Connect with us

Business

FG Appoints Zubair Acting SEC Boss

Published

on

The Federal Government has announced the appointment of Dr Abdul Zubair as acting Director-General, Securities and Exchange Commission (SEC).
The commission’s Corporate Communications, Mrs Efe Ebelo said in a statement made available to newsmen in Lagos yesterday that the appointment was with immediate effect.
Ebelo stated that the appointment followed the suspension of Mr Munir Gwarzo, the commission’s boss.
She assured the investing public and stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operation of the market and regulation.
Until his appointment, Zubair was the Director in charge of External Relations in the commission.
Ebelo stated that the SEC would continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investors’ confidence.
She added that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as statutory regulator of the capital market.
She assured that the market would run smoothly despite the development.
Ebelo said the commission patiently awaited the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate the allegations against the former boss.
She said that at no point would the management allow the operational independence of the commission to be compromised.
“This is strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions (IOSCO), to which Nigeria is a signatory,” she said.
Ebelo said that the commission would continue to be faithful to its developmental mandates as enunciated in the Investments and Securities Act (ISA).
She added that SEC would ensure market efficiency, accountability and transparency and would proceed with all regulatory matters currently before it with.
She said the commission would do that with all sense of objectivity and fairness and with the best interest of investors.
She added: “in this regard the commission will make public its decisions on matters before it as promptly as such decisions are being arrived at.
“The role of the capital market in economic stability and growth cannot be over-emphasised, hence the commission will not at any time permit the abandonment of its regulatory and developmental responsibilities.”
It will be recalled that the Minister of Finance Mrs Kemi Adeosun, on November 29 suspended Gwarzo over allegations of financial impropriety.
Adeosun immediately set up an administrative panel of inquiry to investigate the allegations.
She said that the suspension of Gwarzo was to allow for an unhindered investigation of several allegations of financial impropriety leveled against him.
She also suspended two other senior staff of the commission: Abdulsalam Naif Habu, Head of Media Division; and Anastasia Omozele Braimoh, Head of Legal Department.
The acting director-general is an alumnus of Ahmadu Bello University, Zaria, where he received B.Sc. Economics, MBA, M.Sc. and PhD Business Administration degrees.
He also holds a PGD (Mathematics & Computer Science) and a PGD (Education) from other universities.
He has over 25-year cognate experience in the financial industry and the academia.

Print Friendly, PDF & Email
Continue Reading

Business

NOSDRA Blames Drop In Gas Export On Vandalism

Published

on

The drop in Nigeria’s gas export by as much as five million standard cubic meters per day (MMSCM/d) has been blamed on the activities of vandals operating in Azikoro community of Bayelsa State.
It was gathered that the drop was sequel to an explosion which occurred at the 24 Ogboinbiri and OB-OB gas pipeline, the gas export feed to the Nigeria Liquefied Natural Gas (NLNG) plant.
The Director-General and Chief Executive Officer (CEO), National Oil Spills Detection and Response Agency (NOSDRA), Mr Idris Musa, confirmed the pipeline blast to newsmen, last Wednesday.
He said that the blast was reported to the agency in the early hours of Tuesday, noting that the damaged facility normally evacuates an average of five MMSCM/d.
Musa said following the notification, a team of officials comprising the Secretary of Azikoro community, the Bayelsa commissioner for Mineral Resources and representatives of NOSDRA visited the incident site early Wednesday.
He said that the Nigerian Agip Oil Company (NAOC), the operator of the facility, was promptly notified of the incident.
“Due to the high pressure, NAOC was directed by NOSDRA to depressurize the facility preparatory for a Joint Investigation Visit (JIV) which will follow immediately to ascertain the cause and extent of the incident.
“NAOC is already at the incident site, with the agency among other stakeholders working to contain the explosion and secure the incident site preparatory to JIV and other remedial measures,” Musa said.
He said that NOSDRA would conduct the investigations in a transparent manner, and pledged that its findings would be made public in due course.
Meanwhile, officials of NAOC declined comments when contacted for reaction.
Some of the residents near the incident site said that they heard sound of explosions on Tuesday morning in the area.
They also alleged that some small batteries and wires suspected to be used by the vandals to detonate improvised explosive device were found in the area.
The gas pipeline was vandalised three times in April, 2022.

Print Friendly, PDF & Email
Continue Reading

Business

ANLCA Seeks N200bn Compensation From Bank Over Demurrage 

Published

on

The Association of Nigerian Licensed Customs Agents (ANLCA) has called for the payment of over N200 billion compensation on demurrage and storage charges incurred by customs brokers and freight forwarders as a result of Guarantee Trust Bank’s suspension over alleged non-remittance of import duty collected on behalf of the Federal Government .
The foremost customs brokers association insisted that its members have lost about N200 billion in the line of duty.
Speaking in Lagos recently on behalf of the association, the National Secretary of ANLCA, Alhaji Babatunde Mukaila, expressed dissatisfaction over the slow responses by management of GTB on the suspension with Nigeria Customs Service (NCS).
Mukaila noted that the association was aware that NCS gave GTBank two weeks notice to resolve their challenges.
The scribe said despite the marching order from the NCS, GTB has not resolved the issue or made alternative arrangement for the interest of their clients.
The ANLCA chieftain said its members won’t bear the cost of demurrage incurred, while insisting  that they won’t let go of the losses.
He recalled that in the past, some banks have had similar problems, but quickly appointed a receiver bank pending the resolution of the matter.
Speaking with representatives from GTBank in Lagos, Mukaila stressed that the approach of the Gtbank  amounts to negligence on their.
“Where there is negligence, someone or group suffers the detriment and as such in every detriment there must be compensation.
He reiterated that the aims and objectives of the association is to protect its members, while asking the bank officials how they intend to mitigate the losses.
Other members of the association in attendance also took turn to  condemn the bank’s attitude and concluded that there will be no stand down on demand for adequate compensation.
In his response, the representative of GTbank, Lanre Kola-Banjo, apologised to the customs brokers, explaining that  the problem was a result of technical fault from the server.
He however debunked that they were given two weeks notice.
Contrarily, he said, “we woke up one morning only to discover that we had been disconnected”.
Meanwhile, he said they have contacted their customers who were directly involved, apologised and explained the circumstance to them.
He further explained that it was after they had been suspended from accessing the NCS portal that they were given 2 weeks to fix the technical problem or face serious sanction.
According to him,”the problem has been resolved since the 9th September”.
He promised to take ANLCA’s demands to the top management of the bank for further action.

By: Nkpemenyie Mcdominic, Lagos

Print Friendly, PDF & Email
Continue Reading

Business

BOT Registration: ANLCA Acquires CAC Certificate

Published

on

As further confirmation of recognition, the Corporate Affairs Commission (CAC) has issued fresh certificate recognising Dr. Taiwo Afolabi and Chief Ozo Chukwura as Chairman and Vice Chairman of the Registered Board of Trustees (BOT), Association of Nigeria Licensed Customs Agents (ANLCA) .
The certificate issued recently with registration number 6754, also listed Onyenaechi Offor, Emmanuel Azodo, Eniola Igbaroo, Ayokunle Abel, Aliyu Isa, Shamsudeen Awopeju and Christian Igwe as members.
Chairman of SIFAX Group and proprietor of Marriot Hotel, Lagos, Dr Taiwo Afolabi, was elected the Chairman of the BOT of ANLCA.
Afolabi was chosen by other BoT members in Lagos last year.

By: Nkpemenyie Mcdominic, Lagos

Print Friendly, PDF & Email
Continue Reading

Trending