SEC

Abia State Governor, Dr Okezie Ikpeazu, yesterday dissolved the State Executive Council (SEC) about one and half years after he appointed the commissioners to serve in his second tenure cabinet.

According to him, the NSE engaged with the federal government to secure an ”essential service status” for the market as part of its Covid-19 response as well as engaged with the Federal Ministry of Finance, Budget and National Planning to achieve specific capital market incentives in the 2019 and 2020 Finance Acts.

Nigeria’s first Professor of Capital Market, Professor Uche Uwaleke, has said there is nothing wrong with Federal Government’s plan to borrow N895 billion from unclaimed dividends and dormant deposits in bank accounts.

The rule provides that “if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a ‘second filing deficiency notification’ within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension”.

Part of the law provides that, “Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank, which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account, shall be transferred immediately to the trust fund.”

The Securities and Exchange Commission (SEC) has suspended all physical meetings and visits to its offices till further notice in the wake of the second wave of COVID-19.

The Securities and Exchange Commission (SEC) has warned the Nigerian business community to be careful of the activities of Famzhi Interbiz Limited, saying the company is not registered as a financial services institution.

The Securities and Exchange Commission (SEC) has warned that Famzhi Interbiz Limited, an Abuja based investment platform, is soliciting funds illegally from members of the public.

The Lagos State Chapter of the Peoples Democratic Party (PDP) has suspended three members of its executive committee for alleged anti-party activities.

The immediate past factional chairman of the Edo State chapter of the All Progressives Congress, APC, Anselm Ojezua, finally led other members of the party to pitch tenth with the Peoples Democratic Party, PDP, in the state, citing loss of confidence in the national leadership of the party and alleged disobedience to the party’s constitution.

Edo state chapter of the All Progressives Congress (APC) yesterday inaugurated its caretaker committee where it said it was poised to reclaim the state.

The Securities and Exchange Commission is opposed to a proposed amendment in the Finance Bill 2020 that prescribes that unclaimed dividends be handed over to the federal government as trustee.

As investors’ confidence is gradually returning to the Nigerian capital market despite the lull in economic activities, the United Capital Plc, leading fund manager in Nigeria has recorded another landmark with the launching of the nation’s first designated mutual fund for N1.0 billion Sukuk Fund.

The National Assembly and the Securities and Exchange Commission, SEC have endorsed the commencement of the Lagos Commodities and Futures Exchange, LCFE, assuring the management of the Exchange and all stakeholders of speedy legislation that would enhance the commodities market and the nation’s Gross Domestic Product, GDP.

The Federal Government yesterday faulted claims by the President of the Academic Staff Union of Universities (ASUU), Prof. Biodun Ogunyemi that the government had failed to deliver on the timelines on offers made to the union.

Oando Plc, an integrated energy company, has blamed the Securities and Exchange Commission (SEC) for its inability to submit third quarter (Q3) 2020 financial results.

From January 2021, stockbrokers would be mandated to give details of any investor in the Nigerian capital market who trades any security more than 499,999 units.

The Securities and Exchange Commission (SEC) says it has intensified efforts to attract more retail investors into the nation’s capital market.