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Tribunal orders SEC’s DG to implement decision against FINMAL

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* Or risk committal for contempt

Stephen Olufemi Oni, Ilorin

The Investment and Securities Tribunal has ordered the Director General of the Securities and Exchange Commission (SEC), Alhaji Lamido Yuguda, to implement the decision against FINMAL Finance & Services Limited to buy back shares and accrued bonus shares belonging to the Estate of Late Ambassador Abubakar Garba Gobir that were wrongly sold or risk being committed for contempt.

According to the notice of Consequence of Disobedience of Court Order (Form 48) which was filed at the registry of the Investment and Security Tribunal on the 2nd of November 2023, at our correspondent’s disposal, the DG of SEC may be committed to prison due to inaction of the Group Chairman of NGX.

It was gathered that the dispute leading to the committal proceedings has a long and chequered history.

Late Ambassador Abubakar Garba Gobir had shares in various companies before his demise on November 27, 1996. Upon his demise, a letter of Administration was granted over his Estate by the Probate Registry Division of the High Court of Kwara State on August 6, 1997.

Subsequently, one of the heirs was appointed by the Court to manage the Estate in the interest of other beneficiaries, but the Estate subsequently discovered that there had been some underhand dealings with the shares, prompting a petition to SEC.

The petition was investigated, and FINMAL Finance & Services Limited and Professional Stockbrokers Limited (her sub-broker) were found to have sold the shares belonging to the Estate on the instruction of some untraceable persons. The value of the shares sold and accrued dividends totalled N170,036,405.79.

According to the sources, despite the directive of SEC, the boss of FINMAL Finance & Services Limited who is now NGX Group Chairman, failed to buy back the shares and also failed to pay the dividends to the estate, prompting the Estate to do all within the confines of the law to ensure that justice is served and the Estate gets what rightly belongs to it.

According to the counsel for the Estate, Mr. Ahmed Tafa: “FINMAL Finance & Services Ltd was ordered by SEC to buy back the shares wrongly sold and pay the accrued dividend to the Estate of Late Ambassador Gobir vide the letter dated 9th February 2021 on or before March 15, 2021, a directive which FINMAL Finance & Services Ltd failed to comply with.

“However, FINMAL Finance & Services Ltd, in a letter dated 1st June 2021 and jointly authored by Alhaji Umaru Kwairanga and Mr. Adedapo Adekoje, offered to pay the Estate of Late Ambassador Gobir a sum of N90,000,000 in full and final settlement of the indebtedness which accrued from unauthorised sale of the shares belonging to the Estate; the offer which the Estate promptly rejected.

“Despite a letter of reminder dated 16th June 2021, FINMAL Finance & Services Ltd has refused to comply with SEC directives, leading the Estate to approach the Investment and Securities Tribunal to seek redress and hope for closure. The Tribunal, in its judgment dated 6th January 2023, directed SEC to enforce its decision against FINMAL Finance & Services LTD.

“The Estate met another brick wall because SEC has refused to comply with the judgment of the Tribunal. The Estate has now resorted to contempt proceedings against the D.G SEC to compel him to comply with the terms of the judgment by enforcing its decision dated 9th February 2021.

“The position of the Estate is buttressed by the process at our disposal which gave the DG SEC notice in the following terms: “TAKE NOTICE that unless you obey the directives contained in this order, you will be guilty of contempt of the court and will be liable to be committed to prison.”

All efforts to reach out to the Director General of the Securities and Exchange Commission (SEC), Alhaji Lamido Yuguda, to hear his side of the story were unsuccessful, as several attempts to contact him did not go through.

Our correspondent also gathered that the Managing Director of FINMAL Finance & Services Ltd is Alhaji Umaru Kwairanga, who is the current Group Chairman of the Nigerian Exchange Group Plc, while Mr. Adedapo Adekoje was at a time the President of the Chartered Institute of Stockbrokers. It is believed that their positions might be responsible for the reluctance of the Securities and Exchange Commission to carry out the order of the tribunal.

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Politics

Political Turmoil in Taraba: Allegations of Tribal and Religious Blackmail Rocks Likely Consensus Candidacy

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By Daniel Mtindiga, Jalingo

Mr. Hamidu Bakoji has leveled serious allegations against the likely consensus candidate for the Ardo-Kola, Karim-Lamido, and Lau Federal Constituency, accusing incumbent lawmaker Honorable Mohammad Audu Lauya of exploiting religious and tribal sentiments to manipulate State and party leadership despite alleged incompetence and poor human relations.

Bakoji claims Lauya lacked a solid structure before becoming a Member of the House of Representatives and failed to build one during his three-year stay in the NASS. He warns that re-nominating Lauya would be a mistake, potentially costing the APC the seat. He appointed out that some people close to the leadership are more comfortable with him as a light-weight politician to put off heavyweight like Sani.

The controversy deepens with Bakoji urging the governor to watch and analyze closely the voting patterns come 2027 general elections and observe the tribal and religious voting pattern, predicting the Wurkum-Muslim community may reject the governorship candidate if a Muslim candidate is on the ballot.

“This isn’t democracy,” Bakoji declared, criticizing the imposition of unpopular candidates. Further intrigue surrounds the alleged sidelining of former Acting Governor, Senator Sani Abubakar Danladi, rumored to be eyeing a Senate seat for Taraba North.

Bakoji claims the state and party leadership are using Lauya to block Danladi, a Wurkum Muslim, who is growing desperate. The situation is adding layers of religious and tribal tension to the power struggle.

As tensions rise, observers question whether internal party machinations will backfire, handing victory to opposition forces in the upcoming elections.

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Hon. Jaafaru Yakubu Honored as Outstanding Politician of the Year at Potters House Network Awards

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The Potters House International Network has conferred its prestigious Outstanding Politician of the Year Award on Hon. Jaafaru Yakubu, Member Representing Bali/Gassol Federal Constituency, in recognition of his remarkable contributions to governance, community development, and service to humanity.

The award ceremony, themed “Open Reward”, was held in Bali, Taraba State, and drew a distinguished audience of political leaders, clergy, traditional rulers, and citizens. The event served not only as a celebration of Hon. Yakubu’s achievements but also as a broader call for integrity and visionary leadership in Nigeria’s political landscape.

Hon. Yakubu has earned a reputation as a dedicated representative who consistently champions the welfare of his constituents. His tenure in the National Assembly has been marked by advocacy for rural development, infrastructural expansion, and empowerment initiatives aimed at uplifting communities across Bali and Gassol. From road construction projects to youth empowerment schemes, his interventions have left a visible impact on the constituency.

In presenting the award, organizers emphasized that Hon. Yakubu’s recognition is more than a personal accolade. It is a collective endorsement of values that Nigeria urgently needs: accountability, transparency, and service-driven leadership. The Potters House Network, known for molding destinies and celebrating excellence, described the honor as a beacon of hope for Taraba State and a reminder that true leadership is measured by tangible results, not rhetoric.

Community leaders at the event praised Hon. Yakubu’s accessibility and responsiveness to the needs of his people. Traditional rulers highlighted his respect for cultural institutions, while youth representatives lauded his commitment to education and job creation. Religious leaders also commended his ability to balance political responsibilities with moral values, describing him as a politician who embodies service to humanity.

The recognition of Hon. Jaafaru Yakubu as Outstanding Politician of the Year positions him as a model of leadership not only in Taraba State but across Nigeria. His award underscores the growing demand for leaders who prioritize the people’s welfare and inspire confidence in democratic governance. The Potters House Network Awards have once again spotlighted individuals whose contributions transcend politics, reminding Nigerians that leadership rooted in integrity and service remains the cornerstone of societal progress.

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Dogara Extols President Tinubu at 74, Celebrates His Enduring Legacy of Courage, Service, and Nation-Building

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Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Board of Trustees of the National Credit Guarantee Company Limited (NCGC), has joined millions of Nigerians in celebrating President Bola Ahmed Tinubu on the occasion of his 74th birthday. In his tribute, Dogara hailed the President as a statesman whose life and career embody resilience, sacrifice, and an unwavering devotion to democracy, describing his birthday as “not just a celebration of age, but of impact.”

Dogara reflected on Tinubu’s remarkable journey from his days as a pro‑democracy activist during the military era to his emergence as Nigeria’s Commander‑in‑Chief. He noted that Tinubu’s political trajectory has been defined by courage, vision, and an unrelenting commitment to building a nation where democracy thrives. “His contributions to entrenching democratic governance and shaping Nigeria’s political landscape remain indelible. He has shown that leadership is about service, sacrifice, and inspiring hope in times of uncertainty,” Dogara said.

President Tinubu’s legacy is deeply woven into Nigeria’s democratic fabric. His role in building bridges across divides, nurturing talents, and empowering generations of leaders has left a lasting imprint on the nation’s political and economic trajectory. From his tenure as Governor of Lagos State, where he laid the foundation for the state’s transformation into Nigeria’s economic powerhouse, to his national leadership, Tinubu has consistently demonstrated that visionary governance can change lives and communities.

At 74, Tinubu stands as a symbol of perseverance. His life story reminds Nigerians that true leadership is tested in adversity and defined by service to the people. His resilience in the face of challenges, his ability to inspire confidence, and his determination to pursue reforms that strengthen institutions and empower citizens have earned him recognition both at home and abroad.

Dogara’s message of congratulations underscores the shared vision of national progress. He emphasized that Tinubu’s leadership continues to inspire hope in times of uncertainty, reminding Nigerians that unity, courage, and faith are the pillars upon which the country’s future must be built. Dogara’s words resonate with millions who see in Tinubu a leader committed to steering Nigeria toward prosperity, inclusiveness, and stability.

As the nation reflects on President Tinubu’s 74 years, the celebration is more than a personal milestone—it is a national moment to honor a leader whose story is inseparable from Nigeria’s democratic journey. His birthday serves as a reminder of the sacrifices made to secure freedom, the vision required to sustain progress, and the courage needed to confront the challenges of nation‑building.

With renewed strength and wisdom, Tinubu’s path forward is expected to further steer the country towards unity, prosperity, and inclusive growth. For Nigerians, his 74th birthday is not only a celebration of his life but also a reaffirmation of their collective hope in his leadership and the promise of a brighter future.

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