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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

Tinubu Assures Investors Nigeria Is Open for Business, Welcomes Coca-Cola’s $1bn Plan

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By Francis Wilfred 

President Bola Tinubu has assured local and international investors that Nigeria remains open for business, saying his administration is implementing reforms aimed at creating a more predictable, competitive and investment-friendly environment.

Speaking through the Secretary to the Government of the Federation (SGF), Senator George Akume, at the 75th anniversary celebration of the Nigerian Bottling Company (NBC) in Abuja on Monday, the President said the government is addressing key challenges facing businesses under the Renewed Hope Agenda.

“Our message to investors, both Nigerian and international, is clear: Nigeria is open for business,” Tinubu said,

He noted that reliable infrastructure, efficient logistics, access to foreign exchange, stable regulations and a supportive tax system are critical to attracting investment and expanding production.

According to Yomi Odunuga, the President said ongoing economic reforms are designed to build a more productive and competitive economy, reduce dependence on imports, strengthen local manufacturing and create jobs for Nigerians.

Tinubu welcomed the Coca-Cola System’s proposed $1 billion investment in Nigeria over five years, announced in 2024, describing it as a strong vote of confidence in the country’s economy. 

He said the administration is focused not only on the volume of investment attracted but also on its impact on employment, skills development, technology transfer and local sourcing.

“We are interested not only in the amount of capital that comes into Nigeria, but in what that capital does here,” he said.

The President also praised NBC’s continued expansion of production capacity, including new production lines in Oyo and Kano states, describing such investments as vital to strengthening Nigeria’s industrial base.

He reaffirmed the government’s commitment to improving policies, infrastructure and regulations to support businesses, while urging the private sector to complement government efforts through investment, innovation and job creation.

Tinubu further highlighted the importance of human capital development, commending NBC’s Supply Chain Academy for training over 1,400 young Nigerians and supporting women’s empowerment and community development initiatives.

He urged investors to take advantage of opportunities across Nigeria, expressing confidence that the country can build a stronger economy driven by local production, exports and globally competitive industries.

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Politics

Kano  Governorship: Accord Party Governorship Candidate Gashash Getting More Endorsement From Kano Electorates.

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By Jabiru Hassan.


The movement for Democratic Protection and good governance (MDSG) declared it's full support to the Accord Party Governorship Candidate Ambassador Dr. Mukhtar Gashash in the forthcoming general elections.

In a chat with our correspondent in kano, the national president of the movement, Alhaji Dauda Mohammed Ali,  stated that it is time for the people of kano state to bring new steward who is seriously planning to transform the state with highest regard.

He expressed his confidence that Ambassador Dr Mukhtar Gashash will do his best to ensure that kano state becomes more examplary at both sector without bias which is the task previous administrators failed to achieve.

Alhaji Dauda Mohammed Ali reiterated that " this time around, our movement is working day and night to make sure that Kano people mostly youths remained Committed to actualize real change in the state's politics, leadership and transformation under the Accord Party government".

He called on the people of kano state especially the eligible voters to vote Ambassador Dr Mukhtar Gashash due to his Transformation plans for the progress of kano state and it's citizens at both Urban and rural settlements.

Responding to a question about Accord party's strength in kano state, Dauda Mohammed Ali disclosed that in today's democracy, competent candidates should be tipped for an elective positions not the popularity of the political parties stressing that Ambassador Dr Mukhtar Gashash has been found to be the best option for kano state due to his track record on competency, transparency as a real democrat.
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Caught in the middle: Ortom’s silent dance between two camps.

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There are growing questions about where Mr. Samuel Ortom, a former Governor of Benue State and a prominent figure in the People’s Democratic Party (PDP), truly stands politically ahead of 2027.

Ortom was a key figure in the divisions within the PDP before the 2023 general elections and was widely associated with support for Mr. Peter Obi, who finished third in that contest. More recently, however, he has publicly expressed support for President Bola Ahmed Tinubu’s administration.

The latest discussion began after a visit by Mr. Peter Obi to Benue State. Reports indicate that a vehicle said to belong to Ortom was used to receive Obi at the Air Force Base airport in Makurdi. It is not clear who authorized the use of the vehicle, and Ortom has not commented publicly on the matter.

During the same visit, Obi was reportedly prevented from travelling to Yelewata, where he had intended to condole with families affected by violence. Obi’s team attributed the blockage to supporters of Governor Hyacinth Alia.

The Governor’s spokesman, Sir Tersoo Kula, denied any involvement by the Governor. He suggested the incident may have been staged to damage the Governor’s reputation, or that it could have resulted from disagreements within Obi’s own support base.

Ortom has not issued a statement clarifying his position on the 2027 elections or on the vehicle in question. Attempts to reach him were unsuccessful at the time of reporting.

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