Connect with us

News

Committal Proceeding against DG SEC adjourned to December 15

Published

on

Stephen Olufemi Oni, Ilorin

The Investment and Securities Tribunal (IST) has fixed December 15, 2023, for hearing of the application filed by the Estate of Late Ambassador Abubakar Garba Gobir against the Director General of the Securities and Exchange Commission (SEC), for disobedience to a court order.

It would be Having failed that the Tribunal had in its judgment dated January 6, 2023, directed SEC to enforce its decision against FINMAL Finance and Services Limited to pay the accrued dividends totaling N170,036,405.79 to the Estate of the late Gobir.

Despite a letter of reminder dated 16th June 16, 2021, FINMAL has refused to comply with SEC directives, leading the Estate to approach the Investment and Securities Tribunal to seek redress and 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 Gobir Estate had instituted the suit marked no IST/LA/OA/01/2022 and got judgment that was not complied with, consequently filed Form 48 and 49, which initiated Committal proceedings under Order IX Rules 13 of Sheriffs and Civil Process Act 2010.

The applicant is praying the Tribunal to compel the respondents: Greenwich Registrar & Data Solutions Limited, FINMAL Finance & Service Limited, the Professional Stockbrokers Limited, and Securities & Exchange Commission to obey the order made by the Tribunal on January 6th, 2023

However, at the resumed proceeding, the applicant’s counsel, Mr. Ahmed Tafa told a panel of the Tribunal that he had served the respondents the form 48 and 49 committals proceeding application for failure to obey the tribunal order, noting that since January 6th, 2023 the respondents ought to have set the machinery in motion for enforcement of its decision but have failed to do so, hence the committal proceeding.

The counsel to the first respondent (Greenwich Registrar & Data Solutions Limited), Mr Abubakar Ibrahim, the third respondent (Professional Stockbrokers Limited), Mr. Abdulrahman Disu, and the fourth respondent (SEC), Mr. Momoh Ali announced their appearance while the second respondent (FINMAL Finance & Service Limited) had no legal representation.

In his response to Tafa’s submission, Disu told the Tribunal that his client had directed FINMAL to sell the shares in its possession to offset the judgment debt and promised to liaise with the applicant’s counsel to see how they could pay off the money. “We are making an effort to see that we settle it. The process has started.”
On the other hand, SEC’s counsel confirmed the service of committal proceeding applications to the DG SEC and that though he had served his response to the application on the applicant, he has filed and served a reply on point of law in opposing the committal proceedings.

Recall that the 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..The Estate discovered that there had been some underhand dealings with the shares belonging to the Estate, prompting a petition to the 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 totaled N170,036,405.79.

Despite the directive of the SEC, the Managing Director of FINMAL, Alhaji Umaru Kwairanga who is now NGX group chairman, failed to buy back the shares and failed to pay the dividends to the estate. Alhaji Umaru Mutallab, is Chairman of FINMAL Finance & Services Limited.

However, after listening to their submissions, the Tribunal said that they want justice to be served in the matter and subsequently adjourned to December 15, 2023, while hoping that before then SEC would have done the needful, otherwise the matter will proceed to hearing.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Defence/Security

Banditry: Rep member condemns attack on Kwara community

Published

on

Stephen Olufemi Oni, Ilorin

The Member representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency in the National Assembly, Hon. Raheem Tunji Olawuyi Ajuloopin, has strongly condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government Area of Kwara State, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.

Hon. Ajuloopin, in a statement personally signed by him, expressed deep concern over the unfortunate incident and sympathised with the victims, their families, and the entire community affected by the dastardly attack, emphasising that acts of violence have no place in a civilised society, and therefore urged security agencies to intensify efforts in bringing the perpetrators to justice.

While commending the swift response of both the federal and Kwara State governments, as well as the security agencies and local vigilante groups, the lawmaker reiterated that the fight against insecurity requires collective responsibility, calling on traditional rulers, community leaders, and residents to remain vigilant and cooperate fully with security operatives by providing timely and credible information.

“Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be actively involved in safeguarding our environment and ensuring that peace prevails,” Hon. Ajuloopin admonished.

He reaffirmed his commitment to continued collaboration with relevant authorities to ensure that lasting peace in all parts of Kwara South and beyond.

Hon. Ajuloopin also appealed for calm, assuring that both the federal and state governments are working tirelessly to address the root causes of insecurity and prevent future occurrences.

End

Continue Reading

News

Governor Namadi Attends High profile Ministerial Meeting On Self-Sufficiency In Cairo

Published

on

From Hassan Taiye

Governor Umar Namadi is currently in Cairo,Arab Republic of Egypt, attending the Third High-Level Ministerial Meeting on Rice Self-Sufficiency, holding from October 7th to 9th, 2025, in Cairo and Sakha.

The meeting, themed “Towards Rice-Based Agri-Food Systems Transformation and Delivering on Rice Self-Sufficiency through Peer-to-Peer Learning: The Case of the Arab Republic of Egypt,” is jointly organized by the Egyptian Ministry of Agriculture and Land Reclamation, AfricaRice, the Arab Organization for Agricultural Development (AOAD), and other key continental partners.

This high-level gathering brings together African Ministers of Agriculture, State Governors, and agricultural leaders to share practical experiences on achieving rice self-sufficiency and agricultural transformation.

The event will showcase Egypt’s remarkable progress in achieving rice self-sufficiency despite its limited water and land resources, offering valuable lessons adaptable to other African contexts.
Namadi is participating alongside top policymakers, agricultural experts, and private sector players from across Africa to discuss innovations, policy reforms, and strategic investments aimed at strengthening food security and transforming the agricultural sector on the continent.

Over the three-day programme, delegates will engage in high-level ministerial sessions, technical discussions, and a field visit to Egypt’s renowned Rice Research and Training Centre (RRTC) in Sakha.

During the visit, participants will interact directly with Egyptian scientists and farmers to learn about the country’s advancements in high-yield rice varieties, efficient irrigation systems, and modern post-harvest technologies.

Jigawa State’s participation in this important forum underscores the state’s commitment to agricultural transformation, food self-sufficiency, and consolidating Jigawa’s position as one of Nigeria’s leading hubs for rice production and agribusiness development.

The meeting is expected to conclude with a Ministerial Declaration setting a continental roadmap for achieving rice self-sufficiency through collaborative research, policy coordination, and targeted investment across the rice value chain.

Governor Namadi is accompanied by senior officials from the Jigawa State Ministry of Agriculture and related agencies.

Continue Reading

News

There’s Political Genocide Against Christians in Northern Nigeria – Aisha Yesufu

Published

on

By: Fabian Apechihin

Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.

Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.

Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”

Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.

“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.

She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.