By David Torough, Abuja

The Nanedi Usman-led National Executive Council (NEC) of the Labour Party has set up a five-man disciplinary committee to investigate alleged gross misconduct against a factional leader, Julius Abure.The NEC also gave Abure 48 hours to explain why disciplinary actions should not be taken against him over the alleged misconduct.

Chairman of the party’s Caretaker Committee, Sen. Nenadi Usman made this known on Monday at a news conference in Abuja. Usman said that the action was in the exercise of the NEC’s constitutional mandate and in strict accordance with the disciplinary provisions of the party’s 2019 Constitution, as amended.“The NEC in session hereby announces the commencement of disciplinary actions against Mr Abure.“These actions have started with the constitution of a special investigative committee to review the actions of Mr Abure, as it affects the image and integrity of the party.“NEC gives Mr Abure 48 hours’ notice to show why disciplinary actions should not be taken against him for his numerous acts of gross misconduct against the party.“They are actions that threaten the unity, integrity and public image of our party,” she said.Usman further stated that NEC took the decision due to Abure’s continued impersonation and misrepresentation of the office of the National Chairman.“We can no longer stand by while the values we hold dear – transparency, discipline and democratic accountability – are undermined from within.“This press conference is convened to address the growing concern over the misconduct and internal rascality plaguing our party.“At a time when Nigerians are yearning for credible leadership and they see the Labour Party as a beacon of hope, it is regrettable that we must battle internal sabotage from those who should know better.“Rather than unifying the party, he undermines it. Rather than attract credible Nigerians to come and join, he alienates them. Instead of advancing our collective vision, he pursues narrow personal ambitions,” Usman said.The former Finance Minister said it was most painful that Abure targetted those who had brought credibility and national visibility to the party.“Mr Peter Obi and Gov. Alex Oti represent the aspirations of a new Nigeria. Gov. Otti stands out today as one of the most effective and respected governors in the country.“These men have sacrificed, not for personal gain but to give the Labour Party and Nigeria a real shot at transformation. What they demand is simple: a party that is transparent, democratic and accountable.“Instead of embracing this vision, Abure chooses confrontation and chaos. We say today, this must stop,” she said.Usman said that a formal notice of the action would be sent to Abure.The committee is chaired by Sen. Ireti Kingibe, with Peter Ameh as the Secretary.“Mr Abure is hereby warned to desist from parading himself as the National Chairman of the Labour Party or impersonating the office in any form.“The apex court of the land has clearly and finally nullified his claim to leadership and his tenure has long expired by the passage of time,” Usman said.Recall that the Abure-led NEC had recently set up a disciplinary committee to probe what it called Otti’s anti-party activities.Speaking further, Usman said that investigations had revealed that Abure illegally issued State Executive Committee letters every three months, in breach of LP’s constitutional provisions.These, the former minister said, had been nullified.She added that the leadership of the party would launch a nationwide membership registration and revalidation exercise in the coming weeks.Responding to questions on the likelihood of the party going into coalition with others, the party’s National Secretary, Sen. Darlington Nwokocha, said that LP would only welcome any coalition that would be beneficial to it.Labour Party Suspends Otti, Nwokocha, Kingibe, OthersThe Labour Party has announced the indefinite suspension of six prominent members, including Abia State Governor Alex Otti, Senators Darlington Nwokocha and Ireti Kingibe, over alleged anti-party activities.Others suspended were Victor Afam Ogene, Amobi Ogah, and Seyi Sowumi.The party’s National Executive Council said the decision followed the recommendations of a five-man Disciplinary Committee set up on May 2, to probe allegations of anti-party conduct.In a statement by the National Secretary, Umar Farouk Ibrahim yesterday, the party said the suspension takes immediate effect and bars the affected members from participating in any Labour Party activities.The statement read, “Recall that last Friday, 2nd of May 2025, the National Executive Committee (NEC) of the Labour Party set up a Five man Disciplinary Committee headed by the Deputy National Chairman, Dr.Ayo Olorunfemi, Alhaji Umar Farouk Ibrahim, the National Secretary and three others to investigate Abia State Governor, Dr. Alex Otti and any other party members over allegations of anti-party activities.“The Disciplinary Committee has concluded their assignment and has submitted their report to the party leadership. The National Executive of the party met today May 7th, 2025 and after exhaustive deliberation in line with powers donated to it by the Party Constitution has ratified the recommendation as submitted by the Disciplinary Committee.“Consequent upon that, the following members of the party have been suspended from the party and all its activities, indefinitely and with immediate effect. 1. Dr. Alex Otti; 2. Senator Ireti Kingibe; 3. Senator Darlington Nwokocha; 4. Hon. Victor Afam Ogene; 5. Hon. Amobi Ogah; 6. Hon. Seyi Sowunmi.”The party also addressed the omission of Nenadi Usman from the suspension list, stating that she is not a registered member of the Labour Party, but a supporter of its 2023 presidential candidate.“We are aware that she is a member of the Obidient Support group that worked and is still working for the party’s 2023 presidential candidate. We will therefore not honour her with any sanction being not a member of the party,” the statement added.It also accused Usman of lacking the moral authority to comment on corruption, citing her alleged plea bargain with the Economic and Financial Crimes Commission and purported asset forfeitures.“She should also tell Nigerians how she acquired her radio station in Kaduna, all her properties all over Nigeria and abroad, her companies in Cameroon, including her plantations. Nenadi Usman lacks the moral capacity to commence any probe or even talk about corruption,” the statement added.Reaffirming its stance on political alliances, the Labour Party said it would not join any coalition or merger ahead of the 2027 general elections.“Labour Party intends to prosecute the 2027 general election as stand alone party and no further discussion will be entertained on this matter,” the statement concluded

By Tony Obiechina, Abuja

The Securities and Exchange Commission (SEC) has begun the technology adoption assessment for registered capital market operators (CMOs).According to the SEC in a Circular yesterday, the exercise was to assess the adoption of advanced technologies among registered CMOs.

“The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators (CMO),” the notice reads. “All registered CMOs should access and complete the survey by logging in to the e-portal https://eportal.sec.gov.ng/survey with their current access credentials.This survey will be available for two weeks, between 5-20 May 2025.”The SEC called on all capital market operators to direct their enquiries to innovation@sec.gov.ng.The director-general of the SEC, Dr. Emomotimi Agama had recently urged stakeholders in the capital market to embrace innovation as a catalyst for growth, increased efficiency, heightened transparency, and resilience.He disclosed that the SEC is aware of the new financial products and services that are emerging due to technology and is committed to adapting its regulations to address these innovations.According to him, the Commission has a three-pronged approach to regulating innovation: safety, market deepening, and solutions to problems. This has always, and will continue to help create a more efficient and reliable capital market ecosystem.“In the efforts to support the innovation and growth in the market, the SEC had established a programme of assessment called Regulatory Incubation to help new FinTech businesses. The programme allows them to operate for one year within a highly fortified and limited regulatory perimeter while the SEC develops applicable rules that address these innovative technologies. The incubation programme helps ensure investor protection and market stability while fostering financial technology advancements in the Nigerian Capital Market.”

United Capital Plc, a pan-African financial services group, has posted N5.89 billion as its Profit After Tax (PAT) for the first quarter ended March 31, 2025.This is against the N3.59 billion recorded within the same period in 2024.The group in a document posted on the Nigerian Exchange Group (NGX) platform yesterday, said the figure represented a 64 per cent increase from the amount recorded within the same period in 2024.

The group also declared N13. 1 billion as its gross earnings for the first quarter representing a 113 per cent increase from the N6.1 billion posted for the corresponding period of 2024.It further posted N6.73 billion as its Profit Before Tax (PBT) for the first-quarter, representing 65 per cent increase from the N4.1 billion declared within the same period last year.The United Capital Plc declared that its total assets stood at N1.72 trillion as at March 31, representing a one per cent increase from the N1.7 trillion recorded as total asset as at December.It said the shareholders’ funds grew to N161.2 billion compared to N133.50 billion recorded in December.The group added that the growth in shareholders’ funds represented a 21 per cent increase from the amount also recorded in December.United Capital Plc offers Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, Consumer Finance and Microfinance Banking.