News
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.
News
177 Nigerians Deported from Niger Republic Arrive Kano.
No fewer than 177 Nigerians deported from Agadez in the Republic of Niger have arrived at the Mallam Aminu Kano International Airport, Kano, for processing and reintegration.
Sources said the deportees arrived aboard an aircraft from Agadez at about 12:54 p.m. on Monday.
The returnees, comprising men, women and children, were received at the airport by officials of the Department of State Services (DSS), the Nigeria Immigration Service (NIS) and the National Emergency Management Agency (NEMA).
The agencies commenced documentation and profiling of the deportees as part of procedures aimed at determining their identities, states of origin and immediate humanitarian needs.
Officials said the deportees would undergo necessary screening before being handed over to relevant authorities for further assistance and reintegration programmes.
The development is part of ongoing migration and border management efforts involving authorities in Nigeria and neighbouring countries.
Further details on the circumstances surrounding their deportation were not immediately available at the time of filing this report.
News
Zulum – I Will Hand Over a More Secure and Prosperous Borno to Gubio-Zulum
Borno State Governor, Professor Babagana Umara Zulum, has assured that he will hand over a more stable, secure, and economically viable Borno to his successor, Engineer Mustapha Gubio.
A statement by Dauda Iliya, the Givernors spokrsman stated that, Zulum gave the assurance on Monday when he received prominent sons and daughters of Gubio Local Government Area, led by elder statesman Alhaji Gambo Gubio, on a visit to him.
The visit to the Government House, Maiduguri, whih included the APC gubernatorial candidate, Engr. Mustapha Gubio, was to thank the govetmor for choosing their son as successor.
The delegation which included the Chairman of the Borno State Civil Service Commission, Dr. Bulama Mali Gubio; a former member of the House of Representatives, Hon. Fanta Baba Shehu; the Executive Chairman of Gubio, Hon. Mali Bulama Mali; a retired Commissioner of Police; and former Council chairmen, was also part of ongoing consultations with the governor.
Governor Zulum, noted that despite the challenges confronting the state, particularly insecurity, his administration remains committed to consolidating on the gains achieved over the years and laying a stronger foundation for sustainable development.
“Security is the most difficult issue. Insha Allah, before I leave, the situation will be better than now. I will hand over a more stable, more prosperous, and more secure government to Engr. Mustapha Gubio, Insha Allah,” Zulum declared.
He emphasised that sustaining achievements is often more difficult than attaining them, urging continued support and prayers for the APC governorship candidate.
“What matters is not just success; managing success is more difficult than achieving success itself. Managing success and managing the affairs of Borno State is not easy, but with collective support, prayers, and guidance, God will give him the wisdom and energy to succeed as a candidate and, Insha Allah, as Governor,” he said.
Extolling the leadership qualities of Engr. Mustapha Gubio, Governor Zulum described him as a man of integrity, humility, and composure whom he has known for more than two decades.
“Alhaji Mustapha Gubio, I have known him for the past 26 years, since he was a student at the University of Maiduguri. His integrity is evident; he is humane, very gentle, and composed. Insha Allah, God will help him to steer the mantle of leadership of Borno State,” Zulum stated.
The Governor added, “We will continue to pray for our gubernatorial candidate so that the Almighty will give him the wisdom and the wherewithal to steer the leadership of the state.”
Reflecting on the challenges he encountered at the beginning of his administration in 2019, Zulum recalled the sacrifices required to confront the state’s security and humanitarian crises.
“When I took over the leadership of the state, in the first 55 days of my administration, I saw my children only three times. The first four years were really challenging, but Almighty Allah has helped us to see light at the end of the tunnel,” he said.
The Governor expressed appreciation to the delegation for the visit. “As Muslims, when we seek Allah’s guidance and pray for the best outcome, we must accept His decision with complete faith and conviction, knowing that whatever He chooses is ultimately the best for us,” Zulum remarked.
Leader of the delegation, Alhaji Gambo Gubio, commended Governor Zulum for his pivotal role in the emergence of Engr. Mustapha Gubio as the APC governorship candidate for the 2027 election.
“We are here today to express our profound gratitude and thanks for this remarkable occasion. Words alone cannot adequately convey the depth of our feelings or fully capture all that we wish to say. However, we remain sincerely grateful and deeply appreciative,” Alhaji Gambo said.
He described the APC candidate as a worthy son of Gubio and expressed confidence in his future leadership.
Alhaji Gambo also acknowledged Governor Zulum’s achievements in security, infrastructure development, and governance, noting that “Zulum is succeeding,”.
News
Hon. Ja’afaru Yakubu Applauds China Harbour on Mararaba-Keffi Road Project
Hon. Ja’afaru Yakubu, Chairman of the House Committee on Nigeria-China Friendship Relationship Group, has lauded China Harbour Engineering Company (CHEC) for the remarkable progress recorded on the reconstruction and expansion of the Mararaba-Keffi Road, urging the Federal Government to ensure prompt funding for the project’s completion.
Yakubu, who personally visited the project site to inspect the level of work done, expressed satisfaction with the quality and speed of execution. He noted that the 43.65-kilometre dual carriageway, which links the Federal Capital Territory to Nasarawa State, has reached 99.8 percent completion. According to him, the road is not only a critical infrastructure for easing traffic congestion but also a symbol of the growing partnership between Nigeria and China.
Speaking during the visit, Yakubu said: “China Harbour has demonstrated excellence and reliability in this project. Their commitment reflects the strength of our bilateral relationship and the benefits of sustained collaboration between Nigeria and China. This road will serve millions of commuters daily, reduce travel time, and open up new economic opportunities for communities along the corridor.”
The lawmaker emphasized the importance of timely release of outstanding funds under the NNPC Tax Credit Scheme, stressing that delays could hinder the final touches required before commissioning. He pointed out that President Bola Ahmed Tinubu had already directed relevant agencies to expedite payments, and urged strict compliance to ensure the contractor delivers on schedule.
Yakubu also commended the Federal Ministry of Works for adopting innovative engineering solutions, including the use of rigid concrete shoulders alongside flexible carriageways. He explained that such designs would enhance durability, reduce maintenance costs, and extend the lifespan of the highway.
In addition, he acknowledged the complementary role of Nasarawa State Governor Abdullahi Sule, whose administration has embarked on the construction of flyovers to ease traffic flow around the Keffi axis. Yakubu described this synergy between federal and state governments, supported by international partners like CHEC, as a model for sustainable infrastructure development in Nigeria.
The project, awarded in June 2023 at a contract sum of ₦73.9 billion, is expected to be commissioned by President Tinubu in July. Remaining works include kerbs, U-drains, and installation of streetlights, which Yakubu said must be completed to ensure safety and functionality.
He concluded by reaffirming his committee’s commitment to strengthening Nigeria-China relations, noting that projects like the Mararaba-Keffi Road stand as enduring symbols of friendship, cooperation, and shared progress. “This road is more than concrete and asphalt; it is a testament to what Nigeria and China can achieve together when we combine vision, resources, and determination,” Yakubu added.
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