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Tribunal orders SEC’s DG to implement decision against FINMAL

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* 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.

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Politics

KAWU HAILS TINUBU’S LANDSLIDE APC PRIMARY VICTORY, DESCRIBES IT AS “A TRIUMPH OF DEMOCRACY ”

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Rt. Hon. Comrade Hafiz Kawu, OON, mni, Executive Commissioner (Technical) of the National Pension Commission (PenCom), has congratulated President Bola Ahmed Tinubu on his overwhelming victory at the 2026 All Progressives Congress (APC) Presidential Primary Election, describing the outcome as a clear endorsement of the President’s leadership and reform-driven administration.
Kawu, a former member of the House of Representatives who represented Tarauni Federal Constituency of Kano State, said the President’s victory was not only historic but also a reflection of the growing confidence Nigerians have in the Renewed Hope agenda.
President Tinubu secured a massive victory in the nationwide direct primary election conducted across the country’s 8,809 wards, polling over 10 million votes to defeat his challenger, Mr. Stanley Osifo.
Reacting to the result, Kawu said the election demonstrated the strength of Nigeria’s democratic process and the willingness of Nigerians to stand behind a leader they believe is committed to national progress.
According to him, the President’s decision to participate in an open and transparent direct primary election despite being the incumbent leader showed rare courage, humility, and democratic conviction.
He noted that President Tinubu could easily have relied on the influence of incumbency but instead chose to subject himself to the will of party members and ordinary Nigerians through a grassroots voting process.
Kawu praised the President for championing reforms that strengthened internal party democracy, saying the direct primary system gave millions of Nigerians a sense of participation and ownership in the political process.
The PenCom Commissioner further commended the Tinubu administration for implementing policies and reforms aimed at repositioning the country’s economy, improving infrastructure, strengthening institutions, and enhancing workers’ welfare through measures such as the new national minimum wage.
He stated that many Nigerians were beginning to see the practical impact of the administration’s policies, adding that the outcome of the primary election reflected public appreciation for the President’s efforts.
Kawu also described Tinubu as a leader with a strong vision for national development and unity, stressing that the renewed mandate from party members should serve as further motivation to continue delivering democratic dividends to Nigerians.
He reaffirmed his support and loyalty to the President’s administration and prayed for divine wisdom, strength, and guidance for the President as he continues to steer the affairs of the nation.
Kawu concluded by expressing optimism that Nigeria would continue to witness growth, stability, and progress under President Tinubu’s leadership.

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Dogara Commends Tinubu’s Resounding APC Primary Victory

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Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, CFR, has described President Bola Ahmed Tinubu’s landslide victory in the All Progressives Congress (APC) presidential primary as a defining moment in Nigeria’s democratic journey.

Dogara, who served as Bauchi State Coordinator and Collation Officer while also sitting on the national Presidential Primary Election Committee, said the outcome was not just a win for Tinubu but a triumph for grassroots democracy. He congratulated the President on behalf of Bauchi State and in his capacity as a member of the committee, calling the victory extraordinary, historic, and thoroughly deserved.

The final results revealed Tinubu’s overwhelming mandate: 10,999,162 votes across Nigeria’s 36 states and the Federal Capital Territory, compared to just 15,503 for his sole challenger, Stanley Osifo. For Dogara, this margin was more than a statistic; it was a declaration of trust from millions of APC members nationwide. He noted that nearly eleven million Nigerians had risen as one to affirm a leader who had earned their confidence, describing the outcome as a movement rather than just a result.

Dogara commended the election committee, chaired by former SGF Pius Anyim and including respected figures such as Ken Nnamani, Victor Ndoma-Egba, and Idris Wada, for ensuring transparency, credibility, and fairness throughout the process. He said the committee had been given a sacred mandate to guarantee integrity and was proud that it discharged that responsibility faithfully.

He also highlighted Tinubu’s decision to subject himself to direct primaries under the Electoral Act 2026, which abolished delegate voting and empowered millions of party members at the grassroots. Dogara stressed that Tinubu could have relied on the powers of incumbency but instead chose to stand before the people. He described this as humility and character, noting that Tinubu had signed the law, championed the reforms, and then submitted himself to the same process, proving his commitment to democratic principles.

In his closing remarks, Dogara urged Tinubu to carry the weight of the people’s confidence with integrity and purpose. He reminded the President that nearly eleven million Nigerians had entrusted him with their hopes, calling it a responsibility of historic proportions. He charged Tinubu to fulfill that mandate faithfully, declaring that history is watching and that Nigerians are proud.

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APC Reps Primary: Akpanke Wins Bekwarra/Obudu/Obanliku Ticket

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Over the weekend, Hon. Peter A. Akpanke emerged victorious in the All Progressives Congress (APC) House of Representatives primary election for the Bekwarra/Obudu/Obanliku Federal Constituency in Cross River State after securing an overwhelming majority of votes cast across the three local government areas.

The primary election, monitored by party officials and stakeholders, recorded a total of 18,921 registered APC members and delegates across Bekwarra, Obudu and Obanliku Local Government Areas.

Official results collation which was made available to journalists showed that 16,564 valid votes were cast during the exercise, with no void votes recorded.

According to the results, Hon. Akpanke polled a total of 14,252 votes to defeat five other aspirants, with
Hon. Theresa Akwaji Ushie scoring 101 votes;
Hon. Martin Orim with 1,572 votes;
Anthonia A. Ally with 104 votes;
Dr. Vincent A. Ushie with 270 votes and
Dr. Godwin A. Agbor with 265 votes.

A breakdown of the constituency wide results showed that Akpanke secured 4,749 votes in Obanliku Local Government Area, 4,886 votes in Obudu Local Government Area, and 4,617 votes in Bekwarra Local Government Area, consolidating respectively.

Following the conclusion of the collation process, APC electoral officials formally declared Hon. Peter A. Akpanke winner of the party’s House of Representatives primary election for the Bekwarra/Obudu/Obanliku Federal Constituency.

The primary election was described by stakeholders, observers and party officials as peaceful, orderly transparent and credible, noting that the outcome reflected the will of party delegates and members across the constituency.

The primary election was conducted under the supervision of APC electoral officials who demonstrated true professionalism, with the official collation documents signed and dated May 16, 2026.

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