4YEARS AFTER, GOVT INAUGURATES SEC BOARD

Acting Director-General, SEC, Ms Mary Uduk After four years of abeyance, the Federal Government yesterday inaugurated the board of the Securities and Exchange Commission (SEC).At the occasion in Abuja, the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, who is also overseeing the office of the Minister of Finance, urged listed firms to imbibe good corporate governance and accountability in a bid to accelerate the growth of the capital market and increase both domestic and foreign investor participation. He stated that the inauguration was coming at a time many players…

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WHY EX-SEC BOSS GWARZO CANNOT CELEBRATE COURT VICTORY NOW

Barely a week after federal capital territory (FCT) court discharged him of fraud charges, MARK ITSIBOR writes that fresh indications suggestted that the ordeal of suspended Securities and Exchange Commission (SEC) director-general, Mounir Gwarzo may be far from over yet. When the former director-general of the Securities and Exchange Commission (SEC), Mounir Gwarzo was discharged and acquitted by a Federal Capital Territory High Court of the charges of fraud filed against him on Tuesday last week, he did not roll out the drums to celebrate what many saw as a milestone victory…

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PANEL RECOMMENDS GWARZO’S DISMISSAL FROM SEC

Dr Mounir Gwarzo The panel set up to probe the suspended Director General of Securities and Exchange Commission (SEC), Mounir Gwarzo has recommended his dismissal on grounds that he awarded contracts worth N33 million to his company. The administrative panel of inquiry into allegations of violations of public service rules, financial regulations and other extant rules and regulations, which was set up by the Ministry of Finance, also said Gwarzo admitted to the allegations. The panel had been directed to investigate claims that Gwarzo was a director in Medusa Limited…

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GWARZO, EX-SEC DG DISCHARGED OF 115MIL FRAUD CHARGES

Justice Hussein Baba Yusuf on Tuesday discharged the suspended Director-General of the Securities and Exchange Commission (SEC), Dr Mounir Gwarzo, on charges of N115 fraud. Independent Corrupt Practices and Other Related Offences Commission (ICPC) charged Gwarzo with an Executive Commissioner in the commission, Zakawanu Garuba, with five counts of alleged misappropriation to the tune of about N115 million and conferment of corrupt advantage on a public officer . The commission accused Gwarzo of committing fraud to the tune of about N115 million in June, 2015, when he was SEC Director-General.…

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CAPITAL MARKET FRAUD: OGIEMWONYI BANNED FOR LIFE

Stanley Opara The apex regulator of the Nigerian capital market, the Securities and Exchange Commission, has barred the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi, for life from holding directorship positions in any public company in the country following his alleged unprofessional conduct in the capital market. SEC has also withdrawn the operating licences of Partnership Investment Company Plc and Partnership Securities Limited. The Chairman of the companies, Mr. Henry Omoragbon, was also suspended for a period of five years from engaging in…

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