Economy
Stockbroker in Court Over Missing GTCO Shares of Ex-Union Bank Chairman
By Aduragbemi Omiyale
Mr Chiedu Ijiomah and his brokerage firm, Adonai Stockbrokers Limited, have been dragged before Justice C.C. Ani of the Enugu State High Court for allegations bordering on fraud.
The suspects were specifically arraigned in court on Tuesday, February 1, 2022, by the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on stealing, breach of trust and fraudulent diversion of shares to the tune of N1.5 billion.
According to the EFCC, the duo allegedly stole and fraudulently converted to personal use the sum of N1.4 billion from account number 45927884/C695275KL, being the property of one Kalu Uke Kalu and thereby committed an offence contrary to section 342,353 (h)(i)(ii)(iii) and (i) of the Revised Criminal Code Law (CAP.30) of the Enugu State of Nigeria, 2004.
The anti-money laundering agency informed the court that the alleged offence was committed between December 4, 2005, and March 14, 2016.
Trouble started for the Enugu-based stockbroker when Mr Kalu, a former Chairman of Union Bank of Nigeria Plc, petitioned the EFCC in 2017 that the suspect failed to remit to him dividends of his 46,139,663 units of his GTCO (formerly GTBank) shares from 2005 to 2016.
It was claimed that more than 46 million units of the bank’s stocks belonging to the banker were missing and this made him lose about N1.5 billion and Mr Ijiomah could not explain what actually happened.
This prompted the EFCC to wade into action and on Tuesday, after the conclusion of its investigation, arraigned the suspect in court.
“That you, Chiedu Ijiomah and Adonai Stockbrokers Limited between 4th December 2005 and 14th March 2016 in Enugu within the jurisdiction of this court did commit a felony to wit: stealing by fraudulently converting to your personal use the total number of N1,408,369,859.00 from account number 45927884/C695275KL, being the property of one Kalu Uke Kalu and thereby committed an offence contrary to section 342,353 (h)(i)(ii)(iii) and (i) of the Revised Criminal Code Law (CAP.30) of the Enugu State of Nigeria, 2004,” one of the charges read.
But the charges were read to the accused person, he pleaded not guilty and the prosecuting counsel, Mr Michael Ani, consequently asked the court for a date to commence trial, though the defence counsel asked for bail for his client.
This bail application was granted by Justice Ani in the sum of N20 million with two sureties in like sum, one of whom must be a civil servant on Grade Level 16 or above, while the other surety must be a businessman with landed properties in Enugu.
The judge also held that the defendant must deposit his international passport with the court, while the case was adjourned till March 22, 23 and 24, 2022.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
