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SEC Seals Three Firms for Alleged Illegal Activities

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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.

Foreign News

Philippine President Calls for Resignation of All Cabinet Secretaries

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 Philippine President Ferdinand Marcos Jr. has asked all of his Cabinet secretaries to submit their resignations on Thursday in what he called a “bold reset” of his administration following last week’s mid-term elections.

The elections saw more opposition candidates win crucial Senate seats, signaling shifting political tides.

Marcos, the 67-year-old son of the late Philippine dictator overthrown in 1986, won the presidency in a landslide in 2022, a stunning political comeback marked by a call for national unity.

However, his vice-presidential running mate, Sara Duterte, also widely popular, later distanced herself from Marcos in a falling-out that had sparked intense political discord.

Marcos had since emerged as one of the region’s most vocal critics of China’s aggression in the disputed South China Sea, bolstered by support from the United States and other allies. Domestically, he continued to face significant challenges, including high inflation, unfulfilled promises to lower rice prices, and growing concerns over kidnappings and other crimes.

“This is not business as usual,” Marcos said in a government statement.

“The people have spoken and they expect results, not politics, not excuses. We hear them and we will act.” (AP/NAN)

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NEWS

Reps to Investigate Alleged Irregularities in Driver’s licence Issuance, Revenue Generation

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The House of Representatives has resolved to set up an ad hoc committee to investigate operational issues related to driver’s licence issuance, revenue generation and usage within the last three years.The resolution was sequel to the adoption of a motion by Rep. Victor Ogene (APC-Bayelsa) at the plenary on Wednesday.

Moving the motion, Ogene said that a tripartite arrangement between Federal Road Safety Corps (FRSC), State Boards of Internal Revenue (BIR) and the Vehicle Inspection Office (VIO) led to the digital issuance or renewal of a driver’s license.
He said that the approving signature on a driver’s licence typically comes from a designated officer at the Motor Vehicle Administration Agency (MVAA) in the state where the licence application originated.
He explained that a learner’s permit for driving a vehicle was first issued at a prescribed fee by Motor Vehicle Administration Agency (MVAA) in the relevant state before the release of a driver’s licence.According to him, FRSC operates a Very Important Person (VIP) centre, ostensibly for the renewal of a driver’s licence, which is reportedly being used for issuing fresh driver’s licences that are not preceded with a learner’s permit.Ogene said that the Joint Tax Board (JTB) reviewed the fees payable for a five-year and three-year driver’s licence to N21,000 and N15,000 respectively for a vehicle, N11,000 and N7,000 respectively for a motorcycle or tricycle since Nov. 1, 2024.“FRSC is alleged to use its Information Processing Centre (IPC) for warehousing data for driver’s licences and shortchange the state Boards of Internal Revenue (BIR) and the Vehicle Inspection Office (VIO) in the collection and usage of fees for processing driver’s licences.“Worried that FRSC is reportedly controlling and receiving accounts for drivers’ licence fees, the yearly revenue generated from chargeable fees which amounts to hundreds of billions of naira, is also allegedly unaccounted for by the VIO and various state boards of internal revenue.“Disturbed that the processing of drivers’ licences is unexplainably being delayed for upward of two to three years after the biometric data capturing of applicants.“Also disturbed that the huge debts the FRSC owes Galaxy Backbone Ltd. and other system consultants who are the network providers and maintainers of the biometrics data capturing system are responsible for the system slowdown and the resultant long delay in the issuance of driver’s licences,” he said.Ogene also expressed the need to clearly ascertain which public agency had the legal responsibility of designing, producing and issuing a driver’s licence.In his ruling, Speaker of the House, Rep. Abbas Tajudeen said that the committee, when constituted, would report its findings within four weeks for further legislative action. (NAN)

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Those Waiting for Wike’s Downfall ‘ll Wait Endlessly – Aide

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Mr Lere Olayinka, spokesman to the FCT Minister Nyesom Wike says those waiting for the minister’s political downfall will wait endlessly.Olayinka, Senior Special Assistant to the FCT Minister on Public Communications and Social Media, made the remarks while reacting to comments by former governor of Ebonyi Sam Egwu.

Egwu had in a statement on Tuesday, said that Wike was living on borrowed time, adding that the FCT minister’s influence would soon burn out.
Reacting, the spokesman said in a statement in Abuja on Wednesday, that those waiting for Wike’s downfall would wait forever.He argued that Wike’s political progress was based on personal hard work, dedication, commitment and most importantly, God’s grace.
Olayinka also faulted Egwu’s challenge to Wike to make it possible for the suspended governor of Rivers, Siminalayi Fubara to return to office.He also described allegations that the FCT Minister now exercises the powers of President Bola Tinubu and the National Assembly in Rivers as absurd.“This type of statement should not come from a former lawmaker,” he said.The Wike spokesman also dismissed the threats by a faction of the South East leaders of the PDP to withdraw their support for the party.According to him, it was illogical for people who could not deliver anything substantial in terms of votes to the PDP in the 2023 elections to be threatening to withdraw their support for the party.“The PDP constitution is clear as to who is the National Secretary of the party. His name is Senator Samuel Anyanwu, and anyone saying or doing anything contrary is only interested in the collapse of the party.” (NAN)

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