Economy
Union Kicks Against Plan to Recall Suspended SEC Boss
By Dipo Olowookere
Members of Association of Senior Civil Servants of Nigeria (ASCSN) have expressed dissatisfaction with alleged plan to recall the suspended Director General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo.
Mr Gwarzo was suspended late last year by Minister of Finance, Mrs Kemi Adeosun, over allegations of abuse of office.
The suspended SEC chief was accused of paying himself about N104.9 million as severance package while still under the employment of the apex capital market regulatory body. He was further accused of awarding SEC contracts to companies linked to him, his relatives and allies.
A panel was set up by Federal Government to look into the matter and Mr Gwarzo was suspended from office to allow an unhindered investigation.
But Mr Gwarzo cried foul, claiming he was suspended because he refused to stop a forensic audit of Oando Plc, a firm listed on the Nigerian Stock Exchange (NSE) alleged of gross misconduct.
Reacting to an alleged plan to reinstate Mr Gwarzo, Secretary of ASCSN in Abuja, Comrade Isaac Ojemhenke, said in a statement that recalling Mr Gwarzo could dent the image of President Muhammadu Buhari, who is fighting corruption in the country.
Mr Ojemhenke said government should not think this would go the way of the reinstated Executive Secretary of the National Health Insurance Scheme (NHIS), Prof. Usman Yusuf.
He appealed to the President not to bow to pressure from members of his inner cabinet, who allegedly want the suspended SEC boss to reclaim his position.
“But what the cabal does not seem to understand is that the impression being created in the minds of millions of Nigerians with the policy of recalling chief executives and other top government officials enmeshed in financial malpractices is that the war against corruption is a ruse.
“It is necessary to recall that Mr Gwarzo was suspended after a properly-constituted Administrative Panel set up by the Finance Minister, Mrs Kemi Adeosun, found him culpable of financial improprieties,” he said.
The ASCSN scribe said apart from the fact that the SEC DG approved and paid himself a humongous N105 million as severance benefit while still serving as SEC DG, Mr Gwarzo was also involved in other financial scams, such as compelling the Commission to award contracts to companies he served as director.
ASCSN added that this action was a gross violation of Public Service Rules, Financial Regulations and other extant government guidelines dealing with conducts of public officers.
“By planning to reinstate the SEC DG, the government is creating the impression that Mr Gwarzo is indispensable, yet, the Commission had continued to function during his absence.
“There are many qualified Nigerians that are capable of performing excellently in such exalted positions so, why should the government continue to reinstate individuals with character deficit into strategic offices,” the statement said.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has expressed concern over the renewed enforcement of a ban on the production and sale of alcoholic beverages in sachets and small PET bottles by the National Agency for Food and Drug Administration and Control (NAFDAC).
The group’s director general, Mr Wale-Smatt Oyerinde, warned that the action of the agency could have adverse economic and governance consequences.
NECA is the organisation expressing worry of this issue after the Manufacturers Association of Nigeria (MAN) raised concerns about it earlier this week.
Mr Oyerinde said the enforcement contradicts a directive from the Office of the Secretary to the Government of the Federation dated December 15, 2025, which suspended the ban, as well as a March 14, 2024 resolution of the House of Representatives calling for restraint and broader stakeholder engagement.
The NECA chief said the continued enforcement is already disrupting legitimate businesses, unsettling ongoing investments, and putting thousands of jobs at risk, while weakening confidence in Nigeria’s regulatory environment.
According to Mr Oyerinde, regulation should be based on evidence, proportionality and the rule of law. He noted that the affected products were tested, registered and periodically revalidated under NAFDAC’s regulatory procedures, with alcohol content clearly labelled in line with internationally recognised Alcohol by Volume standards.
He added that underage drinking is primarily an enforcement issue at the retail level rather than a packaging issue, and called for stricter licensing, monitoring, and sanctions for erring retailers rather than a blanket ban on certain product formats.
NECA boss also warned that sachet and small-pack formats reflect affordability realities for many adult consumers, and that eliminating them could push demand into informal, unregulated markets, increasing public health risks and shrinking the formal economy.
He further expressed concern that enforcement efforts are focused on a regulated segment of the beverage industry while more dangerous illicit narcotics and abused pharmaceuticals continue to circulate widely among young people.
On the economic impact, NECA said the wines and spirits value chain supports significant direct and indirect employment across manufacturing, packaging, distribution, transportation, retail and agriculture.
It cautioned that sudden regulatory actions could threaten livelihoods, reduce government revenue and undermine investor confidence.
Addressing environmental concerns, NECA said plastic waste issues should be tackled through improved waste management, recycling systems and extended producer responsibility frameworks, rather than selective product bans.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange lost 0.27 per cent on Thursday, January 29, weakening the Unlisted Security Index (NSI) by 9.79 points to 3,622.77 points from the previous session’s 3,632.56 points, as the market capitalisation recorded a N5.85 billion loss to end at N2.167 trillion compared with Wednesday’s closing value of N2.173 trillion.
Three securities were responsible for the downfall of the alternative stock market, with leaders being Okitipupa Plc, which shrank by N15.70 to end at N218.90 per unit versus the previous day’s N234.60 per unit. Afriland Properties Plc declined by 50 Kobo to close at N14.00 per share compared with the N14.50 per share it finished at midweek, and Food Concepts Plc dropped 9 Kobo to sell at N2.63 per unit versus N2.72 per unit.
Business Post reports that there were two price gainers yesterday led by Nipco Plc, which added N17.48 to its value to settle at N259.48 per share versus N242.00 per share, and Central Securities Clearing System (CSCS) Plc appreciated by 35 Kobo to N40.50 per unit from N40.15 per unit.
During the trading session, the volume of securities went down by 57.3 per cent to 1.9 million units from 4.7 million units, the value of securities decreased by 74.4 per cent to N13.4 million from N52.4 million, and the number of deals slipped by 50 per cent to 16 deals from 32 deals.
When the market closed for the day, CSCS Plc was still the most active stock by value on a year-to-date basis with 15.3 million units traded for N622.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units exchanged for N108.4 million, and Geo-Fluids Plc with 8.9 million units worth N60.4 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 15.3 million units valued at N622.9 million, followed by Mass Telecom Innovation Plc with 10.1 million units sold for N4.1 million, and Geo-Fluids Plc with 8.9 million units transacted for N60.4 million.
By Dipo Olowookere
The gains recorded by RT Briscoe and 40 other equities lifted the Nigerian Exchange (NGX) Limited by 0.22 per cent on Thursday after a day with the bears.
Rebound of the stock exchange was triggered by renewed bargain-hunting activities by the market participants, with RT Briscoe gaining 10.00 per cent to sell for N7.15.
SCOA Nigeria appreciated by 9.91 per cent to N31.60, Deap Capital also jumped by 9.91 per cent to N10.43, Veritas Kapital appreciated by 9.85 per cent to N2.23, and Zichis chalked up 9.80 per cent to trade at N3.81.
Conversely, Haldane McCall depreciated by 9.84 per cent to finish at N3.94, Union Dicon shed 9.79 per cent to close at N8.75, University Press shrank by 8.00 per cent to N5.75, Legend Internet crashed by 7.56 per cent to N5.50, and Austin Laz lost 7.50 per cent to quote at N3.70.
Data indicated that the bourse ended the session with 41 price gainers and 27 price losers, implying a positive market breadth index and strong investor sentiment.
Business Post reports that the industrial goods index was flat yesterday, but this was offset by the others, with the banking space up by 0.68 per cent, the insurance segment rose by 0.64 per cent, the consumer goods counter expanded by 0.46 per cent, and the energy sector grew by 0.10 per cent.
Consequently, the All-Share Index (ASI) went up by 362.93 points to 165,527.31 points from 165,164.38 points and the market capitalisation gained N232 billion to finish at N105.969 trillion versus the previous day’s N105.737 trillion.
The most traded stock for the day was Cutix with 144.6 million units worth N464.9 million, Veritas Kapital traded 56.6 million units for N124.3 million, GTCO sold 26.0 million units valued at N2.6 billion, Tantalizers exchanged 26.0 million units worth N110.0 million, and Japaul transacted 25.9 million units valued at N67.2 million.
When Customs Street closed for business, the activity chart showed the trading was up by 10.94 per cent to 691.4 million shares from 623.2 million shares, the trading value was down by 6.67 per cent to N15.4 billion from N16.5 billion and the number of deals shrank by 8.32 per cent to 38,665 deals from 42,172 deals.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn