Economy
Court Remands Fund Managers Over N891m Capital Market Investment
By Aduragbemi Omiyale
Two fund managers, Mr Solomon Edet Solomon and Mr Zakari Haruna, have been remanded in Suleija Correctional Centre after they were arraigned for collecting about N891 million from members of the public through an unregistered investment company, Vektr Capital Global Group, contrary to the laws of Nigeria.
They were brought before Justice Zainab Abubakar of the Federal High Court, Court 4, Abuja, after the Securities and Exchange Commission (SEC) sealed up the Wuse Zone 5 office of Vektr Capital in March 2022 on suspicions of illegally collecting money from the investing public.
At the court, after the four-count charge was read to the suspects, Justice Abubakar fixed March 16, 2023, for the commencement of the trial.
In the charges, the defendants were alleged to have, on or between the years 2021 and 2022 within the jurisdiction of the court with intent to defraud, conspired amongst themselves together with one Kayode Sal Viktor and other staff to obtain the sum of over N891,729,000 from investing public, including Cordelia Ukomaka Ducke Eze and others under the false pretence that they were fund managers which you are not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
“That you, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze and others and thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act, Laws of the Federation of Nigeria 2004.
“That you, M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this court, did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act- to lure and offer a subscription to an unregistered collective investment scheme valued over N891,000,000 to investing public, including Cordelia Ukomaka Ducke Eze and others and thereby committed an offence contrary to and punishable under Section 54 of the Investments and Securities Act, 2007,” the charge stated.
When the bail application came up for determination, the Justice said she had not been convinced, going by the affidavit that the accused will attend court to attend the trial and not jump bail.
Earlier, counsel to Mr Solomon urged the court to grant the defendant bail, stating that the defendant is only an employee of the company and not the owner.
However, Justice Abubakar declined to say that being an employee of the company is not enough for her to grant him bail but told the counsel that she needs to be convinced that if the defendant is granted bail, he will be available to attend the hearing and not jump bail.
“You know the provisions of the Administration of Criminal Justice on bail applications. He must meet those considerations. Show me in your affidavit of support where all these conditions have been listed as met to give me the assurance that the second defendant will at all times attend this trial in person. If I grant him bail based on what you have submitted, will I not be seen to be reckless as a judge?
“Granting bail is a discretionary power, and you must earn it; you must convince me. So many people jump bail cases will come up, and it cannot go on because the person has jumped bail. If you convince me because your conviction is on oath, I believe you. My concern is what you depose in your affidavit. I cannot, on the basis of this deposition, grant this person bail, and I cannot.
“According to Section 160, paragraph 8F, the applicant must have these facts in his affidavit to convince the court to grant him bail. If I grant bail and he decides to jump bail tomorrow, anyone that sees this application will say he did not commit himself,” she said.
Justice Abubakar stated that there are no vital assurances to convince the court to grant the defendant bail as contained in Section 160 of the Criminal Administrative Justice Act 2013 and enumerated in Paragraph 8f of the said Act, emphasising that It is important that the deposition must contain that vital information to convince and assure the court to grant the second defendant bail.
She subsequently ruled saying, “In the absence of this, this court cannot grant the second defendant bail. Accordingly, bail is refused”.
On the third defendant Mr Haruna, the judge stated that based on the propositions contained in the application submitted to the court for bail, particularly paragraphs 12-17, the court is inclined to grant bail to him.
“Accordingly, bail is granted to the third applicant in the sum of N100 million and one surety in the like sum. The surety must be a responsible, reputable person in the society as deposed to in the affidavit; the surety must own a landed property within the jurisdiction of this court whose title documents must be deposited with the Deputy Chief Registrar Litigation of this court after due verification.
“Both the third defendant and the surety must deposit two copies of their recent passport photographs with the Deputy Chief Registrar Litigation of this honourable court. The defendant must also deposit his international Passport with the Deputy Chief Registrar Litigation of this court. Bail is granted; those are the only conditions imposed”.
“Both the Second and Third defendants are to be remanded in Suleija Correctional Centre. A remand of the third defendant at the Suleija Correctional Centre is pending when he fulfils his bail conditions. Anytime he fulfils his bail conditions, he is free to go and enjoy his day,” Justice Abubakar stated.
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) and gave a 50 per cent access target for workers, saying consumer credit was critical to Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030.
According to him, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja when he inaugurated the board on behalf of the President, the Vice President, in a statement by his spokesman, Mr Stanley Nkwocha, said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.
VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.
The Vice President said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.
The Vice President explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”
He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
The Chairman of CREDICORP, Mr Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of the corporation marked an important step towards strengthening the nation’s financial architecture.
He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
For his part, Mr Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu say 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.
He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated include Mrs Olanike Kolawole, Executive Director, Operations; Mrs Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Mr Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Mrs Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mr Mohammed Naziru Abbas, Representative of FMITI.
Others are Mr Marvin Nadah, Representative of FCCPC; Mrs Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mr Mohammed Abbas Jega, Independent Director; and Mrs Toyin Adeniji, Independent Director.
By Adedapo Adesanya
Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.
The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.
The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.
Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.
At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.
Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.
By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
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