Politics
Tribunal orders SEC’s DG to implement decision against FINMAL
* 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.
End
Politics
Political Analysts Describe Maikaya as Nasarawa’s Emerging Consensus Bridge Ahead of 2027
As the political temperature in Nasarawa State gradually rises ahead of the 2027 governorship contest, political analysts are increasingly pointing to Dr. Muhammed Musa Maikaya as an emerging “consensus bridge” whose steady consultations are reshaping the state’s pre-election landscape in unexpected ways.
Though Maikaya has yet to make a formal declaration, the pattern of his engagements and the reactions trailing them have become subjects of analysis among scholars, journalists, political watchers, and even party elders within the All Progressives Congress (APC).
One of the arguments analysts repeatedly highlight is Maikaya’s ability to attract goodwill from constituencies that rarely align behind a single aspirant this early in the political cycle.
Public affairs analyst Ibrahim Dan-Musa describes him as “a unique political figure whose appeal cuts across demographics that typically move in different directions.”
“Maikaya is resonating with two powerful blocs women and youths while earning the confidence of elders. This triangular balance is unusual, especially when no official declaration has been made,” he notes.
For many analysts, it is this triangular base of support that hints at the making of a consensus figure.
Political observers say women’s organisations across Awe, Karu, Lafia, Keffi, and Nasarawa LGAs have grown increasingly vocal about their admiration for Maikaya. Their reasons vary from his humanitarian interventions to his reputation for supporting widows, orphans, and cooperative groups even outside election seasons.
A Keffi-based gender development researcher, Hauwa Isa, notes that women are becoming more politically assertive in Nasarawa, and they gravitate toward leaders who demonstrate accessibility and empathy.“Women see Maikaya as someone who listens. His visits are not transactional; he engages sincerely. Analysts would be wrong to underestimate the weight of this,” she says.
Beyond women, analysts highlight a stronger force the youths. Whether in Toto, Obi, Lafia, or Karu, youth coalitions have begun forming volunteer structures in anticipation of his possible entry into the race.
A political communication researcher at FULafia, Dr. Musa Akoshile, attributes the youth mobilisation to Maikaya’s “soft power.”“Young people are tired of aggressive politics. Maikaya’s calmness, modern thinking, and track record of community projects speak to them. That silent credibility is becoming loud,” he explains.
Social media trends, community town halls, and spontaneous youth solidarity meetings are becoming regular occurrences around his movements a fact analysts say cannot be ignored.
Political historians in the state point out that no governorship bid gains real traction without elders’ blessings. Interestingly, stakeholders in several local governments including traditional council members and senior party figures have privately and publicly encouraged Maikaya to “stay on the path.”
A retired civil servant and elder statesman from Awe, who preferred anonymity, describes him as “the calmest aspirant in the race so far.” “He consults with respect. He is not divisive. Elders are watching closely, and many are quietly leaning toward him,” he says.
Analysts note that elders’ openness toward a younger, less controversial aspirant is part of what strengthens the “consensus bridge” narrative.
Perhaps the most compelling aspect of the analyst debates is the manner in which Maikaya’s consultations are unfolding. Instead of the typical political spectacle, his engagements have been modest but deeply effective meeting stakeholders, visiting community leaders, and listening quietly.
Yet, after every visit, new volunteer groups emerge. New coordinators appear. Communities begin hosting solidarity meetings without prompting. Analysts say this organic structure-building is reminiscent of political movements that eventually shape primaries.
Dr. Nanfa Auta, a political sociologist, describes the pattern as “pre-consensus momentum.”
“He is becoming a comfortable middle ground — trusted by elders, embraced by youths, energised by women. This is how consensus candidates quietly form,” Auta explains.
Inside the APC, the field remains broad, with many aspirants testing their strengths. But analysts argue that few have been able to generate the type of grassroots-led momentum surrounding Maikaya.
His acceptability across the three senatorial zones pointing to a non-ethnic, non-sectional appeal is another factor scholars believe may influence internal party calculations as the primaries draw closer.
While 2027 is still some distance away, analysts broadly agree on one thing: Maikaya has secured a strategic position in the unfolding political equation. His cross-generational acceptance, modest style, and growing structure have placed him at the centre of discussions about possible consensus-building within the party.
For now, he remains on the consultation trail. But if the current pattern continues, analysts believe Nasarawa may soon witness the full emergence of a “consensus bridge” a candidate quietly connecting the old and new political order.
Politics
Adamawa ADC Chairman, Shehu Kambile, Resigns as Gov Fintiri’s Aide, Gives Reasons
By: Fabian Apechihin
The Chairman of the African Democratic Congress (ADC) in Adamawa State, Shehu Kambile, has resigned from his position as Special Assistant to Governor Ahmadu Fintiri.
Kambile announced his resignation in a statement released on Wednesday in Yola, the Adamawa State capital.
He explained that his decision was a strategic one aimed at allowing him to focus entirely on his responsibilities as the state chairman of the ADC.
According to Kambile, his appointment was made under the Inter-Party Advisory Council (IPAC) framework, which was created to foster unity and collaboration among Nigeria’s political parties.
He stated that stepping down would enable him to build a stronger and more effective opposition in the state.
“I am grateful for the opportunity to serve Governor Fintiri, but I have decided to step aside and dedicate myself fully to my primary mandate of building a robust and credible opposition. We need an opposition that can serve as a viable alternative for the people,” he said.
Kambile expressed gratitude to Governor Fintiri for the opportunity to serve in his administration and commended former Vice President Atiku Abubakar for his continued efforts in promoting inclusive political engagement.
He also urged ADC members across Adamawa to unite and strengthen the party’s structure to ensure it remains a formidable political force in the state.
Politics
NGF Congratulates Governor Soludo On Re-Election
Stephen Olufemi Oni, Ilorin
The Nigeria Governors’ Forum (NGF) has sent its hearty congratulations to Governor Prof. Charles Chukwuma Soludo (CON) on his victory at the Saturday gubernatorial election in Anambra State.
In a statement on Sunday that was signed by the forum’s chairman, and Kwara State Governor AbdulRahman AbdulRazaq, the Forum said the clear margin of victory underscored the popularity of the Governor and his programmes among Anambrarians.
“We are confident that this deserving victory will enable His Excellency to consolidate on his great achievements across different sectors,” according to the state.
“We also congratulate the people of Anambra and all the stakeholders on the orderly and peaceful conduct of the election — another proof that Nigerians have fully embraced democracy and rule of law as a choice form of governance. We also commend the Independent National Electoral Commission and the security agencies for the orderly electoral process so far.”
End
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