance.
He said that lack of prosecution of erring listed companies made retail investors to shun the equities market.
According to him, market regulators should check  excesses of companies through prosecution to stop the corruption and instill confidence in the market.
A former Secretary, Independent Shareholders Association of Nigeria  (ISAN), Mr Bayo Adeleke, also said that SEC should have acted a long time ago.
Adeleke said that the infighting had been on in the last three to four years, adding that the commission should have wielded the big stick before now.
“What SEC has done is good, but the decision was late considering the number of years of the infighting,” he said.
Adeleke said that the interim management should be just an intervention to stabilise the company, but should not be a permanent arrangement.
He said that the interim management should be given a timeframe to complete its mandate, adding that the company should be handed over to shareholders on completion of its assignment.
ISAN National Coordinator Emeritus, Mr Sunny Nwosu,however, commended SEC for its intervention.
Nwosu said that SEC might have delayed to take actions  with strong reasons since many individuals had  intervened in the interest of the company.
“I think SEC was patient to see if they would settle their differences and should not to be accused of acting in haste’.
Nwosu said that the infighting had exposed the greed of some individuals, adding that companies should not only be majority shareholders, but for everyone.

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Kenyan Runners Dominate Berlin Marathons

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16 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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16 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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16 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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