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Committal Proceeding against DG SEC adjourned to December 15

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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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‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain

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By Emmanuel Kuza

A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.

Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.

According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.

“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.

He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.

“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.

The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.

Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.

“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.

He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.

“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.

Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.

He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu

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200 widows benefit from empowerment outreach in Plateau

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By Israel Adamu, Jos 

 Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.

The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.

The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.

She stressed that the outreach was not a political programme but an expression of love and support for humanity.

Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.

“This is simply an expression of compassion and love for humanity. It is not a political programme.

“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”

Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.

Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.

At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash

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SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance

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By Francis Wilfred 

The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.

They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026

The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.

Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.

Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations

He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector

“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.

In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.

The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.

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