Economy
SEC: Gwarzo Paid 44 Persons N1.7b for Golden Handshake—Panel
By Modupe Gbadeyanka
More revelations are being made on some alleged illegality carried out by the suspended Director General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.
Mr Gwarzo got into trouble after he was accused of paying himself the sum of N104.8 million as severance package while still under the employment of the commission.
Though claimed he was punished by the Minister of Finance, Mrs Kemi Adeosun, for failing to stop a forensic audit of Oando Plc, which was suspended from trading on the floor of the Nigerian Stock Exchange (NSE) by SEC, the Minister rubbished it, saying that was never the case.
A panel set up by the Minister to look into allegations against Mr Gwarzo recommended his dismissal.
More details of the panel’s investigations have revealed that the suspended capital market regulatory chief allegedly paid the sum of N1.7 billion to 44 workers of the commission under a scheme called ‘2015 Golden Handshake.’
Under the programme, employees of SEC willing to the services of the commission were given the opportunity to do so with a payment made.
“In 2015, he singlehandedly, without a budgetary provision, paid N1.7 billion to a set of staff under a golden handshake arrangement. By law, the DG of SEC is required to seek the approval of the Minister of Finance, even if there is a board in place.
“They should have sought the approval of the minister, who in turn would present it to the President and the request sent to the National Assembly.
“But the suspended SEC DG went outside budget provision to effect the payment,” said a source, who backed his claim with documents, informed New Telegraph.
Another source said the Administrative Panel, headed by Dr Mahmoud Isa-Dutse, the Permanent Secretary of the Finance Ministry that investigated Mr Gwarzo after his temporary suspension, unearthed payments in millions of Naira paid to firms linked to him.
One of the firms, Outbound Investments Limited, has Mr Gwarzo as Director on its board with 200,000 ordinary shares. Several payments amounting to millions of naira were paid by SEC to the firm’s bank account.
For instance, SEC, on February 21, 2017 paid the sum of N2,241,360 to Outbound Investments for supply of diesel. It had previously, on October 10, 2016 and July 27, 2016 paid the firm N1.9 million and N2.2 million respectively for supplies. Series of payments made to the company by SEC as evidenced in the invoice sighted by this medium are as follow; June 6, 2016, N 2,178,000 for supply of 11,000 litres of diesel; May 17, 2016, N2,178,000 paid for 11,000 litres of diesel; N2,464,400 paid on April 5, 2017 for 8,000 litres of diesel that was discharged on March 29, 2017. Contrary to claim by Mr Gwarzo that he had resigned his membership from the board of Outbound Investment and Medusa Investments Limited, a copy of resolution reached by the board of Medusa Investment, dated August 15, 2016 showed Mr Mounir Gwarzo as Managing Director and Khaijah Mustapha, another Director signed copy of board resolution respectively. A copy of Medusa Investments resolution addressed to its bank, directed it to issue a new corporate naira MasterCards on the company’s account to Gwarzo and Khadijat, the firm’s two directors.
The source said: “Gwarzo’s personal interest in the identified companies is a clear contravention of the regulation, which explicitly prohibits public officers from being in situations that bring their personal interest into conflict with their public duties.
“Also, the use of the companies as suppliers to the commission, said government sources, amounted to earning wealth illegally and contravenes the EFCC Act, as well as the Code of Conduct for Public Officers.”
Mr Gwarzo was placed on temporary suspension last November on the orders of the Minister of Finance, Mrs Kemi Adeosun, to allow unhindered investigation into allegations of financial misconduct.
An administrative panel, headed by permanent secretary of the ministry, interrogated and submitted its report. One of the recommendations by the panel to the Federal Government was outright dismissal of the embattled director-general from the public service of the Federal Government.
It also recommended that the suspended DG be referred to the Independent Corrupt Practices and other related offences Commission (ICPC) for further investigation over award of contracts to his company. The panel, in the report, which has been submitted to Mrs Adeosun, directed Mr Gwarzo to refund the sum of N104,851,154.94, being the severance package he approved and received for himself.
Mrs Adeosun and Mr Gwarzo appeared on Tuesday before the House of Representatives’ Committee on Capital Market this week.
The minister defended her decision to suspend Mr Gwarzo, stating that she did not have to wait for the anti-graft agencies to handcuff him before suspending him from office over allegations of financial misconduct.
She equally disclosed that the report of the administrative panel of inquiry was ready for submission to President Muhammadu Buhari.
In his submission before the committee, Mr Gwarzo said his suspension last November coincided with his refusal to stop the forensic audit of Oando Plc, a Nigerian energy firm, after Mrs Adeosun had pressurised him to do so.
Mr Gwarzo, in his capacity as the DG of SEC, had ordered the Nigerian Stock Exchange (NSE) to place the shares of Oando on technical suspension, following allegations of capital market infractions against the energy company. He said he acted on the petitions by two shareholders of Oando – Mr Dahiru Mangal and Ansbury Investment Inc. – who had accused the executive management of Oando of financial mismanagement and had sought for their ouster. Based on SEC’s subsequent investigation into the allegations by the company’s shareholders, Mr Gwarzo, as DG, had listed various infractions committed by Oando and ordered that a forensic audit be undertaken of the company to reaffirm the commission’s findings.
The Covid-19 pandemic brought a different work mode globally that promised freedom: remote work. This new work approach brought along technological innovations that aided the conveniences that accompanied it: the ability to work from anywhere, collaborate across time zones, and build a career without borders. But the one problem nobody warned us about was that getting paid and using that money shouldn’t require a finance degree.
Remote workers in Nigeria sought various avenues to navigate international payments, and one of the solutions that was provided was OneDosh, which has now become the bridge between earning globally and spending locally. Built by global fintech leaders, OneDosh developed solutions to solve these problems.
We will be focusing on how real people are using the platform to simplify their financial lives in this article.
The Payment Waiting Game Nobody Talks About – Chioma’s Story
Chioma works as a social media manager for two U.S. companies and a UK-based startup. Her biggest frustration isn’t the work itself or managing clients across time zones. It’s the anxiety that comes every payment cycle when she wonders if her domiciliary account will receive the wire transfer, or if this will be the month her bank flags the transaction for “verification” that takes weeks to resolve.
She’s had months where a $2,000 payment got stuck in banking limbo for three weeks while her landlord sent messages about rent. The experience taught her that having multiple international clients doesn’t guarantee financial stability when you can’t reliably access your earnings.
OneDosh changed her approach entirely. Now when clients pay her in stablecoins, the money arrives within minutes and she can decide immediately what to do with it, whether to convert to naira for immediate expenses, keep in USD for savings, or split between both. The control matters more than the speed, though the speed helps when bills are due.
When Your Card Works Until It Doesn’t – Tunde’s Story
Tunde learned the hard way that Nigerian debit cards have spending limits that make international subscriptions a constant negotiation. His Adobe Creative Cloud subscription failed three months in a row despite having money in his account. Customer support would apologize, he’d try a different card, and the cycle would repeat until he eventually had to ask a friend abroad to pay for it while he reimbursed them.
The OneDosh visa card solved this specific problem, but more importantly, it eliminated the unpredictability. He uses it for all his international subscriptions now like software tools, cloud storage, freelancing platform fees, without wondering if this will be the month his bank decides the transaction looks suspicious. The card works consistently, which sounds basic until you’ve experienced the alternative.
Naira Volatility and the Dollar Earning Advantage – Blessing’s Experience
For remote workers earning in dollars, the mathematics of currency conversion has become a monthly calculation that affects every financial decision. Blessing, a freelance writer, watches exchange rates the way other people check weather forecasts. A project that pays $500 means something very different in naira depending on when and how she converts it.
Her previous system involved converting everything to naira immediately at the offered rate, rather than exploring other options but felt safer than alternatives she didn’t fully understand. With OneDosh, she keeps her dollar earnings in the Onedosh wallet until she needs them; converting smaller amounts as needed rather than converting everything at once. This helps her manage timing and stay mindful of exchange rates and fees.
The Family Support Reality – Emeka the Tech Bro
Remote work success in Nigeria often means becoming the family member others turn to when emergencies arise. Emeka earns well working for a Canadian tech company, which means he’s frequently sending money to siblings for school fees, parents for medical bills, or extended family for various urgent needs.
Sending support shouldn’t feel complicated or time-consuming. With OneDosh, he can transfer funds seamlessly from wherever he is, with a simple and straightforward process. This flexibility is especially valuable when someone needs access to funds at a critical moment, allowing him to respond quickly and confidently.
“Although he believes this hasn’t made him richer, it certainly has made helping family significantly less stressful and time-consuming, which matters when you’re trying to balance work deadlines with family obligations.”
The Nigerian remote worker experience involves navigating payment systems that weren’t built for how we work now. Blocked transactions, unclear fees, conversion rate losses, spending limits etc are barriers that make earning internationally harder than it needs to be.
OneDosh doesn’t eliminate every challenge remote workers face, but it addresses several major ones directly. The platform works with the reality of Nigerian remote workers rather than pretending those realities don’t exist.
If you’re managing international payments, download the OneDosh app, It is designed to help you handle things more smoothly.
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.
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