Economy
Why We Challenged SEC Action Against us in Court—Oando
By Modupe Gbadeyanka
Oando Plc on Tuesday explained why it headed for the court to stop suspension of its share price on the trading floor of the Nigerian Stock Exchange (NSE) by the Securities and Exchange Commission (SEC).
In a statement released today, the oil firm said it took the action because it found difficult to believe that the capital market regulator could contradict itself in its report.
“On October 18, 2017 the SEC issued a public notice stating amongst others that it had issued a directive to the Nigerian Stock Exchange (NSE) for a full suspension in the trading of Oando shares for a period of forty-eight hours followed by a technical suspension until further directed and; announced that a forensic audit into the affairs of the Company be conducted by a team of independent professional firms.
“Oando is of the view that the SEC’s directives are illegal, invalid and calculated to prejudice the business of the Company. The Company being dissatisfied with the above mentioned actions and to safeguard the interests of the Company and its shareholders immediately took steps to file an action against the SEC and the NSE.
“On Monday October 23, 2017 the Company obtained an ex-parte order from the Federal High Court (FHC) granting an interim injunction, as follows: an order restraining the NSE and any other party working on their behalf from giving effect to the directive of the SEC to implement a technical suspension of the shares of the Company pending the hearing and determination of the motion for injunction and; an order restraining the SEC and any other parties claiming through or working on behalf of the Commission from conducting any forensic audit into the affairs of the Company pending the hearing and determination of the motion for injunction.
“The NSE and SEC were served with the enrolled court order today Tuesday, October 24, 2017 after the technical suspension was carried out by the NSE on Monday, October 23, 2017.
“In our view both the NSE and the SEC are legally obliged to comply with the interim orders pending the substantive determination of the suit.
“The Company has found it necessary to take these actions for the following reasons: having declared to the public that it has acted drastically to suspend the shares of Oando Plc due to its ‘weighty’ findings in the course of its investigations, SEC then concludes that a forensic audit is necessary in order to investigate whether its findings are true. This is a clear contradiction.
“How did the SEC arrive at its findings if it cannot be sure of the veracity or otherwise of those findings and how did it ascribe the appropriate level of weight to be given to those findings, enough to warrant an immediate suspension followed by a technical suspension of the shares of the Company, if those findings are still mere allegations at this point.
“The Company has fully co-operated with the SEC since the commencement of this investigation in May 2017 and provided all information requested. It is evident that submissions made to the SEC have not been duly considered due to the conclusions reached and actions taken, as all of the matters raised have been responded to in great detail with all supporting documents requested by the SEC. The Company repeatedly, through its Chairman, requested an audience with the SEC to enable it present its case before the Commission but to date, no invitation has been extended to the Company.
“Each of the alleged infractions has a penalty as prescribed by the respective provisions of the ISA, SEC Code, SEC Rules and Regulations, NSE Listing Rules and CAMA; none of them whether singularly or together warrants the suspension of free trading in the securities of the Company or the institution of a forensic audit.
“The latest actions taken by the SEC are prejudicial to the business of the Company as it would hinder the ability of the Company to enter into new business transactions and affect the confidence that existing stakeholders (lenders, JV Partners, Vendors etc.) have in transacting business with the Company. The Company has received numerous queries from critical stakeholders, including its lenders as a result of the SEC’s actions and an indefinite technical suspension of its shares as well as an open-ended forensic audit will negatively impact the ability of the Company to conduct its day-to-day business and meet the expectations of all its stakeholders.
“By two letters dated August 24th and August 28th the Chairman of Oando petitioned the DG of the SEC alleging bias and lack of due process in the way and manner in which the SEC has conducted this investigation. The current action by the SEC, despite its internal findings, confirms that the SEC appears to be working to its own conclusion rather than looking at the facts before it and acting in the best interest of the Company and the minority shareholders whom it claims it seeks to protect.
“In its most recent communication to the Group Chief Executive (GCE) dated October 17, 2017, the SEC unilaterally qualified one of the petitioners, Ansbury Inc. as a Whistleblower despite the fact that Ansbury brought its petition to the SEC as an indirect ‘shareholder’ of the Company. The Company has from the date of its earliest communication to the SEC on this matter, challenged both the legal capacity of Ansbury to bring a petition against the Company and the SEC’s jurisdiction to consider the petition. This is because, Ansbury is not in fact a shareholder of the Company and furthermore, there is an on-going arbitration in the United Kingdom in respect of its indirect investment in the Company.
“Under the SEC’s Complaints Management Framework it shall not consider any matter which is currently in arbitration. The unilateral and arbitrary re-classification by the SEC of the basis upon which Ansbury wrote its petition at this late stage is at odds with accepted principles of fairness and due process.
“It is also difficult to understand how Ansbury can be a whistle-blower when the information and allegations contained in its petition were obtained from the publicly disclosed 2016 Audited Financial Statements of Oando and based on Ansbury’s own interpretation of those financial statements.
“The two petitioners, Alhaji Dahiru Mangal and Ansbury Inc. were copied on the SEC’s most recent communication to the Company’s GCE on October 17, 2017. It is unheard of and prejudicial to our case for petitioners to be copied on correspondence to the investigated party on findings yet to be concluded. Throughout this investigation, at no point has the SEC copied the Company in its correspondence to the petitioners. We are concerned that the petitioners have been given undue access to what ought to be strictly confidential information between ourselves and the SEC to the detriment of the Company.
“The cost implication of the forensic audit (N160, 000,000.00) which is to be borne by the Company is onerous, unnecessary and irresponsible in light of the above submissions and not the best use of shareholder funds at this time.
“It is our position that the SEC has not presented a strong case to support either the directive to suspend free trading in the shares of the Company or the engagement of a Forensic Auditor to conduct an audit into the affairs of the Company. The Company’s response to each of the alleged findings made by the SEC are stated in the following link https://goo.gl/JJzXZL.
“The Company reserves the exercise of its full legal rights in the protection of the Company’s business and assets whilst remaining committed to act in the best interests of all its shareholders,” Oando said.
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
As we enter 2026, cloud mining is emerging as a new area of interest amidst the continued development of computing infrastructure and digital asset markets. For the average investor, the question arises: how can one generate $17,700 in passive income—or even more—despite constant market volatility?
Cloud mining： represented by platforms like SHRMiner, is rapidly gaining market attention. By providing rentable computing power services and earning mining rewards, it allows users to access the complete cloud mining process and earn passive BTC income without purchasing expensive equipment or specialized skills.
Recently, SHRMiner, a UK-based cloud mining platform, officially launched a new “free cloud mining service.” This service is designed for holders of mainstream cryptocurrencies such as BTC, XRP, DOGE, LTC, and EHT, providing users with a new opportunity to participate in cryptocurrency mining without any entry barriers.
How to earn passive income from BTC through SHEMiner cloud mining
Start earning returns in just three simple steps:
- Register an account
By visiting the official SHRMiner website, users can register for a free account in less than two minutes and receive a $15 sign-up bonus; this bonus allows them to quickly experience the platform’s services and earn a daily return of $0.60 from a complimentary trial contract.
- Select a cloud mining plan
Choose a cloud mining plan that suits your needs and budget. The platform offers flexible plans ranging from $100 to $200,000 to meet the investment goals of different users.
- Start earning returns
After purchasing a contract, earnings are automatically settled within 24 hours without requiring additional management or action; users can withdraw their earnings to their cryptocurrency wallet addresses at any time or reinvest the profits to benefit from the compounding effect.
The primary advantage of this model is that it significantly lowers the barrier to entry. Users do not need to research specific mining hardware models or hashrate configurations, nor do they need to set up their own system environments; simply by registering an account, depositing assets, and selecting a mining plan, they can start earning returns.
SHRMiner Platform Advantages:
- Supports daily automatic settlement
- No additional electricity or maintenance costs required
- Utilizes advanced ASIC mining hardware, powered by renewable energy sources including hydropower, wind power, and solar power
- Supports mining for multiple currencies: earn mainstream cryptocurrencies such as BTC, XRP, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
- Equipped with SSL encryption and DDoS protection, a real-time earnings dashboard for easy monitoring of mining performance
- 100% remote access, fully accessible via the SHRMiner application or browser without hardware requirements, and 24/7 online technical support.
⦁Affiliate Program: The Affiliate Program allows you to earn up to 4.5% commission by referring friends, with the opportunity to earn an additional bonus of up to 30,000.
Examples of common contracts:
| Contract Name | Price | Profit | Days | Principal + Total Return |
| New User Experience Agreement | $100 | $4 | 2 | $100+$8 |
| Bitdeer Sealminer A2 Pro | $500 | $6.25 | 5 | $500.00 + $31.25 |
| Litecoin Miner L9 | $1000.00 | $13.00 | 10 | $1000.00 + $130 |
| Bitcoin Miner S21 XP Imm | $5000.00 | $70.00 | 25 | $5000.00 + $1750 |
| Bitcoin Miner S21e XP Hyd | $10000.00 | $150.00 | 35 | $10000.00 + $5250 |
| ANTSPACE HW5 | $50000.00 | $900.00 | 45 | $50000.00 + $40500 |
After purchasing a contract, earnings will be automatically credited to your account within 24 hours. Upon contract expiration, your principal will be returned in full. You may withdraw the principal or reinvest it to benefit from compound returns; please click here for more details regarding the mining contract.
Unimaginable money-making opportunities
What sets SHRMiner apart is its extraordinary daily passive income; users have the opportunity to earn $10,700 or even more each day, turning the dream of online wealth into reality. Imagine generating substantial income without the need for ongoing investment or complex setups—that is exactly what SHRMiner offers.
Safety and Sustainability
In the mining sector, trust and security are paramount; SHRMiner fully recognizes this and prioritizes user safety above all else. Committed to transparency and legitimacy, SHRMiner ensures your investment is protected, allowing you to focus on profitability. All mining facilities utilize clean energy, making this a carbon-conscious cloud mining operation. Renewable energy protects the environment from pollution while providing a powerful energy source.
In short
If you are looking for ways to generate passive income, cloud mining is an excellent choice. When approached correctly, these opportunities allow you to effortlessly build cryptocurrency wealth on “autopilot” with minimal time investment. At the very least, they are far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential is easier than ever.
To learn more about SHRMiner, please visit the official website: https://shrminer.com
Complete List Of The Top Crypto Platforms in Nigeria: Where to Trade Safely
As a Nigerian just getting started in crypto trading, or someone trying to rebuild their confidence after a bad trading experience, the fear of losing your hard-earned money is valid. This is why choosing a reliable crypto platform to carry out your trading is very important.
The good news here is that there are several trusted crypto platforms built to serve Nigerian traders, offering secure trading, fast withdrawals, and competitive fees.
In this guide, you will discover the top crypto platforms in Nigeria, what makes each one stand out, and how to choose the best option based on your trading goals.
Top 4 crypto platforms in Nigeria
NOSH
Nosh is one of the top platforms in Nigeria and Ghana with the best crypto trading services, offering the best rates for crypto trading, allowing you to get good value for your digital assets. With its user-friendly interface and 24/7 customer support, it is a very good option whether you are a new or experienced crypto trader.
With Nosh, you get:
- Instant payouts on every transaction, no unnecessary waiting.
- Advanced fraud protection with two-factor authentication to keep your account and transactions secure.
- Easy and direct conversion of crypto to Naira or Cedis within a few minutes; no need for third-party apps whenever you are ready to cash out.
- High exchange rates.
- Transparent rates with a rate calculator to know how much you will be getting.
Nosh supports a variety of cryptocurrencies such as Bitcoin, Dogecoin, USDC, USDT, Ethereum, Tron, Litecoin, and Binance Coin.
KUCOIN
KuCoin is another popular crypto platform known for its P2P (peer-to-peer) marketplace. With KuCoin, you can trade your crypto directly with a buyer or sell your crypto directly with a seller. KuCoin holds the crypto in escrow until the seller accepts that they have received the payment; this is done to avoid fraud from the buyer or seller of the crypto.
With KuCoin, you get:
- To carry out P2P trading with escrow protection.
- To use multiple payment method options like bank transfer, USSD, and mobile-money-linked options.
- Offers competitive and relatively low trading fees, especially if you’re holding KCS (KuCoin’s native token).
- Gives you access to spot trading, futures/derivatives, staking, and other earn products
KuCoin supports stablecoins such as USDT, USDC, and TUSD.
COINCOLA
Coincola is also a top platform ranked as one of the best P2P trading platforms for Nigerians. With Coincola, you get to buy and sell your Bitcoin and USDT with real-time price tracking. Coincola is your go-to platform if you need one that offers flexible funding options like cash deposit and bank transfers. However, there have been reports of withdrawal delays.
With Coincola, you get;
- A P2P marketplace to buy/sell Bitcoin and other coins directly from vendors, with their completed-trade counts shown upfront so u can trade with caution.
- Instant BTC conversion with real-time price tracking
- To use multiple local funding options like bank transfer, cash deposit, and gift cards
- An escrow system that holds your money until a trade is confirmed.
Coincola supports cryptocurrencies like USDT and TRON.
YELLOWCARD
Yellowcard is another popular crypto platform that offers not only P2P trading but also allows you to buy and sell assets like USDT, USDC, PYUSD, BTC, and ETH with regional payment options like mobile money, bank transfers, and cash deposit. However, in 2025 they announced they no longer offer crypto-to-cash retail services.
With Yellowcard, you get:
- Direct access to buy and sell crypto rather than waiting to match with individual P2P counterparties.
- To use multiple funding methods like bank transfer, mobile money, and cash deposits.
- Free local and cross-border transfers via “Yellow Pay” to 20 different countries in Africa.
Factors to consider when choosing a crypto platform
- Don’t just look at the advertised trading fee. Some platforms hide the extra cost, so your actual rate ends up higher than expected. Do a small test trade first and see what you actually receive.
- The best platform in the world is useless to you if it doesn’t support how you actually move money, whether it’s bank transfer or mobile money. Check that before you even sign up, not after.
- Some platforms convert instantly; others, especially P2P ones, need you to wait for a counterparty to show up. If you need your money fast, that difference matters a lot.
- If you specifically need USDC or another less-common stablecoin, don’t assume it’s there on the platform. Double-check the coin list before you commit to one.
- Support should not be silent when something goes wrong. Look for evidence people actually got helped, not just a “24/7 support” badge.
- If a platform can’t tell you clearly how they protect your money, that’s a red flag on its own. Always go for one that prioritizes security.
FAQs
- Which crypto platform is best in Nigeria?
The best crypto platform in Nigeria is Nosh. Nosh offers the best rates for selling crypto with direct crypto-to-naira conversion to easily change your crypto to cash when needed.
- Can I teach myself crypto trading?
Yes, you can. There are many platforms and tutors with tutorial videos and lessons on how to start crypto trading on your own.
- What is the most popular crypto in Nigeria?
The most traded cryptocurrency in Nigeria is Bitcoin, making it the most popular.
Conclusion
When you trust the right platform, your journey in crypto trading is safe and secure. Always look out for crypto trading platforms that meet your needs alongside keeping things like payment options, a good list of coins they support, and other factors mentioned in this article before committing to one.
Always start with a small test trade first to see what you are getting; it will help you get a better idea of how the platform works so you don’t fall victim to hidden charges not included in price tags by some platforms.
By Adedapo Adesanya
Okitipupa Plc was the sole price gainer at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 7, lifting the trading platform by 0.44 per cent at the close of transactions.
The share price of the palm oil producer appreciated during the trading session by N25.00 or 9.0 per cent to N277.00 per unit compared with the previous day’s N252.00 per unit.
As a result, the market capitalisation gained N12.29 billion to close at N2,807 trillion, in contrast to the previous session’s N2.795 trillion, while the NASD Security Index (NSI) added 93.63 points to finish at 4,678.08 points compared with Thursday’s 4,657.59 points.
The bourse recorded a price loser yesterday, and this was Mass Telecoms Innovation Plc, which crashed by 3 Kobo or 9.4 per cent to settle at 32 Kobo per share versus the previous day’s 35 Kobo per share.
The volume of securities traded by investors plunged by 81.5 per cent to 535,7560 units from 2.9 million units, the value of securities slumped by 93.9 per cent to N6.0 million from N99.2 million, and the number of deals decreased by 41.9 per cent to 36 deals from 62 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units exchanged for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
