Economy
Group Calls for Audit of SEC Finances Under Gwarzo
** Accuses FG, Anti-Graft Agencies of Stalling Probe
By Modupe Gbadeyanka
An alarm has been raised by a human right, good governance and non-government organization known as Campaign Against Impunity in Nigeria over alleged attempts to surreptitiously close investigations against the suspended Director General of Securities and Exchange Commission (SEC), Mr Mournir Haliru Gwarzo.
Speaking on Thursday in Lagos at a media briefing, the group said it found it curious that weeks after its sister organisation sent a formal petition to President Muhammadu Buhari, the leadership of the National Assembly and the anti-corruption agencies, not a single arrest has been made so far.
The group also urged the Minister of Finance, Mrs Kemi Adeosun, to order a thorough audit of the finances of the commission.
Recall that the Centre for Anti-Corruption and Open Leadership (CACOL) had petitioned the President, National Assembly and security agencies, accusing the embattled SEC boss of paying himself N104.8 million as severance package.
While addressing newsmen yesterday at the Rights House, CDHR Secretariat, Ikeja, Lagos, popular human rights activist and leader of the Campaign Against Impunity in Nigeria team, Comrade Shina Loremikan, noted that his group had followed with keen interest issues revolving around allegations of gross abuse of office and official recklessness levelled against Mr Gwarzo.
Comrade Loremikan said, “We find it disturbing that apart from the initial invitation and questioning of Mr Mounir Gwarzo for just a few hours by the Independent Corrupt Practices Commission (ICPC), nothing has been heard by the public on the status of the investigation.
“Indeed, we must ask, how come no arrest has been made by any of the anti-corruption agencies on this matter?”
According to Comrade Loremikan, It is in view of the lukewarm attitude of the government and the anti-corruption agencies to this issue that “we hereby urge the Economic and Financial Crimes Commission (EFCC) to quickly make public the outcome of its ongoing investigation into the activities of Mr Mournir Haliru Gwarzo’s as the Director General of the Securities and Exchange Commission.
“The EFCC is in possession of all supporting documents on the allegations which are also at our disposal. Why is it taking the anti-corruption agencies this long to determine the ownership of the following companies?”
On January 2, 2013, Mr Gwarzo was appointed an Executive Commissioner in SEC for a four-year tenure by the then administration of President Goodluck Jonathan.
Before the end of his four-year term, Mr Gwarzo was promoted by same government as the Director General of the commission on May 22, 2015.
Mr Gwarzo allegedly ordered the payment of a severance package of the sum N104,851,154.94 to himself.
Mr Loremikan said the standing rule in the civil service provides that severance benefits 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 was promoted within the commission as is in the case of Mr Gwarzo.
The Comrade, at the briefing, asked Mr Gwarzo to tell the anti-corruption agencies if he paid himself a severance package or not? If he awarded contracts to his own companies and others with links to himself his wife and some of his cronies using the privilege of his office or not?
He further asked it Mr Gwarzo can deny the veracity of the incorporation records with the Corporate Affairs Commission (CAC) that the companies said to belong to him and his cronies indeed belong to them?
“Why is it taking the anti-corruption agencies this long to determine the ownership of the following companies?” he queried also.
Comrade Loremikan said Campaign Against Impunity in Nigeria and Nigerians also want to know if Mr Gwarzo, his wife and some directors of SEC are owners of the following companies: (1.) Outbound Investment Ltd, RC NO. 807317 (2.) Medusa Investments Limited, RC NO. 326829 (3.) Northwind Environmental Services. REG NO BN2389176 (4.) Micro-Technologies LTD RC NO. 173805 (5.) Tida International Ltd RC NO. 26414 (6.) Outlook Communications (7.) Acromac Nig. Ltd RC NO. 10687864 (8.) Balfort International Investment Ltd RC NO. 109153 (9.) Interactiven Worldwide Nigeria Ltd RC NO. 779442.
Recall further that a Senior Advocate of Nigeria (SAN) and leading human rights activist, Mr Festus Keyamo, had earlier warned against recent attempts to sweep the Mr Gwarzo investigation under the carpet by powerful individuals.
Mr Loremikan said at the conference on Thursday that Nigerians want the probe to ascertain whether or not Mr Gwarzo paid himself severance benefits of N104.8 million after his elevation to from Executive Commissioner to DG despite not having completed his tenure on his previous position.
Concluding, Comrade Loremikan said, “Considering the likelihood that a lot more acts of impunity may have been committed unchecked under the arrangement in which Mr Gwarzo functioned as the DG of SEC without checks from a Board, the Campaign Against Impunity in Nigeria calls on the Finance Minister, Mrs Kemi Adeosun to order a thorough audit of the finances of the commission.
“We also urge the Minister to stand firm and not buckle under any pressure by the campaign of impunity being sponsored by Mr Gwarzo against her person.
“The entire process smells of an attempt to cover impunity with blackmail. We therefore demand that Mrs Kemi Adeosun should make public the report of the Administrative Panel put in place to investigate the allegations against Mr Gwarzo.
“She should also direct her office to forward the report to the Economic and Financial Crimes Commission and the Independent Corrupt Practices Commission (ICPC),” Mr Loremikan told journalists.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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