Economy
CACOL Defends Corruption Petition Against Suspended SEC DG
By Dipo Olowookere
A non-political, non-religious, and non-profit making organization, Centre for Anti-Corruption and Open Leadership (CACOL), which filed a petition to the Economic and Financial Crimes Commission (EFCC) against the suspended Director General of Securities and Exchange Commission, Mr Mournir Haliru Gwarzo, has visited the anti-graft agency to defend its allegations against the SEC boss.
A statement signed on Monday by the Executive Chairman of CACOL, Comrade Debo Adeniran, disclosed that the visit was sequel to an invitation to the group by the EFCC on the petition of corruption levelled against Mr Gwarzo.
It was gathered that Mr Adeniran spent about an hour at the EFCC’s office in Abuja, where he met with the Head of investigating team at the Capital Market Unit of the EFCC.
“We responded to the invitation of the Economic and Financial Crimes Commission, EFCC today (Monday) to adopt (defend) our petition against Mr Gwarzo.
“We are delighted that the EFCC responded promptly, and is enthusiastic to investigate the subject of our petition. We intend to follow through with this process and we will not be distracted by all the attempts by Mr Gwarzo and his cronies to make us back down drawing on absurd and unconnected straws to whip up sentiment in the media.
“Those who know us know we do not just take up a cause, when we do, we are tenacious in our pursuit and we approach our campaigns with independence of mind,” the CACOL boss was quoted as saying in the statement.
Mr Adeniran further disclosed that the allegations against Mr Gwarzo have been before various people in government for months unattended to until CACOL took up the issue.
“We commend the Finance Minister, Mrs Kemi Adeosun for the courage to take the issue up after others have looked the other way for months. We urge her to be steadfast in the face of various attempts to blackmail her into dropping the investigations into the allegations.
“If she musters the tenacity to follow through on this investigation as she did with fighting the cabal behind the ghost workers who almost bled the nation to death with false wage bills, then history would be kind to her,” he said.
Comrade Adeniran further disclosed that even as CACOL was preparing to make its defence appearance before the EFCC, it has just received more mind boggling documents relating to various corrupt practices by the Mr Gwarzo.
It will be recalled that the organization, CACOL, petitioned President Muhammadu Buhari, the Senate President, the Speaker of the House of Representatives, the relevant Committees in the Senate and House of Representatives and the various anti-corruption agencies to order a thorough audit of the finances of the Commission under Mr Gwarzo following the allegations of corruption.
The DG is alleged to have engaged in series of anti-establishment manipulations to enrich himself through acts that are at variance with civil service rules and regulations.
It was alleged that Mr Gwarzo has been running SEC as his personal business and appoints companies with links to him and some of his cronies in office as contractors who 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. 807317; Medusa Investments Limited, RC NO. 326829; Northwind Environmental Services. REG NO BN2389176; and Micro-Technologies LTD RC NO. 173805.
Others are Tida International Ltd RC NO. 26414; Outlook Communications; AcromacNig Ltd RC NO. 10687864; Balfort International Investment Ltd RC NO. 109153; and Interactiven Worldwide Nigeria Ltd RC NO. 779442.
On January 2, 2013, Mr Gwarzo was appointed an Executive Commissioner in the Securities and Exchange Commission for a four-year tenure. Before the expiration of the four-year deal, Mr Gwarzo was elevated 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 N104.9 million.
Comrade Adeniran restated the call on President Muhammadu Buhari to 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” President Buhari must ensure this is done without further delay,” he said.
Considering the high probability of atrocities being committed unchecked under the present circumstance in which the SEC has functioned without a Board, CACOL called on President Muhammadu Buhari through the Finance Minister to order a thorough audit of the finances of the Commission and penalize everyone found guilty of fraudulent activities.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost its footing by 0.07 per cent on Friday as a result of renewed profit-taking by investors.
The fall happened after Thomas Wyatt and Guinness Nigeria led other price losers group comprising 27 stocks at the market yesterday due to selling pressure.
Thomas Wyatt Nigeria shed 10.00 per cent to quote at N2.70, Guinness Nigeria drowned by 9.99 per cent to close at N329.00, Ikeja Hotel slipped by 9.96 per cent to N42.50, Zichis shed 9.94 per cent to trade at N26.37, and McNichols depreciated by 9.91 per cent to N5.00.
On the flip side, International Breweries gained 9.92 per cent to finish at N13.30, NEM Insurance appreciated by 9.61 per cent to N27.95, Jaiz Bank grew by 6.36 per cent to N9.20, UPDC expanded by 6.33 per cent to N4.20, and Livestock Feeds increased by 6.32 per cent to N9.25.
Business Post reports that investor sentiment remained bullish despite the loss recorded during the session, as there were 27 price decliners and 30 price advancers, representing a positive market breadth index.
Yesterday, market participants transacted 441.3 million equities for N19.4 billion in 44,938 deals compared with the 1.7 billion equities worth N112.0 billion traded in 44,780 deals a day earlier. This showed that the trading volume contracted by 74.04 per cent, the trading value declined by 82.68 per cent, and an uptick in the number of deals by 0.35 per cent.
Access Holdings led the activity chart on Friday after selling 40.2 million shares valued at N1.0 billion, Sterling Holdco traded 30.3 million stocks worth N228.8 million, Fidelity Bank sold 26.3 million equities for N505.6 million, Zenith Bank transacted 22.3 million shares valued at N2.5 billion, and First Holdco exchanged 19.0 million stocks worth N1.3 billion.
During the last trading session of the week, the consumer goods sector rose by 0.49 per cent, the insurance counter increased by 0.06 per cent, and the industrial goods index closed flat, while the banking and energy indices lost 0.78 per cent and 0.52 per cent, respectively.
As a result, the All-Share Index (ASI) shrank by 159.97 points to 243,798.76 points from 243,958.73 points, and the market capitalisation moderated by N103 billion to N156.445 trillion from N156.548 trillion.
