Browsing Tag

securities and exchange commission

Suspended SEC DG, Gwarzo Finally Vindicated

I had predicted in an opinion piece last year that the case against Munir Gwarzo, the suspended Director General of the Security and Exchange Commission (SEC) by the ICPC would not stand court scrutiny and that he would be vindicated. I had based my conclusion on the No Case submission of Gwarzo after all the prosecution witnesses had testified and ICPC had closed its case. Gwarzo was accused of paying himself severance allowance as executive commissioner after he was appointed at SEC after he was appointed DG. But!-->!-->!-->!-->!-->…

Court Frees Gwarzo, Dismisses ICPC’s Suit Against Suspended SEC DG

Victory came the way of the suspended Director-General of the Security and Exchange Commission (SEC), Mounir Gwarzo, on Tuesday, as the FCT High Court dismissed a five-count charge of financial misconduct leveled against him by the Independent and Corrupt Practices and Other Related Commission (ICPC). Gwarzo was discharged and acquitted after his arraignment today by the ICPC before the court. The anti-corruption agency arraigned the embattled SEC boss alongside an Executive Commissioner in SEC, Zakawani Garuba, who!-->!-->!-->!-->!-->…

Mounir Gwarzo, Suspended D-G of SEC Will Be Vindicated

When an accused tells the court that he is making a no-case submission, then it is time to review the case. That was what the suspended Director-General of the Securities and Exchange Commission, Dr. Mounir Gwarzo told an FCT High Court Maitama last Thursday. Gwarzo was arraigned by the Independent Corrupt Practices and Other Related Offences Commission before Justice Husseini Baba-Yusuf, on five counts bordering on fraud. The evidence adduced by the prosecution to support the charge of fraud against Gwarzo is the proof…

Alleged N115m Fraud: Ex-SEC DG Gwarzo To Make No-case Submission

The suspended Director-General of the Securities and Exchange Commission, Dr. Mounir Gwarzo; and the Executive Commissioner, Zakwanu Garba, on Thursday informed an FCT High Court Maitama that they would make a no-case submission in the charge filed against them. The duo were arraigned by the Independent Corrupt Practices and Other Related Offences Commission before Justice Husseini Baba-Yusuf, on five counts bordering on fraud. The defendants, through their counsels, Abdulhakeem Mustapha (SAN); and Robert Emupkoeruo…

Coronation Securities Delves Into US Market

Coronation Securities Limited (COSEC), one of Nigeria’s major financial institutions, is expanding its access to the United States, using New York-based broker-dealer, Marco Polo regulatory platform. The move according to the Securities firm, will give investors access to local exchange-listed securities as well as locally originated private placement and M&A investment opportunities. Head of Coronation Securities, Uwana Ekpat, said, "Coronation Securities values adherence to regulatory requirements in all markets…

IMF Reveals Why Many Investors ‘Scared’ To Invest In Nigeria

A large number of investors who have shown keen interest in Nigeria's capital market are scared to put their money in its economy, the International Monetary Fund (IMF) has revealed. Miriam Tamene, IMF's Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, revealed this on Wednesday. Tamane, who led a team of IMF officials to the Securities and Exchange Commission (SEC) in Abuja, said quite a number of investors are interested in the country's securities…

Nigerians Weep As MMM Officially Bows Out

Notorious ponzi scheme MMM has officially announced a “RESTART” of the system, leaving many Nigerian participants wailing with thousands and millions of Naira trapped in the scheme. In a message posted on the home page of participants Saturday morning, the scheme said that it had struggled to stay afloat after going on a break in Dec. 2016 but had been forced to do a system restart. Many of the participants who commented in various MMM Whatsapp groups recounted sadly how they and family members had lost millions to the…

SEC Launches Nigerian Capital Market Dev’t Fund

Aimed at stimulating growth in the Nigerian economy, the Securities and Exchange Commission (SEC) on Monday launched the `Nigerian Capital Market Development Fund (NCMDF)`. The fund will be saddled with the responsibility of providing funding towards development initiatives in the Nigerian Capital Market. SEC Director-General, Mr. Mounir Gwarzo, has been named Chairman of the fund`s board. The NCMDF board members will comprise: Executive Commissioner of the SEC; Director, Home Finance (federal ministry of finance),…

Gwarzo And The Chicken Chasers

Constructive criticisms are sometimes necessary for the smooth running of organisations. They help to keep the executives on their toes and call their attention to mistakes as they occur. Criticisms can also become pernicious and debilitating when they are made in bad faith. They are worse when they are based on false information and outright lies. Mr. Mounir Haliru Gwarzo since he was appointed the Director-General (D-G) of the Securities and Exchange Commission (SEC), on May 20, 2015 by former President Goodluck…
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