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Committal Proceeding against DG SEC adjourned to December 15
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.
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STATEMENT ISSUED BY PROGRESSIVES ALLIANCE FOR JUSTICE, UNITY AND DEMOCRACY (PAJUD)
THE FALLACIES OF MIKE IGINI
“It is mean and cowardly and an evidence of weakness and utter demerit, for any group of people to attempt to commend themselves to the public by the negative process of belittling and condemning others.”_
- Chief Obafemi Awolowo, 28th April, 1951.
The attention of the Progressives Alliance for Justice, Unity and Democracy (PAJUD) has been drawn to the barrage of insults heaped by Mike Igini, former Resident Electoral Commissioner of the Independent National Electoral Commission (INEC), against every perceived and imaginary obstacle to his personal agenda.
We posit that since the return of democracy in 1999, the Nigerian political and electoral firmament has been overdosed with different genres of characters – the good, the bad and the ugly.
We state categorically and without fear of contradiction that President Bola Ahmed Tinubu is NOT responsible for the non-appointment of Mike Igini as either Chairman of INEC or National Commissioner since he left office in disgrace and engulfed in controversies in the South-South.
Igini must understand that such appointments are not done willy-nilly. They are based on several criteria. He has served two full terms as Resident Electoral Commissioner. For him to be nominated as National Commissioner, a vacancy must exist for his state. This is apart from the principle of rotation of the position among states in the geo-political zone.
Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity. Anyone holding him in contempt on this matter is either being mischievous or acting out the script of the opposition, just like the present issue at stake.
It is unfortunate that Igini has allowed himself to be taken advantage of, dancing to the rhythm of anti-Tinubu and anti-Amupitan rogue agents.
We find it compelling to state unequivocally that Igini is blatantly scheming to discredit the present government and the Amupitan-led leadership of INEC in anticipation of reward by opposition elements and spent forces, if they ever win in the post-2027 general elections.
Over the years, we have watched the transformation of Igini from lawyer, to public affairs commentator, to agitator, until the PDP government appointed him Resident Electoral Commissioner.
We are amused at Igini’s feeble attempts at returning to public reckoning, using barefaced criticism, outright lies, mischief and fallacies against the Renewed Hope and reformative agenda as a springboard to relevance and prominence.
For an egocentric, self-seeking bigot and Mr. Know-All like Igini, he wants to remain relevant as a bride for any juicy INEC Election Management Committee headship or membership, which we know will never happen in this dispensation as a result of his antecedents while in office – an era marred by allegations of partisanship, disloyalty and endless controversies.
Your tenure as REC in Cross River State was characterised by mudslinging between you and a political party over unethical conduct unbecoming of an electoral officer. Similarly, your flexing of muscles and one-sided narratives during your tenure as REC of Akwa Ibom State is still very fresh in our memory. Till date, you are still spewing negative narratives against one of the politicians you fought in that state to high heavens.
Nigerians from all strata continue to wonder where the monies for the live telecast of Igini’s exit as Resident Electoral Commissioner of Akwa Ibom State originated from. In the history of INEC – from Dr. Ephraim Akpata, Alhaji Shehu Musa, Dr. Abel Guobadia, the much-vilified Prof. Maurice Iwu, Prof. Attahiru Jega reputed to be Igini’s benefactor, to Prof. Mahmood Yakubu – none of them had the temerity for such lavish display and grandeur during their exit. What was witnessed in the last days of Igini as REC in Akwa Ibom evokes serious questions about collective decency, decorum, moral rectitude and values.
Any argument in support of such an extravagant exit lacks integrity, for the simple reason that the pay slip of INEC Resident Electoral Commissioners and even National Commissioners is not a hidden document. It is known to the Nigerian public.
We believe that if we are sincere in this country, Igini should focus on more important non-partisan issues than chasing shadows. Igini should also address his own record, including the troubling episode of a Kenyan national engaged by INEC as a consultant some years ago, where the voter register fingerprints of Nigerians were allegedly compromised and handed to foreign interests. That despicable act is still fresh in our memory.
As overwhelming majority of Nigerians with voting rights are aware, there is an uncanny lust for power by desperate opposition politicians lurking on the horizon. They are deploying everything on earth just to grab power in 2027, and for no just cause but simply for selfish personal aggrandizement. They have recruited former staff, Directors, Resident Electoral Commissioners and National Commissioners to help execute their warped agenda and barefaced propaganda to deceive gullible Nigerians who will swallow every hook, line and sinker narrative framed by them.
We unreservedly agree with many who have suggested that as a believer in God, Igini should not allow his mind to be poisoned by the notion that any power outside the influence of God could have been responsible for the failure of his emergence as either National Commissioner or Chairman of the Commission.
Whatever it is, there seems to be more to it than meets the eye. The process of creating anarchy starts with incitement against the government, the electoral empire and security agencies. It often appears so smooth as to be imperceptible, hence those who engineer it enjoy the process at the initial stage, only to be consumed at the end of the day.
Elements in the class of Igini, who are acting out the script of falsehood purveyors and peddlers, will be put to shame at the end of the day. There is no doubt that Nigerians are going to have a well-deserved, credible, transparent, free and fair election in the 2027 general elections.
Above all, nobody can dispute the fact that President Bola Ahmed Tinubu nominated people with impeccable ability, capacity, loyalty, patriotism and honesty as members of the election management structure that will drive our democracy forward, in a manner that both Nigerians and the international community will be proud of like never before in our annals.
The focus of the Tinubu administration remains its much stronger determination to protect and respect the sanctity and fidelity of the ballot during the forthcoming elections.
We implore Mike Igini to stop the rabble-rousing, negative framing, mischief, mudslinging and casting of aspersions against the electoral umpire and Mr. President, and find something reasonable to do to earn a living just like other Nigerians, instead of going from one radio station to television stations across the country. His antics are already known to Nigerians who are far more sophisticated and politically savvy than before.
A word is enough for the wise… “WHEN YOU CONDEMN PEOPLE, YOU BRING JUDGEMENT ON YOURSELF.”
Signed:Comrade Yakubu Dan Abba
Country Representative, PAJUD.
News
PAJUD Accuses Mike Igini of Political Grandstanding, Defends Tinubu, Amupitan
The Progressives Alliance for Justice, Unity and Democracy (PAJUD) has accused former Independent National Electoral Commission (INEC) Resident Electoral Commissioner, Mike Igini, of attempting to discredit President Bola Tinubu’s administration and the leadership of the electoral body, describing his criticisms as politically motivated.
The group, in a statement signed by its Country Representative, Comrade Yakubu Dan Abba, alleged that Igini was seeking to regain public relevance through persistent criticism of the government and the leadership of INEC under its current chairman, Prof. Joash Amupitan.
PAJUD, however, did not provide independent evidence to substantiate its allegations about Igini’s motives.
The group maintained that Tinubu was not responsible for Igini’s non-appointment as INEC chairman or national commissioner after completing his tenure as a Resident Electoral Commissioner, arguing that such appointments were subject to established criteria, vacancies and rotation arrangements among states within geopolitical zones.
“Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity,” the statement said.
The group further alleged that Igini’s criticisms were intended to undermine the current administration and INEC’s leadership in anticipation of political rewards from opposition elements following the 2027 general elections.
PAJUD also questioned Igini’s record during his service as Resident Electoral Commissioner in Cross River and Akwa Ibom states, citing past disagreements with political actors and what it described as controversies surrounding his conduct in office.
It also raised questions about the cost and circumstances of the live television broadcast of Igini’s exit from office in Akwa Ibom State, comparing the event with the departures of previous INEC chairmen and other senior electoral officials.
The group did not provide documentary evidence to establish wrongdoing in connection with the broadcast.
In another allegation, PAJUD called on Igini to address what it described as concerns surrounding the engagement of a Kenyan national as an INEC consultant and the alleged compromise of Nigerian voters’ fingerprint data. The statement, however, did not present evidence establishing that Igini was personally responsible for any compromise of the data.
The alliance accused opposition politicians of attempting to discredit the electoral system ahead of the 2027 elections, alleging that some former electoral officials were being used to advance political interests. It did not identify the individuals allegedly involved or provide evidence supporting the claim.
PAJUD, meanwhile, expressed confidence in the ability of the current INEC leadership to conduct credible, transparent, free and fair elections in 2027.
It said the Tinubu administration remained committed to protecting the integrity of the ballot, adding that the president had nominated individuals it described as capable, patriotic and committed to the country’s democratic development.
The group urged Igini to refrain from what it characterised as inflammatory criticism of the president and the electoral commission, insisting that public discourse on electoral reform should be guided by responsibility and respect for democratic institutions.
Quoting former Premier of the Western Region, Chief Obafemi Awolowo, the alliance recalled his statement of April 28, 1951, that it was “mean and cowardly” for any group to seek public approval by belittling and condemning others.
PAJUD concluded by urging Nigerians to remain confident in the electoral process ahead of the 2027 general elections, while reiterating its support for the Tinubu administration and the current leadership of INEC.
News
FJF Backs NSCDC Probe into Niger Miners’ Deaths, Cautions Diaspora Group Against Protest
The Freelance Journalist Federation (FJF) has expressed confidence in the committee investigating the reported deaths of 37 miners in Niger State, urging the public to allow the panel to conclude its assignment without undue pressure.
The federation’s position followed threats by the Nigeria Diaspora Organizations and Community for Human Rights (NDOCHR) to stage a protest at the headquarters of the Nigeria Security and Civil Defence Corps (NSCDC) in Abuja over alleged delays in releasing the investigation’s findings.
FJF in a statement issued on Friday and jointly signed by FJF conveners Ibrahim Ali, Jonathan Modi, Okpara Isaac and Christopher Abah, described the investigative process as transparent and thorough, insisting that sufficient time should be allowed for the committee to complete its work and establish the facts surrounding the incident.
The federation criticised the proposed demonstration, describing it as unnecessary and politically motivated, while warning against actions that could heighten tensions over an issue involving the loss of human lives.
It also commended the leadership of the NSCDC, the Minister of Interior and President Bola Ahmed Tinubu for what it described as their commitment to transparency, accountability and the rule of law.
According to the FJF, local civil society organisations monitoring the proceedings have expressed satisfaction with the panel’s conduct. However, the federation maintained that the investigation should be allowed to run its course before conclusions are drawn.
The group also rejected calls by the diaspora organisation for the immediate removal and prosecution of the NSCDC Commandant-General, Dr Ahmed Abubakar Audi, describing the demands as premature and inconsistent with the principle of fair hearing.
It argued that calls for sanctions before the conclusion of the investigation could undermine due process and prejudice public perception of the committee’s work.
The NDOCHR had also threatened to petition the International Criminal Court (ICC) in The Hague over the matter. In response, the FJF maintained that Nigeria’s domestic legal and investigative institutions should be allowed to address the allegations through established procedures.
The federation urged Nigerians in the diaspora to exercise restraint and avoid actions that could inflame political tensions or interfere with the ongoing investigation.
It urged members of the public to remain calm and await the committee’s official findings, stressing that a thorough investigation was necessary to establish the circumstances surrounding the reported deaths and determine any responsibility arising from the incident.
The committee’s final findings and any subsequent official actions are expected to be central to resolving the concerns surrounding the incident.
The statement further called on the Inspector-General of Police and other security agencies to take appropriate steps to maintain public order in the Federal Capital Territory.
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