Economy

SEC DG Insists ‘My Suspension by Adeosun Illegal’

Published

7 years ago

23/04/2018

By Dipo Olowookere

The suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has maintained that his removal from office in November 2017 by the Minister of Finance, Mrs Kemi Adeosun, did not follow due process.

Mr Gwarzo, while responding to a recent verdict of the House of Representatives Committee on Capital Market, which upheld his suspension, said the Minister erred in removing him from office without following the laid down rules.

The former capital market regulatory chief said if there was any arm of government that should be unhappy about the way and manner he was suspended, it should be the legislature “as the Minister of Finance acted against the provisions of ISA 2007 which is an Act of the National Assembly.”

In a statement personally signed by him, Mr Gwarzo said only President Muhammadu Buhari, who appointed him into office, has the power to remove him.

Below is his full letter.

Recent decisions by the Federal House of Representatives (The House) with respect to their public hearing and investigations on the cases against the Executive Secretary of the National Health Insurance Scheme (NHIS), some Directors of the National Emergency Management Agency (NEMA) and that against me with respect to my suspension as the Director General of the Securities and Exchange Commission (SEC) are puzzling.

The House had at its sitting on the 18th of April 2018 while adopting the report of its Committee on Capital Market and Institutions headed by Rep Tajudeen Ayo Yusuf said that I indeed has a case to answer and that the Minister of Finance Kemi Adeosun was right to have suspended me it therefore stated that “the suspension of the Director General of SEC, Mounir Gwarzo stands”.

I was suspended by the Minister of Finance Mrs. Kemi Adeosun on 29thNovember 2017. She based the suspension on petitions of corrupt practices and breaches of the public service rules levelled against me. However, at a public hearing before the House Committee on Capital Market and Institutions on January 30th, 2018, I noted that not only was due process not followed by the Minister prior to the suspension, she also lacked the authority to suspend me as this power lies solely on the President of the Federal Republic of Nigeria based on her recommendation and upon the confirmation from the senate as clearly captured in S5 (1) ISA 2007 which states that “the Director-General and the three full time Commissioners shall be appointed by the President upon the recommendation of the Minister and confirmation by the Senate.”

As S11 (1) of the Interpretation Act clearly states as follows, “Where an enactment confers a power to appoint a person either to an office or to exercise any functions, whether for a specified period or not, the power includes –

(a) power to appoint a person by name or to appoint the holder from time to time of a particular office;

(b) power to remove or suspend him.

The Minister in her letter based my suspension pursuant to the provisions of the Nigerian Public Service Rules (PSR) namely PSR 03405 and PSR 03406 however as I informed the public hearing, these provisions do not exist in Nigeria’s Public Service Rules and as we all know you can’t build something on nothing. What exist are PSR 030405 and PSR 030406.PSR 030405 merely provides for the responsibility of an interdicted officer or officer under suspension to make notification of his intention to leave his station or the country. While PSR 030406 requires a prima facie case to be established against an officer before he could be suspended. In my case,a prima facie case is yet to be established against me although I was invited by the Independent Corrupt Practices Commission (ICPC) after my suspension.Also, the Minister only set up an Administrative Panel after my suspension inviting me to appear on 8 January 2018 over the same subject matter.

Furthermore, according to PSR 160103, the PSR would only apply to the SEC DG or any staff of SEC in the absence of any statute, manual, rules, procedures and practices regulating the Securities and Exchange Commission and its staff. It is important at this point to state that my letter of appointment as the DG specifically referred to the ISA 2007 – an Act of the National Assembly as the law governing my conditions of service. Thus all actions relating to my appointment must be in compliance with the ISA as anything outside same would amount to a nullity.

However, the same House on the recommendation of its Committee on Emergency and Disaster Preparedness would at a sitting on the 20th of April 2018 direct the recall of the suspended Directors of NEMA because according to the Deputy Chairman of the Committee Hon. Ali Isa, investigations had shown that due process was not followed in their suspension and this is even after the Acting Chairman of the Economic and Financial Crimes Commission (EFCC) informed The House that NEMA had based the suspension of the Directors following a recommendation by EFCC who had carried out investigations against the Directors following a petition they received in December 2017and had found them wanting.

A member of the Committee Hon. Gabriel Onyewife also noted that in the case of NEMA there was no evidence of fair hearing and no final judgement had been passed against them as investigation was still in progress, this position was supported by the Speaker of the House, Hon. Yakubu Dogara who said that it was wrong to suspend someone without an opportunity for fair hearing.

In the case of the Executive Secretary NHIS who was suspended by the Minister of Health (but was reinstated 6 months later by the President of the Federal Republic of Nigeria) while investigations against him were still ongoing, and before the release of the report of the Public Hearing by the House of Representatives Committee on Health Services, the Chairman of the Committee Hon. Chike Okafor immediately moved a motion for his protection and immediate recall.

From the above it is obvious that the position of the House that my suspension as the DG, SEC was in order on the mere ground that I had a case to answer when it is clearly obvious that due process was not followed in my caseleaves a lot to be desired.

Recently, the Federal Government through the Office of the Secretary to the Government of the Federation, in the case of the purported suspension of the Director-General, National Women Development Centre, carried out by the centre’s Governing Board which the Federal Government termed as an illegal act and directed the DG to resume her duties immediately.

Part of the statement read as follows, “The Boards and Chief Executive Officers are all appointed by Mr. President, according to stated terms and conditions with clearly established rules and procedures for subjecting Chief Executive Officers to disciplinary measures including suspension from office. In this respect, this process has not been followed.

Government believes in due process, and will not tolerate any arbitrary action taken by any Board of any Federal Government Agency.”

Finally if there is any arm of Government that should be unhappy about the way and manner I was suspended it should be the Legislature as the Minister of Finance acted against the provisions of ISA 2007 which is an Act of the National Assembly.

Mounir Gwarzo

Abuja, Nigeria

Economy

Why It’s the Best Bitcoin Wallet and Best Crypto Wallet for 2025

Published

3 hours ago

31/03/2025

Dipo Olowookere

In a fast-evolving world of cryptocurrencies, where innovation and security are paramount, choosing the right wallet can make all the difference. With hundreds of options available, finding a platform that balances functionality, safety, and user experience is no easy feat. Among the contenders, Guarda Wallet has consistently risen to the top, earning a reputation as the best bitcoin wallet and arguably the best crypto wallet on the market today.

Whether you’re a seasoned trader, a long-term investor, or someone just stepping into the realm of digital currencies, Guarda Wallet offers a compelling solution for managing your digital wealth.

What is Guarda Wallet?

Guarda Wallet is a non-custodial, multi-platform cryptocurrency wallet that supports a wide range of digital assets. Founded in 2017, Guarda has built a strong reputation based on its core values of user autonomy, security, and convenience. Being non-custodial means that users retain full control over their private keys, reinforcing the true essence of decentralization.

Available as a web, desktop, mobile, and even Chrome extension app, Guarda offers users seamless access to their crypto holdings anytime and anywhere. It supports over 400,000 tokens and 50+ major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, and more.

Why Guarda is the Best Bitcoin Wallet

Bitcoin remains the cornerstone of the crypto world, often referred to as digital gold. As such, any wallet vying for the title of the best bitcoin wallet must deliver exceptional security, fast transactions, ease of use, and robust support for Bitcoin-specific functionalities. Here's why Guarda ticks all the right boxes:

1. Security First, Always

Guarda Wallet takes user security extremely seriously. Since it's non-custodial, no private keys are stored on the company's servers. All keys are generated and stored locally on the user’s device, minimizing the risk of centralized hacks. Additionally, the wallet supports backup encryption, biometric authentication, and password protection, ensuring multiple layers of safety for Bitcoin holders.

2. User-Friendly Interface

Whether you are a beginner or an expert, Guarda’s interface is clean, intuitive, and easy to navigate. It makes sending, receiving, and storing Bitcoin a smooth and hassle-free process. The wallet also offers in-app tutorials and prompts that guide new users step by step.

3. Integrated Exchange and Purchase Options

Guarda goes beyond simple storage. It allows users to buy Bitcoin with a credit card or bank transfer directly in the wallet. You can also swap BTC for other cryptocurrencies without needing to leave the app. These features make Guarda a one-stop-shop for anyone looking to maximize their crypto experience.

4. Multisignature Capabilities and Advanced Features

Guarda Wallet includes multisig functionality, which is especially useful for institutional users or those managing large Bitcoin holdings. Multisig wallets require multiple private keys to authorize a transaction, adding an additional layer of security.

5. Constant Updates and Responsive Support

The development team behind Guarda is highly active and continually updates the platform to support the latest blockchain innovations. They also offer 24/7 customer support, an often-overlooked aspect that elevates Guarda to being the best bitcoin wallet for users who want reliability and peace of mind.

Why Guarda is Also the Best Crypto Wallet Overall

While Bitcoin may be the most well-known cryptocurrency, the world of crypto extends far beyond it. From DeFi tokens to NFTs and smart contracts, the need for a versatile wallet has never been greater. This is where Guarda Wallet shines as the best crypto wallet for managing a wide array of assets.

1. Multi-Asset Support

Guarda Wallet supports more than 50 blockchains and over 400,000 tokens. Whether it’s Ethereum, Litecoin, XRP, Dogecoin, or lesser-known ERC-20 and BEP-20 tokens, you can manage them all in one place. This makes Guarda an ideal solution for diversified crypto portfolios.

2. DeFi Integration

The rise of Decentralized Finance (DeFi) has changed the way users interact with crypto. Guarda integrates seamlessly with DeFi protocols, allowing users to stake, lend, and earn yields directly from the wallet. This makes it not just a storage solution, but a gateway to financial freedom and innovation.

Economy

NEITI Recovers N7.43bn Debt From Oil, Gas Firms

Published

3 hours ago

31/03/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the recovery of N7.43 trillion (approximately $4.85 billion) from outstanding payments owed by oil and gas companies, following its industry-wide financial disclosures.

The recovery is part of the total $8.26 billion identified in NEITI’s 2021 oil and gas audit report.

This was disclosed by NEITI’s Executive Secretary, Mr Orji Orji, while speaking during a press briefing in Abuja over the weekend, noting that the recoveries demonstrate the agency’s commitment to transparency and accountability in Nigeria’s extractive sector.

The NEITI chief noted that while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern.

“So far, over $4.85 billion was recovered from the disclosures of $8.26 billion (made by NEITI in its 2021 oil and gas report. In the 2023 industry reports released in September 2024, NEITI disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports, yet worrisome because of the need for government to find resources to fund its 2025 budget,” Mr Orji stated.

He decried that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments.

He called on relevant government bodies, including the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to take stronger enforcement actions against defaulters and adopt more stringent measures to prevent future revenue leakages.

“Analyses of how these liabilities, when paid, could support the federal government’s domestic revenue mobilization reveals that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.

“The sum is more than the federal government’s total budget for health, education, agriculture and food security, which totaled N8.73 trillion. Further analyses show that the sum is also more than the total budget for national security at N6.11 trillion, health at N2.48 trillion and social welfare of N724 billion all put together. The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025.”

He called on relevant agencies responsible for collecting these revenues to do what is needed and support our governments at all levels to provide the much-needed infrastructure for our citizens,” he stated.

Mr Orji further disclosed plans to broaden the initiative’s industry-wide reports to include dedicated sections on divestments, forward sales of oil and gas assets, and environmental remediation.

This move, he noted, is aimed at strengthening transparency and accountability in the extractive sector.

He stated that while the agency’s current Beneficial Ownership data is up-to-date as of 2023, more work is needed to deepen engagements and public disclosures on companies acquiring divested assets.

Mr Orji highlighted challenges such as institutional constraints, funding limitations, and resistance to change.

He called for collective efforts from the media, civil society, and stakeholders to ensure that Nigeria’s oil, gas, and mining revenues are managed prudently for the benefit of all citizens.

“Transparency is not just a policy; it is a responsibility. NEITI remains steadfast in ensuring that Nigeria’s extractive revenues are accounted for and utilized effectively,” he added.

Economy

Nigeria Rakes N7.68trn Exporting Gas Products in 2024

Published

6 hours ago

31/03/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigeria earned N7.68 trillion from the export of natural gas, liquefied petroleum gas and other gas products in 2024.

This showed an increase of 105.1 per cent from the N3.746 trillion earned from the sale of the commodities in 2023, data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2024 noted.

It was revealed that gas export earnings accounted for 9.92 per cent of total exports recorded in the year under review versus the 10.42 per cent posted a year earlier.

Giving a breakdown of gas exports in 2024, the NBS reported that in the first quarter, the country recorded N1.437 trillion, N2.881 trillion was earned in the second quarter, while in the third and fourth quarter of 2024 stood at N35.845 billion and N3.329 trillion, respectively.

In comparison, the NBS stated that the country earned N668.119 billion, N711.1 billion, N1.109 trillion and N1.257 trillion from gas exports in the first, second, third and fourth quarter of 2023, respectively.

The NBS noted that the during the period under review, the country earned N1.943 trillion from natural gas exports, followed by other petroleum gases with N1.117 trillion, while Liquefied Petroleum Gas (LPG) trailed with N269.074 billion.

The agency disclosed that Nigeria exported Liquefied Petroleum Gas valued at N112.71 billion and Natural gas worth N83.655 billion to the Netherlands in the fourth quarter of 2024; while natural gas valued at N135.21 billion was exported to France.

It added that Spain purchased N345.118 billion worth of natural gas from Nigeria and N131.289 billion worth of other petroleum gas, while India purchased other petroleum gas and natural gas valued at N337.085 billion and N209.159 billion, respectively.

In Africa, the NBS noted that Nigeria sold N10.81 billion worth of Liquefied Petroleum Gas to the Ivory Coast in the fourth quarter of 2024.

Based on the entire data, the stats office disclosed that total foreign trade stood at N138.033 trillion in 2024; rising by 106.6 per cent, compared with N66.825 trillion in 2023.

It added that total exports stood at N77.442 trillion in 2024, rising by 115.3 per cent compared with N35.962 trillion in 2023; while total imports stood at N60.59 trillion in 2024, rising by 96.3 per cent from N30.863 trillion recorded in 2023.