NEWS
SEC Seals Three Firms for Alleged Illegal Activities
By Tony Obiechina, Abuja
The Securities and Exchange Commission (SEC), has sealed the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities.
The SEC said the offices of the companies in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within ambit of fund management without registration with the apex regulator contrary to the provisions of the Investments and Securities Act 2007.
This was disclosed in a statement by the SEC Head of Corporate Communications Mrs, Efe Ebelo in Abuja on Monday.
According to the statement, “These companies do not have registration of the SEC to conduct fund management activities and have been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut them down’
The statement reads further “The Commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC.
“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007’.
“The General public is strongly advised to always confirm from the Commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by the Commission. Any member of the investing public dealing with unregistered entities is doing so at his/her own risk” the SEC added.
The SEC therefore advised the public to exercise due diligence and caution in making investment decisions, adding that a valid list of lawful operators can be obtained on its website www.sec.gov.ng.
NEWS
NSCDC Detains 110 Suspects for Various Crimes in Edo
The Nigeria Security and Civil Defence Corps, Edo Command, says no fewer than 110 suspects were detained for various crimes in the state in 2024.
The State Commandant of the corps, Mr Gbenga Agun, disclosed this on Friday in Benin, at an event organised to mark the new year and his one year in office. Agun, revealed that five of the cases had been charged to court, and judgements secured in favour of the corps, while six others were still pending. He also disclosed that the anti-fraud unit of the command, recovered N1,655,000 for various victims in the year under review.“The command also handled 25 cases of intervention by the Agro Rangers unit, preventing bloody clashes between farmers and herders.“The corps also provided security services to farms like Okomu, Ellah Lakes farms, NCSC farms amongst others,” he said.The NSCDC boss also disclosed that 59 cases were resolved by the peace and conflict unit of the command, while the Private Guards Companies (PGC) Department, trained 96 Private Guards personnel within the period under review.“The PGC department also sealed five PGCs and arrested 15 suspects for operating without licences,” he said.The commandant further said that some equipment were procured during the period under review to fortify the operations of the corps in the state.According to him, these include brand new laptop and printer for the armoury unit, brand new standing fan for the ICT unit and the repair of operational vehicles.He added that the command facilitated an installation of transformer as well as ongoing installation of solar lights in the command headquarters among others.(NAN)NEWS
NASS Committee Rejects Solid Minerals Ministry’s Budget Estimates
The National Assembly joint committee on Solid Minerals, on Friday, rejected the budget estimates of the Ministry of Solid Minerals.
The committee said that the estimates presented were greatly inadequate.The Chairman of the joint committee, Sen. Ekong Sampson, stated this after the Minister, Dele Alake, presented the ministry’s 2025 budget estimate before the committee. The call for the rejection of the budget followed a motion moved by Sen. Diket Plang (APC-Plateau) and seconded by Sen. Natasha Akpoti-Uduaghan (PDP-Kogi).Moving the motion, Plang expressed displeasure that the ministry got just N9 billion as an envelope out of the N539.7 billion it proposed for capital expenditure in the 2025 budget.The chairman also expressed great displeasure over the ministry’s budget because of the importance of solid mineral sector to the diversification of the Nigerian economy.“This is because of the potential in not addressing the key concerns in this sector at a time that Nigeria is in a grand need to diversify the economy.“The estimates presented before us are grossly inadequate and will not help our economy at this critical period, when we have to invest in the future, consistent with what obtains in other economies.“We’ve taken this position in the interest of this country and as a support item to the vision of government as it were that this budget clearly needs a review.“The need for this review clearly contemplates the peculiarities in the sector.“Time has gone by and you have to take a very bold step in exploration, in data gathering, in tackling major drawbacks that have put us in dire situations as a nation richly endowed but faced, as it were with the contradictions in abundance.“It is the view of the joint committee that the budget of this sector be reviewed upwards.“I think that is the spirit of the meeting, in the meantime, we will suspend further decisions on this budget unless those steps are taken.“The budget for this sector needs radical upward review. So the joint session rejects the estimate before us. We will step everything down,” he said.The co-chairman, Mr Gaza Gbefwi, representing Keffi/Karu/Kokona Federal Constituencies, also supported the move for the suspension of the budget defence.“I move that we suspend this budget screening for the Ministry of Solid Minerals for the fact that what is appropriated to them, if it is true, is beyond imagination.“Also, we are here to pass a budget not for the ministry, not for us, but for Nigerians and the progress of this country.“I, therefore, propose that we step down this screening of the budget presented to us and request that we invite the Minister of Planning and Budget to appear before this committee,” he said.Earlier, the Minister, Dele Alake, said that the ministry in 2025, proposed N539.7 billion for capital expenditure and N2 billion for overhead cost, making it a total budget of N541.7 billion for the ministry.“In contrite distinction to the avowed objective of the economic diversification of Nigeria away from oil into green energy, into harnessing the solid minerals sector, the envelope that the ministry received was a far cry from our proposal.“We proposed N539.7 billion for capital in 2025, but the envelope that came is a paltry N9 billion,” he saidOn the 2024 budget performance of the ministry, Alake said that the overhead cost was 100 per cent performance while the capital was a dismal 18 per cent performance which was based on releases.“When I did a panoramic view of the entire budget from other ministries, it is a kind of a general problem.“The budget releases were not as expected which really hampered the capital budget in 2024.“We rely on your support and effort to correct this anomaly, because if we are going to achieve all our objectives, there is no way we can achieve them,” he said.In terms of revenue generated, Alake said that the ministry generated N37.8 billion in 2024 as above the N11 billion projected.NEWS
Court Dismisses Case Against PDP Congresses in Katsina State
A High Court sitting in Katsina, on Friday, struck out a case filed by 7,095 People’s Democratic Party (PDP) aspirants challenging the conduct of the party congresses in the state.
Daily Asset recalls that Dr Mustapha Inuwa led-faction had filed a suit before the court challenging the conduct of the exercise for allegedly denying some members level playing ground during the congresses. The Plaintiff’s counsel, Mr Mustapha Shitu-Mahuta, had earlier told the court that it was unfair for the party to allegedly conduct congresses and exclude some members from participating. According to him, the congresses at ward, local government and state levels, were conducted against the democratic tenets and the party constitution.He, therefore, urged the court to declare the congresses null and void, and order for a fresh and genuine congresses that would provide a level playing ground to all members, as enshrined in the party’s constitution.However, the defence counsel, Mr Isaac Nwachukwu, told the court that congresses were internal affairs of the party.He said that the court has no jurisdiction to entertain the case, therefore, urged the court to strike out the case for lack of jurisdiction.Delivering his ruling on the issue on Friday, Justice Abbas Bawale, maintained that the court has no jurisdiction to entertain the matter, “as it relates to internal affairs of the party.”He said the court only has jurisdiction to entertain matters arising from primary elections, not congresses, where leaders would be elected to run the affairs of the party.Bawale explained that that was also the position of the Appeal Court and the Supreme Court, therefore, “I have no option than to strike out the case for lack of jurisdiction.”He, however, said the plaintiffs have right to appeal within 90 days.Reacting to the ruling, the plaintiff’s counsel, Mustapha Shitu-Mahuta, said that they would file an appeal to the Court of Appeal. (NAN)