Economy
Suspended SEC DG: Keyamo Demands Release of Probe Report
By Dipo Olowookere
Lagos-based lawyer, Festus Keyamo (SAN), has requested that the report of the investigation panel set up to probe the suspended Director General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, be made public.
In a letter dated January 24, 2018, and addressed to the Administrative Panel of Inquiry, Minister of Finance, Acting Chairman of the Economic and Financial Crimes Commission, and Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Mr Keyamo demanded that the probe report be made public.
Failure to do so, noted the Senior Advocate of Nigeria in the letter titled ‘Re: The Investigation of the Suspended Director-General of the Securities and Exchange Commission: A Request for the Investigation Report to be made public’, will reinforce the perception that the anti-corruption crusade has been bedevilled by politics and ethnicity.
Minister of Finance, Mrs Kemi Adeosun, had on November 29, 2017, suspended Gwarzo over allegations of financial impropriety levelled against him.
An Administrative Panel of Inquiry to investigate and determine the director-general’s culpability was set up the same day his suspension was announced.
But almost two months after the ex-SEC DG was suspended alongside two management staff members of the commission, Abdulsalam Naif (Head of Media) and Anastasia Braimoh (Head of Legal Department), nothing has been heard about the probe panel or its report.
in the letter on Wednesday, Mr Keyamo said, “It is disheartening that several weeks after the Administrative Panel of Inquiry was established, Nigerians who have been patiently expectant, are yet to be informed of the Report of the Investigation or indeed the progress of the said Inquiry.
“I had expected that the investigation will be swift and thorough as the issues raised touch on the twin evils of corruption and impunity. Despite the inordinate delay, I am still confident that the investigations have not been compromised.
“I am by this letter kindly requesting that the Investigation Report be made public irrespective of whose ox is gored as this would help correct the perception that the anti-corruption crusade has been bedevilled by politics and ethnicity.
“Nigerians deserve to know the truth and the falsehoods in the allegations and counter-allegations that have characterized the investigations into the activities of the DG of SEC and Oando Plc.”
In an earlier letter written to the Investigation Panel on December 5, 2017, the senior lawyer had asked the panel to ascertain if the: “Suspended DG of SEC pay to himself the sum of N104,851,154.94 as ‘severance benefits’ for his elevation from Executive Commissioner of SEC to DG of SEC despite not having completed his tenure as Executive Commissioner in contravention of Section 1 of the Code of Conduct for Public Officers set out in the Constitution of the Federal Republic of Nigeria and Section 19 of the Corrupt Practices and Other Related Offences Act?
“Did the suspended DG of SEC award contracts to companies like Outbound Investment Limited, Northwind Environmental Services and Micro-Technologies Nigeria Limited in which he and his cronies are both directors and shareholders in contravention of Section 1 of the Code of Conduct for Public Officers set out in the 5th Schedule of the Constitution of the Federal Republic of Nigeria ,Section 101 of the Criminal Code Act Cap C38 Laws of the Federation and Section 19 of the Corrupt Practices and Other Related Offences Act?
“Did the suspended DG of SEC divert for his personal use the vehicles belonging to the Securities and Exchange Commission despite receiving the sum of N84,388,886.00 as monetized car grant/allowance for four cars in contravention of Section 1 of the Code of Conduct for Public Officers set out in the Constitution of the Federal Republic of Nigeria and Section 19 of the Corrupt Practices and Other Related Offences Act?” Keyamo asked.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
