SEC has come up with a new rule that dividend would be returned to the company to start up a new business outside its original business after one year of release without claim from shareholders. In continuation from last week’s edition, shareholders disapprove of such rule. They further argued that registrars also constitute a major […]
The National Insurance Commission (NAICOM) has warned the Chief Executive Officers (CEOs) of insurance firms to desist from paying overriding commission to brokers or face the wrath of the law. Overriding commission is an extra commission paid by insurance firms to brokers against what the law prescribes to gain undue advantage over competitors. Continue Reading
Over 80 per cent of Nigeria’s crude stolen in Niger Delta region is exported to refineries in Europe , Asia and America , while the remaining 20 per cent is refined locally under the aegis of illegal refineries now destroyed by security agents , the Governor of Delta State, Dr Emmanuel Uduaghan has said. read […]
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who represented President Goodluck Jonathan at the forum called for a halt in illicit funds transfer from Africa. – According to a recent report of the African Union and the UN Commission for Africa, the continent is losing more than $50bn every […]
It is usually surprising when one reads through the excessive Newspaper adverts to congratulate political officers, their family members or other politically exposed persons on their birthdays. They are usually hailed for being the chairman/founder of a number of companies, many of which were hitherto unheard of or have no verifiable history even in high-profile […]
Hope on the oil sector transparency in Nigeria has heightened as the United Kingdom (UK)’s application to join a voluntary global initiative aimed at fighting corruption in the oil, gas and mining sectors has been approved. With the approval, the UK has joined the United States (US) and 40 other nations that are part of […]
There was a mild drama yesterday at the on-going trial of two oil marketers and their companies over their alleged roles in a N1.1billion Subsidy Fraud as the Economic Financial Crimes Commission (EFCC) declared one of its witnesses, Okechukwu Okpor, hostile. The drama started when Okpor, who was called by the EFCC in support of […]
Indigenous integrated oil and gas company Oando Plc has described as false and misleading a recent advertorial that it has given donations to political parties through the use of two private jets, a Bombardier Challenger with Reg Number ZS BOT and a Hawker 4000 with Reg Number ZS JAT. Read more
KPMG professional Services has called on stakeholders and audit committee members of public companies to form a coalition against the Financial Reporting Council’s, FRC, proposed unification of corporate governance code, and make sure it does not come into effect pending the amendment of some guidelines that violate efficiency in the capital market. – Read more
The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the Nigerian National Petroleum Corporation [NNPC] has indicted the management of the national oil company for various questionable transactions. Continue Reading
Increased uncertainties about the political and economic situation in the country following the postponement of the general elections and continued decline in the value of the naira cost investors in the stock market N801bn last week. The losses accrued after the equities segment of the Nigerian Stock Exchange closed on a negative not in all […]
Transparency International, TI, has advocated a crackdown on money launderers and the banks that aid them in the illicit funds transfers across the globe. A statement by TI yesterday challenged national authorities and their security agencies to halt money laundering which deny citizens the much-needed resources for national development. Continue Reading
Banks have been urged to see anti-money laundering (AML/CFT) compliance as obligatory because of the need to insulate banks and other financial institutions against criminal activities. Managing Director of DataPro Limited, Mr. Abimbola Adeseyoju, who said this at the January meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCoBIN) sponsored by […]
In a bid to ensure that companies operating in Nigeria’s capital market perform well, the Securities and Exchange Commission, (SEC) is to launch its corporate governance scorecard. This was disclosed by the ag. director-general of the SEC, Mounir Gwarzo, when he received members of the Institute of Directors Centre for Corporate Governance in Abuja, yesterday. […]
WASHINGTON (AP) — Standard & Poor’s Ratings Services warned Tuesday that it might downgrade Nigeria’s credit rating, citing tumbling oil prices and political unrest. The rating agency said there’s at least a 50 percent chance it will reduce Nigeria’s long-term credit rating – already a speculative BB-. Continue Reading
The Lagos Chamber of Commerce and Industry has expressed concern about the negative impact of the elections postponement on businesses and investors’ confidence. The LCCI, in a statement on Sunday, said investors needed to have an idea of the direction of the country’s political and economic governance in order to manage policy and political risks […]
Shareholders and stockbrokers have expressed different views over the Securities and Exchange Commission (SEC) directive to registrars of public companies that approved dividends be returned after 12 months to the paying companies. Some shareholders that spoke with LEADERSHIP expressed dissatisfaction over the proposed rules, arguing that the Companies and Allied Matters (CAMA) should be amended […]
Nigeria has lost about 2.5 million barrels of crude oil and condensate within the last six weeks due to pipeline vandalism, the Nigerian National Petroleum Corporation (NNPC) has said. Group Executive Director Gas and Power of the Corporation (GED G&P), Dr. David Ige, said the corporation lost between 50,000 and 60,000 barrels of crude oil […]
The newly appointed acting Director General, Securities and Exchange Commission, SEC, Munir Gwarzo, has come under fire for his alleged approval of the N30 billion bond for Gombe State government. A political pressure group, Gombe Good Governance Group, otherwise called G4, has petitioned President Goodluck Jonathan, to demand Mr. Gwarzo’s immediate removal for allegedly approving […]