Economy
Buhari Directs EFCC to Investigate SEC Boss
By Modupe Gbadeyanka
Chairman of the Economic and Financial Crimes Commission (EFCC) has been directed to launch an investigation into allegations of gross misconduct against the Director-General of the Securities and Exchange Commission (SEC), Mr Mournir Gwarzo.
This directive, given by President Muhammadu Buhari, followed a petition filed against the embattled SEC boss by the Centre for Anti-Corruption and Open Leadership (CACOL).
In the petition signed by CACOL Executive Chairman, Mr Debo Adeniran, it was alleged that Mr Gwarzo paid himself a severance package of N104 million in “total disregard to the standing rule in the civil service.”
As a result, CACOL urged the President to “order a thorough audit of the finances of the Commission.”
The petition, received at the Presidential Villa last Saturday, copied the President, the Senate President, Speaker of the House of Representatives, Chairmen of Senate and House of Representatives Committees on Capital Market; Acting EFCC Chairman, Chairman of the Independent Corrupt Practices and other related offences Commission, Chairman of the Presidential Advisory Committee on Anti-Corruption, Commissioner of Police at the Special Fraud Unit and others.
It was gathered that the President, after viewing the petition, directed the EFCC to thoroughly look into the matter.
The Acting Chairman of the EFCC was ordered to work with CACOL to determine if the SEC DG paid himself the N104 million as alleged.
Mr Magu is also to find out if Mr Gwarzo is running the capital market regulatory agency like his personal estate.
The anti-graft agency was further mandated to determine if the SEC boss awarded contracts to firms belonging to his allies or relatives.
These companies include Outlook Communications, Tida International Limited, Outbound Investment Limited, Acromac Nigeria Limited, Balfort International Investment Limited, Medusa Investments Limited, Interactiven Worldwide Nigeria Limited, Northwind Environmental Services, and Micro-Technologies Limited.
Below is the petition filed by CACOL against Mr Gwarzo:
ALLEGATION OF CORRUPTION AND ABUSE OF OFFICE AGAINST THE DIRECTOR-GENERAL, SECURITIES AND EXCHANGE COMMISSION, SEC, MR MOURNIR HALIRU GWARZO
The attention of the Centre for Anti-Corruption and Open Leadership (CACOL) has been drawn to a large-scale abuse of office and gross official recklessness on the part of the Director-General of the Securities and Exchange Commission (SEC), Mr Mournir Haliru Gwarzo, who by our findings, has engaged in series of anti-establishment manipulations to enrich himself through acts that are at variance with civil service rules and regulations.
As Your Excellency is perhaps aware, our organisation, the Centre for Anti-Corruption and Open Leadership, CACOL, is an aggregate of human rights, community based and civil society organisations and individuals with anti-corruption and openness in governance agenda across Nigeria.
It is a non-political, non-religious, non-sectional and non-profit making organisation. We set for ourselves the tasks of promoting accountability, openness in governance and using any available means to cause relevant authorities to probe and bring to book, corrupt leaders both in public and private institutions.
We also strive to protect interest of persons or groups found to be victims or potential victims of corrupt practices or processes of manipulation and violation of human rights.
The decision to embark on the journey was taken in 2007 in view of the need to confront, once and for all, the monster that is ravaging all facets of our national life in Nigeria – CORRUPTION.
It is in view of our avowed commitment to the fight against corruption that we have presented the perceived official excesses and acts of corruption perpetrated by Mr Mournir Haliru Gwarzo before Your Excellency, having petitioned the President of the Senate, Speaker of the House of Representatives, the Economic and Financial Crimes Commission (EFCC) and other anti-corruption and law enforcement agencies.
The Issues:
On January 2, 2013, Mr Mournir Haliru Gwarzo was appointed an Executive Commissioner in the Securities and Exchange Commission for a four-year tenure by the then administration of President Goodluck Jonathan.
Before the expiration of the four-year deal, Gwarzo was elevated by same government as the Director General of the Commission on May 22, 2015. But consequent upon resumption of office as the Director General of SEC, Mr Gwarzo, ordered the payment of a severance benefit to himself to the tune of N104,851,154.94 (One hundred and four million, eight hundred and fifty one thousand, one hundred and fifty four naira and ninety-four kobo. We view this development as total disregard to the standing rule in the civil service that states that severance benefit can only be paid to an employee who has concluded his or her service and has completely disengaged from service and not to an employee who has been promoted within the Commission as is in the case of Mr Gwarzo.
- It is alleged that Mr Haliru Gwarzo runs SEC as his personal estate and appointed companies with links to him and some of his cronies in office to carry out transactions and provide services to the Commission. Some of the Companies listed to have links with Mr Gwarzo, his wife and other cronies are:
- Outbound Investment Ltd, RC NO. O. 807317
- Medusa Investments Limited, RC NO. 326829
- Northwind Environmental Services. REG NO BN2389176
- Micro-Technologies LTD RC NO. 173805
- Tida International Ltd RC NO. 26414
- Outlook Communications
- Acromac Nig Ltd RC NO. 10687864
- Balfort International Investment Ltd RC NO. 109153
- Interactiven Worldwide Nig Ltd RC NO. 779442
CACOL will want Your Excellency to direct the Economic and Financial Crimes Commission to look into the allegations of illegal creation of wealth from SEC by Mr Mournir Gwarzo.
We make bold to say that the personal interest of Mr Gwarzo in the above listed companies clearly contravenes the provisions of Nigerian law which distinctively prohibits public officers from putting themselves in situations where their personal interest conflicts with their public duties.
Our prayers
It is in view of these noted discrepancies that we urge Your Excellency to direct the Economic and Financial Crimes Commission to beam searchlights on the activities of Mr Mournir Haliru Gwarzo as the Director General of the Securities and Exchange Commission. The EFCC is in possession of all supporting documents on the above stated allegations which are at our disposal where from the above-enumerated issues were teased out. We are, however, at Your Excellency’s service or that of any of the anti-corruption agencies to provide more documents that may be necessary to facilitate a prompt delivery on the investigation at any point we are called upon for such assistance.
- That Your Excellency should take immediate steps to constitute a Board for the Securities and Exchange Commission as provided for in the extant laws establishing the Commission. The Investment and Securities Act (ISA) 2007 which gives the Commission its current powers also made a provision for the appointment of a nine (9) member Board to be headed by a Chairman. The idea of the Board is to, amongst other things, ensure that no Director-General of the Commission can become a law onto himself or herself and act without appropriate checks by the Board.
- Considering the high probability that a lot more atrocities may have been committed unchecked under the present circumstance in which the Securities and Exchange Commission has functioned without a Board, CACOL considers it incumbent to call on President Muhammadu Buhari to order a thorough audit of the finances of the Commission.
Please accept our esteemed regards as we look forward to Your Excellency’s decisive intervention in unearthing the issues raised here with strict compliance with the rule of law.
By Adedapo Adesanya
Nigeria’s crude oil production slipped slightly to 1.422 million barrels per day in December 2025 from 1.436 million barrels per day in November, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
OPEC in its Monthly Oil Market Report (MOMR), quoting primary sources, noted that the oil output was below the 1.5 million barrels per day quota for the nation.
The OPEC data indicate that Nigeria last met its production quota in July 2025, with output remaining below target from August through December.
Quarterly figures reveal a consistent decline across 2025; Q1: 1.468 million barrels per day, Q2: 1.481 million barrels per day, Q3: 1.444 million barrels per day, and 1.42 million barrels per day in Q4.
However, the cartel acknowledged that despite the gradual decrease in oil production, Nigeria’s non-oil sector grew in the second half of last year.
The organisation noted that “Nigeria’s economy showed resilience in 2H25, posting sound growth despite global challenges, as strength in the non-oil economy partly offset slower growth in the oil sector.”
According to the report, cooling inflation, a stronger Naira, lower refined fuel imports, and stronger remittance inflows are improving domestic and external conditions.
“A stronger naira, easing food prices due to the harvest, and a cooling in core inflation also point to gradually fading underlying pressures”, the report noted.
It forecast inflation to decelerate further on the back of past monetary tightening, currency strength, and seasonal harvest effects, though it noted that monetary policy remains restrictive.
“Seasonally adjusted real GDP growth at market prices moderated to stand at 3.9%, y-o-y, in 3Q25, down from 4.2% in 2Q25. Nonetheless, this is still a healthy and robust growth level, supported by strengthening non-oil activity, with growth in that segment rising by 0.3 percentage points to 3.9%, y-o-y. Inflation continued to decelerate in November, with headline CPI falling for an eighth straight month to 14.5%, y-o-y, following 16.1%, y-o-y, in October”.
OPEC, however, stated that while preserving recent disinflation gains is important, the persistently high policy rate – implying real interest rates of around 12% – risks weighing on aggregate demand in the near term.
By Aduragbemi Omiyale
The National Bureau of Statistics (NBS) on Thursday revealed that inflation rate for December 2025 stood at 15.15 per cent compared with the 14.45 per cent it put the previous month.
However, it recalculated the November 2025 inflation rate at 17.33 per cent after using a 12-month index reference period where the average consumer price index (CPI) for the 12 months of 2024 is equated to 100. This is a departure from the single-month index reference period, in which December 2024 was set to 100, which would have produced an artificial spike in the December 2025 year-on-year inflation rate.
The NBS had earlier informed stakeholders a few days ago that it was changing its methodology for inflation to reflect the economic reality. This is coming after the organisation changed the base year from 2009 to 2024 earlier in 2025.
In its report released today, the stats agency explained that this process was in line with international best practice as contained in the Consumer Price Index Inter-national Monetary Fund (IMF) Manual, specifically in Section 9.125 and the ECOWAS Harmonised CPI Manual, which address index reference period maximisation, following a rebasing exercise.
On a month-on-month basis, the headline inflation rate in December 2025 was 0.54 per cent, lower than the 1.22 per cent recorded in November 2025.
The NBS also revealed that on a year-on-year basis, the urban inflation rate for last month stood at 14.85 per cent versus 37.29 per cent in December 2024, while on a month-on-month basis, it jumped to 0.99 per cent from 0.95 per cent in the preceding month.
As for the rural inflation rate in December 2025, it stood at 14.56 per cent on a year-on-year basis from 32.47 per cent in December 2024, and on a month-on-month basis, it declined to -0.55 per cent from 1.88 per cent in November 2025.
It was also disclosed that food inflation rate in December 2025 was 10.84 per cent on a year-on-year basis from 39.84 per cent in December 2024, while on a month-on-month basis, it declined to -0.36 per cent from 1.13 per cent in November 2025 (1.13%).
This was attributed to the rate of decrease in the average prices of tomatoes, garri, eggs, potatoes, carrots, millet, vegetables, plantain, beans, wheat grain, grounded pepper, fresh onions and others.
By Modupe Gbadeyanka
Companies operating in Lagos State have been reminded of their obligations to file their annual tax returns for the 2025 financial year on or before January 31, 2026.
This reminder was given by the Lagos State Internal Revenue Service (LIRS) in a statement made available to Business Post on Thursday.
In the notice signed by the chairman of the tax agency, Mr Ayodele Subair, it was stressed that filing the tax returns is an obligation as stipulated in the Nigeria Tax Administration Act (NTAA) 2025.
He explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted.
Mr Subair emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.
According to Section 14 of the NTAA, employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.
“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice.
“Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability,” he noted.
The LIRS chief disclosed that electronic filing via the organisation’s eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the state.
Employers are therefore required to submit their annual tax returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Dr Subair described the channel as secure, user-friendly, accessible 24/7, and designed to provide employers with a convenient and efficient means of fulfilling their tax obligations, advising firms to ensure that the tax identification number (Tax ID) of all employees is correctly captured in their filings, noting that employees without a Tax ID must generate one promptly to avoid disruptions during the filing process.
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