Economy
Court Remands Fund Managers Over N891m Capital Market Investment
By Aduragbemi Omiyale
Two fund managers, Mr Solomon Edet Solomon and Mr Zakari Haruna, have been remanded in Suleija Correctional Centre after they were arraigned for collecting about N891 million from members of the public through an unregistered investment company, Vektr Capital Global Group, contrary to the laws of Nigeria.
They were brought before Justice Zainab Abubakar of the Federal High Court, Court 4, Abuja, after the Securities and Exchange Commission (SEC) sealed up the Wuse Zone 5 office of Vektr Capital in March 2022 on suspicions of illegally collecting money from the investing public.
At the court, after the four-count charge was read to the suspects, Justice Abubakar fixed March 16, 2023, for the commencement of the trial.
In the charges, the defendants were alleged to have, on or between the years 2021 and 2022 within the jurisdiction of the court with intent to defraud, conspired amongst themselves together with one Kayode Sal Viktor and other staff to obtain the sum of over N891,729,000 from investing public, including Cordelia Ukomaka Ducke Eze and others under the false pretence that they were fund managers which you are not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
“That you, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act, Laws of the Federation of Nigeria 2004.
“That you, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze and others and thereby committed an offence contrary to and punishable under Section 54 of the Investments and Securities Act, 2007,” the charge stated.
When the bail application came up for determination, the Justice said she had not been convinced, going by the affidavit that the accused will attend court to attend the trial and not jump bail.
Earlier, counsel to Mr Solomon urged the court to grant the defendant bail, stating that the defendant is only an employee of the company and not the owner.
However, Justice Abubakar declined to say that being an employee of the company is not enough for her to grant him bail but told the counsel that she needs to be convinced that if the defendant is granted bail, he will be available to attend the hearing and not jump bail.
“You know the provisions of the Administration of Criminal Justice on bail applications. He must meet those considerations. Show me in your affidavit of support where all these conditions have been listed as met to give me the assurance that the second defendant will at all times attend this trial in person. If I grant him bail based on what you have submitted, will I not be seen to be reckless as a judge?
“Granting bail is a discretionary power, and you must earn it; you must convince me. So many people jump bail cases will come up, and it cannot go on because the person has jumped bail. If you convince me because your conviction is on oath, I believe you. My concern is what you depose in your affidavit. I cannot, on the basis of this deposition, grant this person bail, and I cannot.
“According to Section 160, paragraph 8F, the applicant must have these facts in his affidavit to convince the court to grant him bail. If I grant bail and he decides to jump bail tomorrow, anyone that sees this application will say he did not commit himself,” she said.
Justice Abubakar stated that there are no vital assurances to convince the court to grant the defendant bail as contained in Section 160 of the Criminal Administrative Justice Act 2013 and enumerated in Paragraph 8f of the said Act, emphasising that It is important that the deposition must contain that vital information to convince and assure the court to grant the second defendant bail.
She subsequently ruled saying, “In the absence of this, this court cannot grant the second defendant bail. Accordingly, bail is refused”.
On the third defendant Mr Haruna, the judge stated that based on the propositions contained in the application submitted to the court for bail, particularly paragraphs 12-17, the court is inclined to grant bail to him.
“Accordingly, bail is granted to the third applicant in the sum of N100 million and one surety in the like sum. The surety must be a responsible, reputable person in the society as deposed to in the affidavit; the surety must own a landed property within the jurisdiction of this court whose title documents must be deposited with the Deputy Chief Registrar Litigation of this court after due verification.
“Both the third defendant and the surety must deposit two copies of their recent passport photographs with the Deputy Chief Registrar Litigation of this honourable court. The defendant must also deposit his international Passport with the Deputy Chief Registrar Litigation of this court. Bail is granted; those are the only conditions imposed”.
“Both the Second and Third defendants are to be remanded in Suleija Correctional Centre. A remand of the third defendant at the Suleija Correctional Centre is pending when he fulfils his bail conditions. Anytime he fulfils his bail conditions, he is free to go and enjoy his day,” Justice Abubakar stated.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn