Economy
Adeosun Can’t Suspend Me, She Has Special Interest in Oando—Gwarzo
By Modupe Gbadeyanka
Erstwhile Director General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has disclosed that Minister of Finance, Mrs Kemi Adeosun, has no right to suspend him from office.
Mr Gwarzo made this known on Tuesday at the investigative panel set up by the House of Representatives Committee on Capital Market and Institutions to look into his suspension by the Minister in November 2017.
The former SEC boss was removed from office alongside two other senior officials of the capital market regulatory agency.
He was accused of paying himself the sum of N104 million as severance package after he was appointed as the DG of the capital market regulator in 2015 by former President Goodluck Jonathan following the resignation of the former occupier of the seat, Ms Arunma Oteh.
Also suspended were the Head of Legal Department at SEC, Mrs Anastasia Omozele Braimoh, and Head of Media in SEC, Mr Abdulsalam Naif Habu, who were both alleged to have received contracts from the commission through their companies.
Mrs Adeosun had set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General and explained that Mr Gwarzo’s suspension was to allow unhindered investigation of fraud allegations levelled against him.
But speaking at the panel yesterday, the embattled SEC chief said Mrs Adeosun cannot punish him because only the board of the commission has such powers.
At the moment, the regulatory agency has no board because President Muhammadu Buhari is yet to constitute one despite call for such.
Mr Gwarzo said it was totally wrong for the Minister to suspend him based on the Public Service Rules (PSRs) 03405 and 03406 as the commission was not a “public service.”
But the Minister countered him, saying his suspension was in the right order.
According to Mrs Adeosun, the Investment and Securities Act empowers her as the Minister of Finance to act in absence of the board.
“Mr Mounir was suspended in accordance with the public service rule. The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406.
“In absence of the board, the Minister has the power to suspend the Director General (of SEC). We have not gone outside the context of the law in suspending the DG,” Mrs Adeosun told the lawmakers.
Speaking further, the embattled SEC chief said his suspension was propelled by his refusal to stop a forensic audit of Oando Plc, which was accused of financial misconduct by one of its major shareholders, Mr Dahiru Mangal.
Mr Gwarzo accused the Minister of having special interest in Oando Plc and Oasis Insurance Company.
“I was removed from office because I refused to discontinue the forensic audit of Oando Plc, which the Minister has interest in,” he alleged.
But responding, Mrs Adeosun described as ridiculous the erstwhile SEC boss’ claims.
“It is mischievous to link the matter to Oando,” the Minister replied, emphasising that her action was mainly to “instilled confidence in the capital market, and made clear to investors that Nigeria takes seriously the issue of integrity, and that their funds, which we have worked hard to attract, are safe.”
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has emphasised the importance of non-interest finance in the economy and the nation’s capital market.
Speaking at the 7th African International Conference on Islamic Finance (AICIF) in Lagos recently, he said non-interest finance drives sustainable economic transformation and enhances market inclusion.
According to him, this was why the stock exchange created a special board for the sub-market segment to attract ethical investors.
“At NGX, our Non-Interest Finance Board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development.
“By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa,” Mr Chiemeka stated at the event organised by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC).
Business Post reports that Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances at over N1.4 trillion for multiple projects nationwide.
It was gathered that the two-day AICIF attracted policymakers, regulators, development partners, and market participants, who explored policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.
Also speaking, the chairman of NGX Group Plc, Mr Umaru Kwairanga, said NGX’s Non-Interest Finance Board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability.
“Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds. Our goal is to broaden market participation while channelling capital towards productive sectors of the economy,” he said.
On his part, the Vice President of Nigeria, Mr Kashim Shettima, represented by the Special Adviser to the President on Economic Matters, Mr Tope Fasua, described Islamic finance as a credible mechanism for fostering equitable prosperity and sustainable development, urging broader adoption across African economies.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has backed the proposed 15 per cent fuel import tariff introduced by the President Bola Tinubu-led government.
According to NECA Director General, Mr Wale Smatt Oyerinde, the move will enhance local production of the commodity.
“We support the policy of a 15 per cent tariff on imported petroleum products — not on locally produced ones.
“If the 15 per cent tariff is the ‘punishment’ we must bear collectively for our recklessness in allowing our four refineries to collapse, then so be it,” he said when he was interviewed on Channels Television on Friday.
“Even developed nations like the US are introducing protectionist policies to protect their local industries. We don’t have much excuse not to do the same,” the NECA boss said.
Recall that President Tinubu had approved the 15 percent tariff increase in a letter sent to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, mandating its enforcement.
Critics have faulted the move, arguing it will lead to an increase in the landing cost of the product, with petrol and diesel expected to see further increment.
However, support for the programme has come from many quarters including energy businessman, Mr Femi Otedola, who backed move recently.
The NECA chief also believes the policy is a step in the right direction, adding that a similar actions should be extended to other areas.
“The president gave approval about two weeks ago, and the OPS has done its analysis. We’re also looking beyond petrol and diesel.
“To ramp up production in the manufacturing and real sectors, this kind of policy should extend there too. Why do we import things we can produce locally? It affects forex and other aspects of the economy,” Mr Oyerinde said.
“We’ve said that everything we can produce locally should attract import duties, provided we have made sufficient arrangements for local production to meet our needs. If we have to give businesses a one- or two-year moratorium to integrate backward, then fine, but let’s reduce the tendency to import,” he added.
By Adedapo Adesanya
Shell Nigeria Exploration and Production Company has given US-based Halliburton an integrated drilling contract to work on the oil major’s $2 billion shallow-water HI offshore gas project in Nigeria.
According to reports, the financial terms of the deal, awarded by Shell, were not disclosed.
Halliburton, based in Houston, said it will deploy remote operations and automated technologies for the work.
In October, Shell announced HI, located in Nigeria’s Oil Mining Licence (OML) 144. The UK major operates the HI project with a 40 per cent working interest alongside its local partner, Sunlink Energies and Resources, which owns a 60 per cent stake.
The project, when completed, will supply 350 million standard cubic feet (approximately 60 thousand barrels of oil equivalent) of gas per day at peak production to Nigeria LNG (NLNG; Shell interest 25.6 per cent), which produces and exports liquefied natural gas (LNG) to global markets.
According to a statement, production is expected to begin before the end of this decade.
At the time of the announcement, Mr Peter Costello, Shell’s Upstream President, said that “This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”
The gas will be sent to the delayed Train 7 of the Nigeria Liquefied Natural Gas (NLNG) plant, currently being built by a Saipem-led consortium.
The increase in feedstock to NLNG, via the Train 7 project that aims to expand the Bonny Island terminal’s production capacity, is in line with Shell’s plans to grow its global LNG volumes by an average of 4-5 per cent per year until 2030.
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