Economy

FAAC Deadlock: Buhari, Adeosun to Meet NNPC

Published

7 years ago

06/07/2018

By Dipo Olowookere

Governors Abdulaziz Yari of Zamfara State on Thursday disclosed that President Muhammadu Buhari and the Minister of Finance, Mrs Kemi Adeosun, will soon have a meeting with officials of the Nigerian National Petroleum Corporation (NNPC).

The meeting, according to him, is mainly to resolve the controversy surrounding the amount remitted into the federal purse by the state-owned oil firm, which caused the Federation Accounts and Allocation Committee (FAAC) meeting to end in deadlock some days ago.

Yesterday, Mrs Adeosun, Mr Yari and Governors Abubakar Badaru of Jigawa State and Abubakar Bagudu of Kebbi State held a meeting with the Chief of Staff to the President, Mr Abba Kyari, at the Presidential Villa, Abuja.

The crucial meeting was to find ways to resolve the matter and also to update the President the contending issues.

Addressing State House correspondents after the meeting, Mr Yari said the President and the Minister would hold a meeting with the NNPC on the matter. He expressed confidence that the issues would be resolved very soon.

“Initially, it was supposed to be a private visit, but it has turned to an official visit, because you know we were supposed to hold the FAAC meeting since last week, which became deadlocked.

“So, the Chief of Staff (to the President) decided to invite the minister so that we can discuss further and see how best we are going to deal with the matter.

“There is headway because Mr President and the Minister of Finance will meet with the NNPC officials so that we can resolve the problem with FAAC,” Governor Yari said.

Also speaking with newsmen, Minister of Finance, Mrs Kemi Adeosun, confirmed that President Buhari would take an action on the matter very soon.

The described the FAAC controversy as healthy, noting that it was normal for stakeholders to ask questions when things are not clear to them.

“As you know, the last FAAC meeting ended in a deadlock and since then, we have been having series of engagements among ourselves, the governors, the commissioners, and of course, the various stakeholders.

“Today’s meeting was for me to brief the governors and the Chief of Staff (to the President), and by extension Mr President, on the progress we have made so far on our position.

“Mr President has promised to take the next step and to that extent and we are very satisfied with this,” Mrs Adeosun told newsmen.

When asked if the NNPC was not captured under the Treasury Single Account (TSA) of the present administration, the Minister answered, “They are. Every agency of government is in the TSA.

“You know that FAAC is unique. FAAC is a meeting where all the revenue generating agencies make returns on net of their expenses. It is the area of where we have dispute.

“The dispute is not on the gross revenue but on what has been deducted from that gross revenue, giving us the net, which is being brought into the FAAC. But I think this is a healthy process. We must be satisfied with figures before we sign off on them.

“We must as stakeholders make sure all our agencies are aligned with all the programmes of government in terms of getting this economy really moving.

“We are still very much dependent on oil, on the NNPC for our revenue; so, we do need to have sometimes some of this. I see them more as reconciliation than stand-off. I’m very sure we will have the FAAC in the next day or so.”

Economy

Stanbic IBTC Trustees to Make Trusteeship More Accessible to Nigerians

Published

15 hours ago

21/04/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

A subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Trustees, has affirmed its leadership in delivering customer-centric fiduciary and investment solutions across the region.

The company said this after it was recently recognised as the Most Customer-Focused Trust and Investment Company of the Year for Nigeria at the 2025 West Africa Innovation Awards (WAIA).

The honour bestowed on the trustee for Customer Service Excellence reinforces its reputation for delivering exceptional client experiences, driven by innovation, integrity, and a deep understanding of the evolving financial needs for their clients.

“Being recognised as the most customer-focused trust and investment company of the year is both humbling and inspiring.

“This award reflects the strong relationships we have built with our clients and our commitment to not only meet expectations but to consistently exceed them through innovative and ethical service delivery,” the chief executive-designate of the organisation, Ms Emi Agaba-Oloja, stated at the award ceremony held in Lagos.

“What sets Stanbic IBTC Trustees apart is our willingness to embrace innovation in a traditionally conservative industry.

“As we work on digital onboarding to bespoke trust solutions, we strive to simplify complex processes and deliver insights that empower our clients.

“Our goal is to make trusteeship more responsive, inclusive, and accessible to Nigerians. A sincere thank you to our clients, partners and the incredible team that continue to drive our success,” she added.

The West Africa Innovation Awards, now in their 14th year, is a leading regional platform that is attended by a wide range of government stakeholders, brand experts, and corporate leaders in West Africa.

As the field of wealth management and trust services undergoes constant transformation, Stanbic IBTC Trustees says it remains at the forefront, redefining standards and demonstrating a commitment to empathy and innovation, stressing that the award reinvigorates a drive to empower clients and protect legacies for future generations.

Economy

NASD OTC Exchange Records 0.27% Rise in Week 16

Published

16 hours ago

21/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange increased by 0.27 per cent week-on-week in Week 16 of the 2025 trading year.

Data indicated that the bourse’s market capitalisation rose by N5.15 billion in the four-day trading week to N1.924 trillion from the N1.919 trillion it ended in the previous week and the NASD Unlisted Securities Index (NSI) went up by 8.81 points to 3,286.38 points from the 3,277.57 points recorded in the previous trading week.

The alternative stock exchange opened for business for four days as it closed shop on Friday to celebrate Good Friday, observed by Christians across the globe,

The value of trades in the week was down by 99.4 per cent to N29.35 million from the N4.79 billion recorded in Week 15, and the volume of transactions declined by 99.2 per cent to 1.33 million units from the 171.4 million units in the previous week.

The most active security by value was Central Securities Clearing System (CSCS) Plc with N15.2 million, FrieslandCampina Wamco Nigeria Plc recorded N6.3 million, 11 Plc traded N2.2 million, Nipco Plc posted N1.3 million, and Afriland Properties Plc reported N0.616 million.

Also, CSCS Plc was the most traded instrument by volume with 0.731 million units, FrieslandCampina Wamco Nigeria Plc transacted 0.227 million units, Geo-Fluids Plc recorded 0.218 million, Paintcom Investment Plc traded 0.055 million units, and Afriland Properties Plc exchanged 0.035 million units.

Last week, there were five price gainers led by Newrest Asl Plc, which appreciated by 9.9 per cent to N37.97 per share versus N34.52 per share, UBN Property Plc gained 9.6 per cent to end at N2.17 per unit versus N1.98 per unit, FrieslandCampina Wamco Nigeria Plc rose by 5.9 per cent to N37.64 per share from N35.55 per share, Mass Telecom Innovation Plc improved by 2.5 per cent to 41 Kobo per unit from 40 Kobo per unit, and 11 Plc surged by 1.9 per cent to N245.50 per share from N241.00 per share.

On the flip side, Geo-Fluids Plc slipped by 10.00 per cent to N1.80 per unit from N2.00 per unit, and CSCS Plc depreciated by 2.6 per cent to N22.10 per share from N22.70 per share.

Economy

CBEX: SEC Seeks Jail Term for Celebrities Promoting Ponzi Schemes, Dubious Investments

Published

18 hours ago

21/04/2025

Adedapo Adesanya

By Adedapo Adesanya

Celebrities, including musicians and influencers, have been warned by the Securities and Exchange Commission (SEC) against promoting unregistered investment schemes following the recent collapse of Crypto Bridge Exchange (CBEX).

In a statement made available to the press on Sunday, the commission stated that those who promote such schemes risk legal consequences.

The warning comes following the enactment of the Investments and Securities Act 2025, signed into law by President Bola Tinubu.

Explicitly defining Ponzi schemes, the new law empowers the SEC to impose a minimum fine of N20 million and a jail term of 10 years on promoters of such schemes.

SEC’s Director-General, Mr Emomotimi Agama, who spoke on the provisions of the new law, said the regulator was collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.

“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment.

“We are therefore using this medium to warn such persons to desist from promoting unregistered entities,” Mr Agama stated.

He added that following the collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians over billions, the SEC has intensified its crackdown on Ponzi operators.

“We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.

Business Post reports that celebrities and influencers are often major promoters of these schemes and in the past many of them have put Nigerians at losses. One such prominent case was Racksterli, founded by Mr Michael Chidiebere Oti known as Black Gold and was promoted by top Nigerian musicians and actors which promised high return of up to 40 -50 per cent monthly.

However, the platform collapsed in 2021, leaving many investors without their capital or promised returns.

At that time, affected individuals called for the arrest of these celebrities for their roles in endorsing the Ponzi scheme.