By Tony Obiechina Abuja

The Securities and Exchange Commission has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited. In a circular issued in Abuja, Wednesday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.

“The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager. “The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is NOT REGISTERED to operate in any capacity in the Nigerian Capital Market. Accordingly, the SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market. “The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment. The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them”, the SEC added. Director General of the SEC, Dr. Emomotimi Agama had recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law. Agama said, “We will shut down their operations and the promoters will be made to face the full weight of the law,” Agama warned. “In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance”.

By Andrew Oota,Abuja

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Musa Aliyu, has said that the insidious roots of corruption often find fertile ground at the local government level.Aliyu, a Senior Advocate of Nigeria, said this at the National Anti-Corruption Coalition members hybrid engagement on local government accountability initiative on Wednesday in Abuja in Abuja on Wednesday.

The ICPC boss, who spoke on “Accountability and Corruption Prevention in Local Government Administration,” called for collective efforts to tackle noxious corruption at the grassrootsAccording to him, local government administration, often described as the closest tier of government to the people, is undeniably the bedrock of our democratic governance. I’m Shocked, Oyo’s Viral ‘Radio Boy’ Reacts to Sudden Fame | Punch0:01 / 1:01I’m Shocked, Oyo’s Viral ‘Radio Boy’ Reacts to Sudden Fame | Punch0:00 / 0:00“It is at this level that the daily realities of our citizens are shaped, where essential services are meant to be delivered, and where development initiatives should directly impact lives.“From primary healthcare and basic education to sanitation and rural infrastructure, the effectiveness of local government is directly proportional to the well-being of our communities.“However, it is also at this level that the insidious tentacles of corruption often find fertile ground.“The diversion of funds meant for local projects, ghost worker syndicates, inflated contracts, and the misappropriation of internally generated revenues are but a few examples of the corrupt practices that undermine the very essence of local governance,” he said.He said that when corruption thrived at the local level, it directly impeded development, eroded public trust, and ultimately stunted the progress of the nation.Aliyu described it as a betrayal of the trust reposed in public officials by the very people they were meant to serve.He said that the ICPC fully recognised “the critical role that a robust and accountable local government system plays in national development.”Aliyu urged Civil Society Organisations and other stakeholders to join hands in the fight against corruption at the local government level. “Members of the National Anti-Corruption Coalition, your tireless efforts in advocating for good governance, raising public awareness, and holding power to account are highly commendable. “You are the eyes and ears of the people, and a vital partner in this ongoing fight. We at the ICPC value your insights, your experiences, and your commitment to this cause,” he said.The ICPC boss called for pragmatic approaches on how to enhance financial transparency and accountability in local government finances.He said that there was a need to put in place measures to ensure judicious utilization of allocations from the Federation Account and internally generated revenues.According to him,there is also a need to strengthen internal control systems and audit processes at the local government level.“We must explore innovative ways to empower citizens to demand accountability from their local government officials. “Citizen’s participation in budget monitoring, project oversight, and reporting of corrupt practices is paramount. We need to sensitize our communities on their rights and responsibilities, fostering a culture where corruption is not tolerated but actively resisted.“We must also acknowledge the challenges faced by local government officials, including capacity gaps and, sometimes, undue external pressures.“While we will not condone corruption, we must also work towards building a system that is resilient and equips officials with the necessary tools and training to resist temptation and uphold ethical conduct,” he said.

By Tony Obiechina, Abuja

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) on Wednesday officially inaugurated the Anti-Corruption and Transparency Unit (ACTU) at the Commission’s Headquarters in Abuja. RMAFC Chairman, Dr. Mohammed Bello Shehu who was represented at the event by the Federal Commissioner representing Kwara State in the Commission Hon.

Ismail Mohammed Agaka urged the newly inaugurated members of ACTU to handle their responsibilities with passion and patriotism. He said, “I urge each of you to approach your responsibilities with commitment to National interest, diligence, due process and vision for prosperity” The Chairman noted that ACTU would support RMAFC’s drive towards entrenching transparency, accountability, and prudence in its activities. He further said, “The inauguration of this Unit will not only complement Management’s internal controls, but also drive home the Commission’s zero tolerance for corruption.” Dr.Shehu urged the newly inducted members to display professionalism, courage, and fairness in the discharge of their duties.” In his goodwill message, the ICPC Chairman Dr Musa Aliyu SAN, who was represented by the Director system study and review department, SSRD Mr. Olusegun Adigun, praised the leadership of RMAFC for their commitment and collaboration with the Commission in establishing ACTU. He emphasized that “ACTUs have now evolved into a government-recognized anti-corruption platform and described the unit as a strategic tool to support management in achieving RMAFC’s mandate. He outlined key responsibilities of ACTUs, including conducting corruption risk assessments, fostering ethical compliance, monitoring budget implementation, and undertaking preliminary investigations into complaints. Dr. Aliyu also called on RMAFC to provide adequate funding, office facilities, and full representation in standing committees to empower the unit. The newly inaugurated ACTU is chaired by Mr. Idris Y. Musa, Director of Audit at the Commission. In his acceptance speech, he pledged on behalf of the members to uphold integrity and the values of the Commission. “We accept this responsibility with full consciousness of the trust placed in us. We shall not betray it,” he affirmed. He pledged the collective readiness of the ACTU members to act as watchful eyes and ethical compass within RMAFC. The oath of allegiance was administered to the newly inaugurated members by Nkem Ezenwa, Esq. of the ICPC. Secretary to the Commission, Engr. Joseph Okechukwu Nweze ,represented by Mrs. Udodirim Okongwu, Director of Inland Revenue Department, appreciated the ICPC and commended all stakeholders for their support. He encouraged the ACTU members to live up to the mandate spelt out by the ICPC and remain unwavering in promoting ethical governance within the Commission.” Other members of the ACTU are: Muhammed Baba Wasagi, Muhammed Lawal Yakubu, Ashiedu Vivian, Mohammed Bashir Umar, Victor Ugwu Monday, Okolo Shelter Simmer, Ramatu Kangiwa Yusuf, Oluwafemi Olubukola Jane, Abdulaziz Usman, and Azumi A. Umoru