By Tony Obiechina, Abuja

The Securities and Exchange Commission (SEC) is seeking cooperation among African markets in a bid to build a stronger interconnection within the continent and enhance development of new products.Director General of the SEC, Dr. Emomotimi Agama made the call during a visit of the Board of the Commission to the Autorite Marocaine Du Marche Des Capitaux, AMMC (Moroccan Capital Market Authority) in Rabat Monday.

A statement by the Head External Relations, Efe Ruth Ebelo quoted the DG as saying: “We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards.“We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.“We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this”.Agama said the capital market is the nerve centre of the economy adding the citizens need to understand how to use it to create wealth to improve their quality of life.According to him, “The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market. We are excited about what the future holds for us and how we can forge a common front.“We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about our experience because there is a lot to gain. Our relationship and Integration will go a long way in building both markets and make life better for our citizens. We encourage governments to use long-term capital for long-term projects.“The capital market is the solution to raising funds for long term infrastructure development. We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”In her remarks, Chairperson and CEO of Moroccan Capital Market Authority, Nezha Hayat, expressed her delight at the relationship between the two regulators saying that the capital market has evolved and people would rather invest in the capital market.She said, “Capital market has now diversified so much, but for us everything goes through mutual funds. We think CIS is very important because people put their money in funds that are regulated and are controlled. People have more access through CIS. It is key to encourage the truth of any market.“I believe in an integrated market so cooperation is better. We are interested in dual listing; we will soon be authorizing funds in foreign currency which means the mutual funds can also be invested in foreign countries. We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent,” she added.Also speaking, Chairman of the SEC Nigeria Board, Mairiga Katuka said the commission is interested in learning from other jurisdictions to make the capital market in Nigeria work better.

By David Torough, Abuja

The Federal High Court in Abuja has struck out a N1 billion suit that was instituted against former President Muhammadu Buhari and the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the Naira redesign policy they introduced in 2023.A legal practitioner, Uthman Isa Tochukwu had approached the court, alleging that the policy inflicted a series of hardships on him.

He alleged that his fundamental rights to freedom of movement and dignity of his person were violently breached by the policy. The plaintiff specifically told the court that within the period the policy was introduced by the former President Buhari-led administration, his movement was curtailed while his money in two commercial banks could not be assessed between January and March 2023.Aside from praying the court to award N1bn damages against the defendants to be paid to him for the breach of his fundamental rights, the plaintiff also demanded an order of perpetual injunction to restrain the Federal Government from withholding the old N200, N500 and N1000 denominations.Likewise, he urged the court to compel the defendants to tender public apology, to be published in two major newspapers in the country.However, at the resumed proceeding in the matter on Monday, Justice Inyang Ekwo struck out the suit for want of diligent prosecution.The court held that it was convinced that the plaintiff had abandoned the case following his persistent absence without legal representation or explanation.Counsel to the 3rd and 4th defendants (Emefiele and CBN), Chikelue Amasiani had after the case was called up, notified the court about the absence of the plaintiff.Amasiani noted that since the suit was filed in 2023, both the plaintiff and his lawyer failed to show any seriousness to prosecute the case.Consequently, he prayed the court to terminate further proceedings in the suit, a prayer that was acceded to by Justice Ekwo.

By Joel Oladele, Abuja

 The National Chairman of the ruling All Progressives Congress (APC) has confidently said that more opposition governors will soon join the ruling party.

Ganduje said this while speaking at the official welcome ceremony for Governor Sheriff Oborevwori of Delta State and his predecessor, Ifeanyi Okowa, yesterday in Asaba.

It would be recalled that recently, major political stakeholders in Delta including Oborevwori and Okowa dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC).

The development ended the PDP’s almost 26-year reign in the state, as Okowa and Oborevwori moved the party’s structure to the APC.

While commending APC governors for attending the welcome ceremony, Ganduje expressed confidence that more opposition governors would soon dump their parties for the ruling APC as he handed over the APC flag to Governor Oborevwori.

“I have to thank our 21 executive governors. Now, this is the 22nd governor. I have to thank all of them for being on the ground. And Let me tell you, I hope your ears are open, I hope eyes are open. We shall see very soon, more and more will come in,” he said.

Meanwhile, Okowa has explained that his defection to the APC was motivated by the desire to connect the state to the seat of power in Abuja.

He said, “When the news broke on Wednesday that we had decided to change our path, people wondered why, but one thing is very important in a people’s history: there is always a time to change their path for the common good of the people.

“As I did tell people that day, it was not about me, it was not about the governor, but the fact that there is a need for us to connect to Abuja, that goodwill that is in Abuja, that resource that’s in Abuja of which Delta State is a large contributor, there was a need to connect to it.”

Okowa described the defection of Delta political leaders to the APC as patriotic and strategic, saying Delta lost a lot during his tenure because the state was in opposition.

Nigeria Needs Political Alternative Devoid of Godfatherism

Former Governor of Kaduna State, Nasir El-Rufai has said his defection to the Social Democratic Party (SDP) is informed by the need to build a platform free from godfatherism and internal dysfunction.

He said Nigeria urgently needs a credible political alternative to rescue it from existential threats.

El-Rufai made the remarks in Kano yesterday while briefing newsmen on why he decamped to the Social Democratic Party (SDP).

He said he was in Kano to visit the Emir of Kano, Muhammadu Sanusi II, and to meet with SDP leaders to strategize on building a strong grassroots political movement in the state.

“Kano is critical to any serious political formation because of its consistently high voter turnout.

“After joining the SDP, it was important to come and engage with stakeholders here,” he said.

On why he abandoned the APC, a party he helped to form, El-Rufai said the political realities in Nigeria had changed.

“Twelve years ago, we merged three major parties to form the APC and defeated an incumbent president. But now, the goal is different.

“We are bringing together disaffected members across political divides under an existing platform — the SDP — which we believe has the best pedigree and potential,” he said.

He said the SDP offers a fresh opportunity, being a platform not controlled by any individual.

“We have seen how godfatherism destroyed the PDP and is now wrecking the APC.

“Nigerians deserve a party built on fairness, internal democracy, and equal opportunity. The SDP can be that alternative,” he said.

Responding to suggestions that he was acting out of frustration after being sidelined politically, El-Rufai dismissed the notion, saying he had no personal ambition left to pursue.

“I am 65 years old. I have served Nigeria at the highest levels – minister, governor – and I could simply retire. But I believe Nigeria is facing an existential crisis. This is about the country’s survival, not personal gain,” he said.

On the contentious debate about rotational presidency, El-Rufai said while he previously advocated for a power shift to the South, Nigeria’s challenges now demand that competence and leadership capacity, not geography, should determine who leads.

“Our problems are too severe to care about where the next president comes from. We need someone with vision and the ability to fix Nigeria’s fundamental issues,” he said.

Speaking on the wave of political defections across the country, mostly to the ruling APC, El-Rufai said he was not concerned.

“A governor only has one vote. Elections are won by the people, not by politicians. Our focus is on mobilising ordinary Nigerians, not chasing high-profile defections,” he stated.

On perceptions that the SDP is a northern movement, El-Rufai said the movement is national and growing quietly across southern Nigeria.

“You are seeing Northern Energy because we’re currently in Kano. But I have been engaging leaders across Lagos, Anambra, and the South-South. Nation-building is grassroots work, not media shows. You’ll see the results when the time is right,” he noted.

He also confirmed ongoing coalition talks involving five major political groups aimed at forming a strong opposition movement under the SDP.

“It’s a broader national movement for disillusioned Nigerians. Progress is being made, although I had to move faster in Kaduna because many of my political associates needed an immediate platform,” he said.

Defending his criticism of the APC, a party he helped to build, El-Rufai said his loyalty had always been to Nigeria, not to any individual or political party.

“When things began to go wrong under President Buhari, I wrote to him warning about the dangers.

“When the naira redesign policy hurt Nigerians, I challenged it in court, even though it was an APC-led government. I have never been loyal to individuals over the nation,” he said.

El-Rufai urged young Nigerians not to lose hope, calling on them to join efforts to build a new political movement.

“Nigeria gave me everything despite my being an orphan at eight years old. Every Nigerian child deserves the same opportunity.

“If you are frustrated and angry, channel it into building a better future. We must not abandon Nigeria to corrupt politicians and their godfathers,” he charged.

I Won’t Join Atiku’s Coalition – Idris

Kebbi State governor, Dr Nasir Idris has dismissed reports linking him to the former vice president Atiku Abubakar’s coalition.

In a statement by his chief press secretary, Ahmed Idris on Sunday, he described the rumour as the handiwork of mischief makers and attention seekers:

“I will be the last man standing in APC; I can’t and I will never even harbour the thought of leaving my party to join any coalition belonging to Atiku or anybody,” the statement reads.

Idris added that he was made by APC and that it is also the platform he used to become the governor of Kebbi State; therefore, he will remain in the party no matter what.

He revealed that his main focus now is how to continue to develop Kebbi State in all sectors, not join any coalition: “I refuse to lose focus on good governance in my state; political jobbers should have a rethink because I will not succumb to their imagination.”