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   Market Date: 25-07-2014   
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Frauds & Scandals

  1. Officials at Ex-Im Bank Face Probes – Sources


    The U.S. Export-Import Bank has suspended or removed four officials in recent months amid investigations into allegations of gifts and kickbacks, as well as attempts to steer federal contracts to favored companies, several people familiar with the matter
  2. Federal High Court rules against FRCN, says they are prejudiced


    A Federal High Court in Lagos has barred the Financial Reporting Council of Nigeria, FRCN, from investigating Lamido Sanusi, the suspended governor of Central Bank of Nigeria, CBN.
  3. Sanusi shuns Financial Reporting Council; says invitation in bad faith


    The suspended Central Bank of Nigeria, CBN governor, Lamido Sanusi, on Thursday shunned the much-publicized invitation by the Financial Reporting Council of Nigeria, FRCN, for him to appear before it to answer questions on some aspects of his tenure betwe
  4. FRC zeroes in on Evelyn Oputu, Aig-Imoukhuede, Wigwe & Others


    The Financial Reporting Council of Nigeria has invited the suspended Governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi; the Managing Director of the defunct Intercontinental Bank Plc, Mr. Erastus Akingbola, the Managing Director of Acces
  5. Sanusi, Alade, 13 Others to appear before FRC


    The Financial Reporting Council of Nigeria (FRC) will on Wednesday and Thursday grill the suspended Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi; the acting Governor of the CBN, Dr. Sarah Alade; the former Managing Director/CEO
  6. Shake Up At NNPC As Nigeria Appoints New Group Executive Directors


    SAN FRANCISCO, March 19, (THEWILL) President Goodluck Ebele Jonathan Wednesday appointed new Group Executive Directors for the Nigerian National Petroleum Corporation to fill critical vacancies which currently exist in the Corporation, a Presidency stat
  7. Appeal courts dismisses SEC/EFCC’s case against Rep. Herman Hembe & Others


    The Court of Appeal, Abuja Division, on Friday freed a former chairman of the House of Representatives Committee on Capital Market, Mr. Herman Hembe, saying he had no case to answer in corruption charges filed against him by the Economic and Financial Cri
  8. Sanusi Lamido responds to ALL allegations from the Presidency


    I am compelled to make this public statement to address the various allegations levied against the Central Bank of Nigeria (CBN) and cited as the reasons for my suspension from office as the Governor of the CBN on the 19th of February 2014.
  9. U.S. Seizes Largest Ever Embezzlement by Foreign Dictator


    The Justice Department is moving to seize more than half a billion dollars of allegedly corrupt proceeds from former Nigerian dictator Sani Abacha and his associates, in what officials called the largest such action in U.S. history.
  10. Auditor-General: Constitution Bars Us from Auditing NNPC


    Contrary to the testimony made last week by the Auditor-General for the Federation (AuGF), Mr. Samuel Ukura, before the House of Representativesum Corpor
  11. NEITI: Nigeria Loses $8bn Through Crude Oil Swaps


    Nigeria may be losing an estimated $8 billion annually through the crude oil-for-refined products exchange arrangement, better known as crude oil swaps, which the Nigerian National Petroleum Corporation (NNPC) has with oil traders such as Trafigura, Vitol
  12. Three Ex-Barclays Employees to Face U.K. Charges Over Libor


    The U.K.'s Serious Fraud Office said it will pursue criminal charges against three former Barclays employees over alleged manipulation of interest rates, broadening the global investigation into alleged rigging of the London interbank offered rate.
  13. White Collar Crime - United Kingdom, USA


    The Commons Select Committee on Justice, in its role as a statutory consultee, has reported on the Sentencing Council's draft sentencing guidelines for fraud-related offences. The new draft guidelines place greater emphasis on the effect of the offence on
  14. MTN and Stanbic IBTC mentioned In $8b Money Laundering Petition


    Telecoms giant MTN Nigeria has been accused of engaging in large scale money laundering which has helped in not only depleting Nigeria Foreign Exchange (Forex) reserves but also has negatively affected the countrys economy over the last five years, Nat
  15. Atlantic Energy & Seven Energy's transactions with NPDC Illegal - CBN


    At the National Assembly today, the Governor of Nigerias Central Bank (CBN) Sanusi Lamido Sanusi told the Senator Ahmed Makarfi led committee on Finance raised fresh allegations against the management of transactions constituting part of the unaccounted
  16. NNPC's unremitted funds: $20bn remains unexplained - CBN


    The Central Bank Governor (CBN), Sanusi Lamido Sanusi, today informed the the Senator Ahmed Makarfi led Committee on Finance investigating the allegations of unremitted funds into the Federation Account that out of the $67 billion crude oil sales that was
  17. S. 306 of ISA 2007 and Whistleblowers in Nigeria


    When the Securities and Exchange Commission (SEC) issued their January 09, 2014 letter directing that Ecobank Transnational Incorporated (ETI) reverse the recent disengagement of Mrs. Laurence do Rego, the former Executive Director, Finance & Risk, whose
  18. Ecobank: Update on Reforms


    We are taking very seriously the press release issued on Thursday 9 January, 2014 by the Nigerian Securities and Exchange Commission (SEC). Changes have indeed already been made and the initiatives under way to strengthen further ETI's corporate governanc
  19. SEC gives ETI Plc 7 days ultimatum to reverse sack of Do Rego


    The frail stability achieved by Ecobank Transnational Incorporated (ETI), the Lome, Togo-based parent company of Ecobank Nigeria Plc in the last few weeks is now threatening to crack open at its seams over a recent administrative action by the board which
  20. Investigations reveal that SEC Nigeria may have rushed to Judgment on ETI


    From an investor perspective, the SEC approach would appear to have been a let-down of sorts; considering the severity and impact of the decision(s) reached. In the main, the best practice rules for discharging such a role has not only been compromised bu
  21. SEC Releases Investigation Report of ETI's Corporate Governance Practices


    Following a series of publications in the local and international media regarding breaches of corporate governance and allegations against the Board of Directors and certain principal officers of Ecobank Transnational Incorporated (ETI) (A company listed
  22. Ecobank's suspended director, Do Rogo no longer an employee


    Ecobank Transnational Incorporated (ETI) Plc, yesterday, announced that its Group Executive Director for Finance and Risk, Mrs. Laurence Do Rego, was no longer an employee of the institution.
  23. 26 Dealing Members and 3 Individuals Involved in Unauthorized sale of Investors' Shares


    26 Dealing Members and 3 Individuals Involved in Unauthorized sale of Investors' Shares
  24. SEC cancels registration of Sterling Registrar, indicts 6 others over unlawful allotment


    Unlawful Allotment of Shares Payment of Return Monies to persons not entitled thereto Violations of the SEC Rules and Regulations (As Amended) and the Code of Conduct for Capital Market Operators and Their Employees.
  25. Market Practices in Nigeria: SEC Decides on Respondent's Failure to Cross Investor Shares Worth N18m


    Failure/ Refusal of the Respondents to cross investor shares worth N18million after receiving payments for same
  26. Outcome of Revenue Reconciliation of Unremitted $49.8m


    THE FULL TEXT OF A JOINT PRESS CONFERENCE ADDRESSED ON WEDNESDAY, DECEMBER 18, 2013, BY THE MINISTER OF FINANCE AND COORDINATOR OF THE ECONOMY, DR. NGOZI OKONJO-IWEALA, THE MINISTER OF PETROLEUM RESOURCES, MRS. DIEZANI ALISON-MADUEKE, AND THE GOVERNOR OF
  27. Sanusi Lacks Understanding Of How Revenues From Crude Oil Are Remitted To Fed Account, Says NNPC GMD


    The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu Friday faulted the claim by the CBN Governor, Mr. Lamido Sanusi that the NNPC has failed to remit the sum of $49.8b from the sale of crude oil say
  28. Non-Remittance of $49.8bn: NNPC Refutes CBN Claim


    The Nigerian National Petroleum Corporation (NNPC) has refuted reports credited to the Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, alleging that it withheld the sum of $49.8bn representing 76% of the total crude oil revenues from
  29. White Collar Crimes in Nigeria - Anti-corruption developments during 2013


    Several significant anti-corruption developments related to Nigeria have occurred outside Nigeria, and observers could be forgiven for suggesting that the most prominent developments have not occurred in the country.
  30. Tackling domestic bribery in Turkey: lawmakers and judiciary take staunch approach


    Anti-bribery and anti-corruption, which have not yet been strongly differentiated in Turkey, have become hot topics in recent years. The Turkish public, lawmakers and the judiciary have all taken a staunch approach against bribery, albeit each in their ow
  31. SEC enforces closure of the Offices Of Royal Benchmark Limited, An Illegal Capital Market Operator


    This is happening only a few days after the SEC took a similar action against another illegal operator based simultaneously in Port Harcourt and Sokoto and on the heels of earlier enforcement actions taken in Lagos and Jos against unregistered and unlawfu
  32. AIMS Mangt redeems payment to retail investor, teachable moment for market


    The incidence of market infractions and the almost helpless position of retail investors in the hands of market operators remain a pertinent issue the regulators continue to work on and one that requires the support and active engagement of all stakeholde
  33. Kolapo Lawson Stands Down as ETI Chairman


    The Board of Ecobank Transnational Incorporated (ETI) today announced the decision of Kolapo Lawson to stand aside as its Chairman. He will retire from the Board on 31 December 2013 and hands over to Andr Siaka as interim Chairman with immediate effect.
  34. UBS Probed Over Foreign Exchange


    UBS said it has received inquiries from authorities probing the possible manipulation of foreign-exchange markets and is conducting a related internal probe, adding that it has already taken action against certain employees.
  35. NSE to suspend Aims Asset Management for failure to redeem Tenured Investments


    The Nigerian Stock Exchange has reiterated its intention to suspend Aims Asset Management from trading on the floor of the Exchange effective 30th October, 2013 following the firm's failure to resolve the complaints lodged from various investors on the de
  36. Jury Finds Bank of America Liable for Fraud Against Fannie, Freddie


    Bank of America committed fraud when a unit sold loans to mortgage finance firms Fannie Mae and Freddie Mac in a scheme called the “hustle,” a jury found Wednesday.
  37. Aviation Minister’s Response To Presidency Query on BMW Vehicles


    The memo below is Aviation Minister, Stella Oduah’s response to a Presidential query on the controversy surrounding the purchase of two BMW 7 series armoured vehicles at an outrageously inflated cost of about $700, 000 (Seven hundred thousand dollars) per
  38. SEC places Deap Capital Group under Investigations


    The Securities and Exchange Commission, pursuant to its mandate of investor protection, the powers conferred on it by section 13 of the ISA 2007 and in line with global best practice in Securities Market Regulation, hereby informs the General Public that
  39. White Collar Crime: The Struggle to Investigate and Prosecute Crimes Continues


    A recent decision of the Court of Appeal against murder convictions demonstrates what many observers in Nigeria consider to be the two biggest obstacles to the adequate investigation and prosecution of criminal cases
  40. ETI, Oando Plc under Fire over Ownership, Governance


    Last week was indeed eventful for two major companies- Ecobank Transnational Incorporated (ETI) and Oando Plc, with their shares traded on the Nigerian Stock Exchange (NSE). Both companies came on the firing line, going by sporadic attacks, particularly b


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