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 Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
By Adedapo Adesanya
The Naira rallied at the different segments of the foreign exchange (FX) market on Wednesday as supply continues to outweigh demand, giving it an edge against the United States Dollar.
In the parallel market, the Nigerian Naira improved its value on the greenback yesterday by N5 to quote at N1,450/$1 compared with the previous day’s N1,455/$1, and at the GTBank FX desk, it gained N3 to trade at N1,383/$1, in contrast to Tuesday’s exchange rate of N1,386/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is also the official market, the Naira firmed up against the Dollar at midweek by N14.63 or 1.1 per cent to settle at N1,358.28/$1 versus the preceding session’s N1,372.91/$1.
Against the Pound Sterling, the domestic currency appreciated on Wednesday by N14.16 to N1,863.43/£1 from the previous day’s N1,877.59/£1, and gained N13.73 on the Euro to end at N1,606.03/€1 versus the N1,619.76/€1 it was exchanged a day earlier.
The strengthening of the Naira value has been driven by the injection of forex into the financial markets by foreign investors seeking attractive investments in the emerging markets, helping to boost Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the local currency.
As of February 4, 2026, the reserves reached $46.59 billion.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week, strengthening the case of price discovery.
Policy moves by the CBN is also offering a backbone for the FX market as it considers some strategic reforms through a policy known as the Single Regulatory Window.
In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.
Meanwhile, the cryptocurrency market was in red amid a broad sell-off in global technology stocks, with reports showing that liquidity was notably thin, amplifying price moves and contributing to forced liquidations. The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.
Bitcoin (BTC) lost 7.9 per cent to sell at $70,534.94, Ripple (XRP) declined by 11.2 per cent to $1.42, Binance Coin (BNB) slumped by 9.4 per cent to $689.70, Ethereum (ETH) crashed by 8.9 per cent to $2,072.46, and Solana (SOL) dipped by 8.7 per cent to $89.86.
In addition, Dogecoin (DOGE) depreciated by 6.9 per cent to $0.1008, Cardano (ADA) slipped by 6.8 per cent to $0.2792, Litecoin (LTC) dropped 5.1 per cent to trade at $57.56, and US Dollar Tether (USDT) went down by 0.1 per cent to $0.9980, while the US Dollar Coin (USDC) closed flat at $1.00.
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