In a renewed onslaught against promoters of Ponzi schemes, the Securities and Exchange Commission (SEC), on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State for allegedly engaging in illegal investment activities.
According to the commission, the office of the company in Wulari Plaza on Lagos Street Maiduguri, was shut down for allegedly carrying out investment operations that fall within the ambit of fund management
without registration by the SEC.
“This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down”
“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.
“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as
doing this will be in contravention of the Investments and Securities Act, 2007″ the SEC stated.
The Commission, therefore, advised the public to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by it.
It warned that any member of the investing public dealing with unregistered entities was doing so at his/her own risk.
It further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website.
Author: Chike Ozohili
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SEC seals Stockmatch’s offices over illegal investment activities
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Troops apprehend 17 suspects for alleged crimes in Plateau, Kaduna
Troops belonging to Operation Safe Haven (OPSH), a military task force entrusted with maintaining peace in Plateau, parts of Bauchi, and Kaduna States, have successfully apprehended 17 suspects on charges related to murder, kidnapping, armed robbery, and other criminal activities.
In a statement provided by Captain James Oya, the Media Officer of the operation, it was revealed that these arrests took place between August 21 and August 28 across various locations within the region of their operational responsibility.
“Troops arrested five suspects for killing one Mr. Joshua Deme on his farm in Kassa village, situated within Barkin Ladi Local Government Area of Plateau,” Captain Oya stated. He continued, “We also executed a meticulously planned operation in Jagindi Tasha village, located in Jema’a Local Government Area of Kaduna State, leading to the arrest of a long-sought suspected kidnapper, Mr. Baba Habu.”
Further emphasizing the successful efforts, Captain Oya explained, “We effectively thwarted a kidnapping attempt in Angwan Takai village within Bokkos Local Government Area of Plateau. This achievement was facilitated by the rapid response of our troops to a distress call.” Over the stated period, the troops achieved a series of milestones – apprehending suspects, rescuing kidnapped victims, foiling armed robbery endeavors, and preventing potential attacks on vulnerable communities.
Arms and ammunition were also seized from some of the apprehended suspects. Captain Oya reported, “In parallel endeavors, our troops conducted operations at Gwash and Kamantan villages in Jos North and Zango Kataf local government areas of Plateau and Kaduna. Here, we succeeded in recovering firearms, including a pistol, cartridges, and rounds of 7.62mm special ammunition.”
Amidst these operations, the security forces managed to detain a notorious armed robber, Mohammed Lawal, in Kafanchan town. The seizure of two fabricated rifles and one pistol accompanied his arrest. A truck transporting vandalized railway tracks was intercepted along Gidan Ado village in Riyom.
The operations also extended to addressing drug-related offenses. “A drug kingpin, Maxwell Davou, was apprehended in a sting operation with substances suspected to be illicit drugs at Waye Foundation Du in Jos South,” Captain Oya stated. The troops’ determination led them to engage bandits around Alaghom and Mangu, eventually neutralizing some and retrieving weapons.
The comprehensive efforts of the troops extended beyond criminal activities as they intervened to manage 237 cows that were damaging crops on farms across Mangu, Barkin Ladi, and Riyom local government areas.
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Minister to sanction NRC MD over poor maintenance of Idu Train Station facilities
Following complaints by passengers of non-functional toilet facilities in some of the train stations, the Minister of Transport, Senator Saidu Ahmed Alkali has vowed to sanction the Managing Director of the Nigerian Railway Corporation (NRC) Fidet Okhiria.
In an unscheduled visit to the Idu Train Terminal in Abuja at the weekend, the minister was greeted with a series of complaints by passengers at the station.
The complaints ranged from non-functioning of toilet facilities in some of the coaches, non-payment of allowances, and unkempt condition of the coaches.
Alkali said, “Seeing is believing, as I have seen by myself. I inspected the coaches and some of the toilet facilities are not working.
“I received a complaint from the security escorts that in the last five months their allowances were not paid and I am happy that the MD of NRC is appearing before the ministry on Tuesday to brief.
“I am now well informed that the lifts and escalators aren’t working, which makes it very difficult for the elderly and the disabled persons to use the train for traveling. Therefore, he would explain why the disciplinary action wouldn’t be taken against him”.
According to the minister, the essence of the visit was achieved.
“So, from the experience when the visit is scheduled, they will be able to put some of the things in place because they know you are coming to see it”
He assured that in the next 48 hours, the escalators and the lift will be working.
“I am also going to ensure that the outstanding allowances of the escorts are paid on Monday.
“I am going to liaise with the Ministry of Defense so that we’re going to ensure that we’ve maintained unmanned area vehicles so that it’d give them protection from the air. “The coaches are unkempt. The seats aren’t clean. So, we need to ensure that all these things are put in place,” he stressed
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Divestments in AccessCorp as 43.702m shares change hands
Shareholders have expressed surprise that the shareholding structure in Access Bank Corporation is tilting with a total of 43.702 million worth N703.328 million changing hands in one day.
Investors traded 311.116 million shares worth N3.915 billion in 7193 deals against 356.015 million shares valued at N4.233 billion in 6469 deals.
Transactions in the shares of AccessCorp led market activities during the day with 43.702 million shares valued at N703.328 million, Transnational Corporation of Nigeria followed with 28.497 million shares worth N181.730 million, Dangote Sugar Refinery traded 16.029 million shares cost N820.840 million, Chi Plc traded 15.565 million shares cost N13. 471 million while Omatek exchanged 15.514 million shares cost N4.659 million.
The domestic equity market Monday opened the week on a positive note, appreciating by N325 billion.
The market capitalisation of listed equities increased by 0.90 per cent to close at N36.205 trillion from N35.880 trillion reported the previous day.The NGX All Share Index also appreciated by 592.47 basis points to 66151.38 points recorded the previous day.
An analysis of the investment showed that four companies recorded 10 per cent gain at the close of transaction Omatek Plc, Dangote Sugar Refinery increased by 10 per cent each to close at N0.33 and 52.25 per share respectively. Thomas Way and Transnational Corporation of Nigeria also appreciated by 10 per cent each to close respectively at N1.87 per cent and N6.38 per cent per unit.SFS REIT followed with a gain of 9.96 per cent to close at N92.15 per unit.
On the contrary, CWG recorded the highest loss, in percentage terms, declining by 10 per cent to close at N4.50 per unit, JohnHolt trailed with a loss of 9.80 per cent to close at N1.38 per share, NEM Insurance declined by 9.54 per cent to close at N5.12 per unit, NSLTech fell by 9.09 per cent to close at N0.30 per share while Cutix Plc dropped by 8.33 per cent to close at N2.20 per share. -
Crude production plunges to 1.22mbpd in Q2 2023 -Report
Hope for increased crude oil production deemed with second quarter figures plunging to 1.22 million barrel per day (mbpd), Nigeria’s statistics bureau, has said.
The decrease is coming in spite of the restoration of fragile peace in the Nigeria Delta region; the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd).
This according to the Nigerian Bureau of Statistics (NBS) was much lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the first quarter of 2023 production volume of 1.51 mbpd by 0.29mbpd.
The real growth of the oil sector was 13.43 per cent (year-on-year) in the second quarter of 2023, indicating a decrease of 1.66 per cent points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 per cent).
Growth also decreased by 9.22 per cent points when compared to the first quarter of 2023 which was –4.21 per cent.
On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.12 per cent in the second quarter of 2023 and contributed 5.34 per cent to the total real Gross Domestic Product (GDP) in the second quarter of 2023, down from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 6.33 per cent and 6.21 per cent respectively.
The statistics bureau further said the non-oil sector grew by 3.58 per cent in real terms during the reference quarter (Q2 2023). This rate was lower by 1.19 per cent points compared to the rate recorded in the same quarter of 2022 and 0.81 per cent. -
Increasing global protectionism could heighten economic shocks –IMF
The International Monetary fund has warned increasing protectionism could further heighten global economic shocks.
According to the Bretton Woods Institute, greater protectionism could lead to fragmentation, and even split nations into rival blocs just as fresh shocks expose the global economy’s fragility.
“While estimates of the cost of fragmentation vary, greater international trade restrictions could reduce global economic output by as much as 7 percent over the long term, or about $7.4 trillion in today’s dollars. That’s equivalent to the combined size of the French and German economies, and three times sub-Saharan Africa’s annual output,” the Fund said.
Calling for more deliberate global cooperation, the global lender noted that international institutions can play a vital role, bringing countries together to help solve global challenges.
The Fund noted that signs of cooperation are faltering as new trade barriers are introduced annually hitting almost 3,000 in 2022. IMF research has shown that geopolitical alignments increasingly influence both foreign direct investment and portfolio flows.
“Other forms of fragmentation—like technological decoupling, disrupted capital flows, and migration restrictions—will also raise costs. In addition, global flows of goods and capital have leveled off since the global financial crisis.
“The IMF continues to underscore that the international community, supported by global institutions such as ours, should pursue targeted progress where common ground exists and maintain collaboration in areas where inaction would be devastating.
“Policymakers need to focus on the issues that matter most not only to the wealth of nations but also to the economic well-being of ordinary people. They must nurture the bonds of trust among countries wherever possible so they can quickly step up cooperation when the next major shock comes,” Kristalina Georgieva, IMF President said.
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Real Estate Bill, solution to housing sector challenges – REDAN
The Real Estate Association of Nigeria (REDAN) has disclosed that the Real Estate Bill when passed into law would address the numerous challenges developers face in delivering quality and affordable housing in the country.
President of the Real Estate Developers Association (REDAN), Alhaji Aliyu Wammako, who disclosed this in an interview in Abuja, said the lack of real growth of the sector is due lack of legislation that would provide the direction.
He said signing the bill into law would curb fraudulent practices in the business of real estate development and ensure real estate businesses conform to the National Building Code.
“To tackle all the numerous challenges facing the sector, the Real Estate Bill has to be passed into law. This will help to effectively regulate the real estate sector, giving the body the power to regulate the sector and take better charge of the activities of our members,” he said.
He also called for the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to strengthen it further to deliver on its mandate of providing mortgages for citizens.
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Nigeria’s Q2 2.51% GDP growth rate, not inclusive –Uwaleke
Professor of Finance and Capital Market at the Nasarawa State University Keffi, Uche Uwaleke, has said that the Gross Domestic Product (GDP) released Friday by the National Bureau of Statistics is not good for a developing economy like Nigeria.
According to Uwaleke, the growth failed to address the twin issues of poverty and unemployment.
The first Nigerian Professor of the Capital Market said: “In my view, this identified growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as ours.
“Little wonder, economic growth does not appear inclusive, reflecting in rising unemployment and poverty levels (new NBS methodology attempts to mask this).”
The NBS in its Q2 2023 GDP report stated that Nigeria’s Gross Domestic Product growth rate slowed to 2.51 per cent year-on-year in the second quarter of this year (Q2 2023) compared to 3.54 per cent recorded in Q2 2022,
The former Imo State finance commissioner noted that while the oil sector tanked considerably on account of reduction in crude oil production, growth was driven by the non-oil sector.
“The Non-oil sector performance was powered by the Services sector (4.42%) especially by Telecoms, Trade, Financial services,
“Industry sector appeared hugely impacted by rising inflation during the quarter. Growth rate was negative at -1.94% compared to 0.31% in Q1, 2023
“The sudden removal of fuel subsidy in May could be blamed for the plunge in the Transportation sector by over 60 points from Q1 2023.
“The Agriculture sector (comprising 4 activities, though dominated by crop production) printed a slightly improved performance over Q1. But, (shy of 2%) is still far from its pre COVID’19 levels, he said.
To address the imbalance, Uwaleke insisted that it is “time we reset this faulty economic structure, leveraging technology, in favour of the productive sectors: Industry and Agriculture.”
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World Bank partners FG, targets 148m digital national IDs for Nigerians
A new partnership between the federal government and the World Bank will see about 148 million working age Nigerians getting digital National Identity Cards by the middle of 2024.
Speaking at a dinner organized by the Ministry of Communications in partnership with the World Bank, World Bank Country Director for Nigeria, Shubham Chaudhuri, reaffirmed the organization’s commitment to eradicating poverty, improving lives and creating job opportunities for the country’s youth.
He said the multilateral financial institution is collaborating with the federal government to ensure the successful rollout and registration of digital national IDs for all Nigerians.
Chaudhuri said, “Our main mission here in Nigeria is to eliminate poverty, make lives better, and create jobs for all Nigerian youth. One of the areas that we think has the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID.
“So one of the main partnerships we have is working with NIMC to ensure the rollout of the registration so that all 213/220 million Nigerians have a digital national ID, beginning of course with all people of working age and I think the target for that is at least 148 million people by the middle of next year.
“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity because without broadband connectivity, digital technologies will lead to a digital divide. So their support has been for good kinds of policies and regulations that will help invite private investment into this space and then fibre
At the dinner which was organized in his honour, Minister for Communications and Digital Economy, Dr. Bosun Tijani, announced that the Federal Government has secured a $500 million loan aimed at boosting innovation and entrepreneurship within Nigeria’s digital sector.
“Part of my responsibilities is working with BoI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses,” the minister said. -
Oil spill has destroyed Aleto, Eteo communities’ source of water -Group
Health of Mother Health Foundation (HOMEF), has again decried the recent oil spills that ravaged Aleto and Eteo communities in Eleme Local Government of Rivers State, saying it has crippled farming and fishing activities in the area.
HOMEF said the spills also destroyed the communities’ only source of potable water.
HOMEF and members of Oilwatch Nigeria that paid visits to the two scenes recently for an on-the-spot assessment to ascertain the level of response and possible
cleanup of the affected environment, said it met the environment still in a
sorry situation as nothing is being done to salvage or clean the pollutions caused by the spills.A statement by HOMEF on Saturday signed by the Media and Communication Lead, Kome Odhomor, Executive Director, Nnimmo Bassey, expressed displeasure that the oil companies are neither decommissioning their aged infrastructure nor ensuring that their facilities are in good working condition.
He regretted that rather than remediating the harm caused by their activities, more investments are being made by the oil companies to expand the areas of threat.
Bassey further lamented that two months after the spill occurred, the companies have yet to respond and interface with the communities in any meaningful way.
“It was heartbreaking to listen to the lamentation of the community women who now have no source of potable water and cannot process their cassava, a major staple due to the pollution of their stream. The insensitivity of the polluters and
regulatory agencies is appalling. These atrocious incidents are also compounding the work of HYPREP. While the agency is working to clean
some areas, these polluting incidents are threatening to erase their efforts.”During the site visits, coordinator, Peoples Advancement Centre (PAC), and member Oilwatch Nigeria Celestine Akpobari, called on NOSDRA and
other relevant agencies of government to do the needful and send relief
materials to the starving people immediately.“It is sad and very embarrassing that a spill of this magnitude at Eteo would happen in very close proximity to human habitation and the NPDC and the government of
Nigeria carries on as if nothing has happened to the people. It is worse that the spill has affected the community’s only source of drinking
water. It is not enough to just sneak in at night to clamp the pipe, the right thing must be done.”While receiving the team of CSOs who visited his palace, His Royal Highness Emere Emmanuel T. Akobe the Paramount ruler of Eteo community
expressed shock over the attitude of the NPDC saying, “Our beautiful stream is dead, my people don’t deserve this type of treatment and after
we have brought the notice of the National Assembly, there is still no
response from them, and my people continue to suffer the impact of the
spill.”HOMEF reiterates that Aleto and Eteo communities and the entire Niger Delta must not be treated like disposable or sacrifice zones for
profit-seeking endeavours.NOSDRA should be more proactive in meeting the
challenging situations of oil spills in the region, while the polluting companies should urgently halt their polluting activities, clean up
their spills, and pay compensation to affected individuals and
communities.The CSOs also demanded that oil companies decommission all aged pipelines and facilities in the region in line with UNEP
recommendations in the assessment of the Ogoni environment.