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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further dropped 0.35 per cent on Tuesday, March 17, with the market capitalisation down by N8.80 billion to N2.471 trillion from the preceding day’s N2.480 trillion, and the NASD Unlisted Security Index (NSI) dipping by 14.71 points to 4,130.89 points from 4,145.60 points.
The loss recorded during the session was influenced by three securities, which overpowered the gains recorded by four stocks.
Okitipupa Plc lost N15.00 to sell at N215.00 per unit compared with the previous day’s N230.00 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by N1.23 to trade at N122.32 per share versus Monday’s closing price of N123.55 per share, and Afriland Plc declined by 90 Kobo to quote at N17.05 per unit versus N17.95 per unit.
On the flip side, Central Securities Clearing System (CSCS) gained 36 Kobo to close at N75.43 per share versus the preceding session’s N75.07 per share, Geo-Fluids Plc added 6 Kobo to trade at N3.11 per unit compared with the previous day’s N3.05 per unit, Lighthouse Financial Service Plc improved by 5 Kobo to 60 Kobo per share from 55 Kobo per share, and Industrial and General Insurance (IGI) Plc rose by 1 Kobo to 55 Kobo per unit from 54 Kobo per unit.
Yesterday, the volume of securities surged by 97.5 per cent to 921,265 units from 265,610 units, the value of securities advanced by 64.6 per cent to N54.7 million from N33.2 million, and the number of deals went up by 46.2 per cent to 38 deals from 26 deals.
The most active stock by value (year-to-date) was CSCS Plc with 38.7 million units worth N2.4 billion, trailed by Okitipupa Plc with 6.4 million units valued at N1.2 billion, and FrieslandCampina Wamco Nigeria Plc traded 6.8 million units for N649.1 million.
The most traded stock by volume (year-to-date) was Resourcery Plc with 1.1 billion units sold for N415.6 million, followed by Geo-Fluids Plc with 130.9 million units exchanged for N505.1 million, and CSCS Plc with 38.6 million units worth N2.4 billion.
By Dipo Olowookere
A 0.54 per cent surge was witnessed by the Nigerian Exchange (NGX) Limited on Tuesday as a result of strong investor demand and broad-based gains in the banking and industrial goods sectors.
According to data from the bourse, the industrial goods space expanded by 4.44 per cent, and the banking index chalked up 4.30 per cent, offsetting the losses recorded by the three other indices due to profit-taking.
Business Post reports that the consumer goods sector depreciated by 1.30 per cent, the insurance counter shrank by 0.41 per cent, and the energy landscape lost 0.13 per cent.
At the close of business, the market capitalisation soared by N696 billion to N130.026 trillion from N129.330 trillion, and the All-Share Index (ASI) surged by 1,084.52 points to 202,559.41 points from 201,474.89 points.
BUA Cement ended the day as the best-performing equity after it jumped 10.00 per cent to N326.70, Premier Paints appreciated by 9.86 per cent to N23.40, Zenith Bank expanded by 7.91 per cent to N111.15, NAHCO moved up by 7.14 per cent to N175.60, and RT Briscoe grew by 6.67 per cent to N11.20.
Conversely, Presco was the worst-performing equity, with a decline of 10.00 per cent to quote at N1,875.60. Caverton dropped 8.70 per cent to N6.30, Secure Electronic Technology lost 7.69 per cent to trade at N1.20, Guinea Insurance shed 6.43 per cent to quote at N1.31, and International Breweries crashed by 6.35 per cent to N14.00.
During the session, 1.8 billion shares worth N88.1 billion exchanged hands in 62,654 deals compared with the 948.2 million shares valued at N49.2 billion traded in 72,735 deals a day earlier, implying a contraction in the number of deals by 13.72 per cent, and an expansion in the trading volume and value by 89.83 per cent and 79.07 per cent, respectively.
Dominating the activity chart was FCMB with a turnover of 516.2 million equities valued at N6.6 billion, Wema Bank transacted 213.4 million shares for N5.6 billion, Zenith Bank traded 163.1 million stocks worth N18.1 billion, Access Holdings sold 123.9 million equities valued at N3.2 billion, and GTCO exchanged 100.0 million shares worth N12.4 billion.
By Adedapo Adesanya
It was another outstanding performance for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 17, as it further appreciated against the US Dollar by N8.46 or 0.62 per cent to trade at N1,344.04/$1, in contrast to Monday’s closing rate of N1,357.77/$1.
It also gained N6.85 against the Euro in the official FX market during the session to sell at N1,551.46/€1 compared with the previous day’s N1,558.31/€1, but weakened against the Pound Sterling by N6.33 to close at N1,795.87/£1 versus Monday’s value of N1,789.54/£1.
At the GTBank forex counter, the Naira improved its value against the Dollar yesterday by N20 to settle at N1,365/$1 compared with the preceding session’s N1,385/$1, and in the black market, it remained unchanged at N1,395/$1.
With over $50 billion in foreign reserves, analysts assert that the outlook for the Naira is positive, powered by expectations of increased forex receipts from Nigeria’s hydrocarbon sales, as potential disruptions to global oil supply have increased volatility in energy markets.
The pressure that has piled on the local currency appeared to ease, buoyed by higher oil prices that have continued to bolster market sentiment.
Call for allies to help reopen the Strait of Hormuz was ignored, prompting traders to speculate that a continued closure is likely, which means oil prices will remain higher.
Meanwhile, the cryptocurrency market was in green ahead of a Federal Reserve meeting. There are no expectations that the US central bank will move rates at its Wednesday meeting, but Chairman Jerome Powell’s tone regarding the inflation outlook could prove a catalyst.
Analysts noted that a hawkish tone alongside hot February Producer Price Index (PPI) inflation data could weigh on equities and crypto, but Mr Powell’s signal that the Federal Reserve is treating rising oil prices as a temporary shock could extend the crypto rally.
Cardano (ADA) appreciated by 2.6 per cent to $0.2905, TRON (TRX) grew by 2.3 per cent to $0.3033, Ripple (XRP) jumped 1.2 per cent to $1.52, Ethereum (ETH) rose 0.9 per cent to $2,320.83, Dogecoin (DOGE) increased by 0.8 per cent to $0.1005, Solana (SOL) gained 0.6 per cent to sell at $94.11, and Bitcoin (BTC) went up by 0.3 per cent to $74,073.07.
However, Binance Coin (BNB) lost 0.3 per cent to close at $672.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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