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
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
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.
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
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
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
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.
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
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
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
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
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
Regulators in the U.S. and U.K. fined J.P. Morgan Chase $920 million for actions tied to its 2012 "London whale" trading debacle, according to an announcement by regulators. The U.S. Securities and Exchange Commission, the Office of the Comptroller of the
The Securities and Exchange Commission (SEC), apex regulator of the Nigerian capital markets, wishes to inform the investing public that the Ecobank Transnational Incorporated (ETI) corporate governance investigation is progressing.
In view of recent media reports on Ecobank Transnational Incorporated (ETI), the Securities and Exchange Commission (SEC) Tuesday confirmed it was investigating allegations of corporate governance breaches at the pan-African bank.
One of the tools available to the principal Nigerian law enforcement agency charged with the investigation and prosecution of financial crimes - the Economic and Financial Crimes Commission (EFCC) - is the power to seize the property of a suspect who has
Legislation introducing deferred prosecution agreements (DPAs) was given royal assent on April 25 2013, and is set to come into force in early 2014. The director of public prosecutions and the Serious Fraud Office (SFO) will have the power to enter into D
A number of aggrieved customers of First Bank of Nigeria (FBN), including Dr. Olisa Agbakoba, SAN, have filed a major class action against the leading Nigerian bank, claiming gross mismanagement of their margin loans running into billions of naira.
The Securities & Exchange Commission on Tuesday April 16, 2013 suspended Aims Asset Management Ltd for non-refund of the sum of N300, 000.00 deposited by an investor under a Portfolio Investment Agreement.
The general public is hereby informed that Mr. Adim Jibunoh of Irving Asset & Management Co. Ltd and Mr. Adewale Akinrele of Cashcraft Assets Management Ltd collected the sum of N3,100, 000.00 from an investor with a promise to invest the sum in Investme
The buzz on the street is rising on the imminent class action law suit against a leading Nigerian bank from customers who allegedly suffered humongous pecuniary losses due to fraudulent misrepresentations from the institution.
The Securities and Exchange Commission (SEC) has suspended Ecobank Plc from acting as a receiving banker and from all capital market activities.The suspension is as a result of the role played by the bank in a complaint by Avil Services Ltd relating to a
Washington, D.C., March 11, 2013 The Securities and Exchange Commission today charged the State of Illinois with securities fraud for misleading municipal bond investors about the state's approach to funding its pension obligations.
As the market continues its paradigm shift assimilation phase, arising from the compliance disclosures from the Nigerian Stock Exchange (NSE), and especially over its decision to use public censure as both a teachable moment and a deterrent; it may be nec
I am just going to assume that the news cycle ran out of things to cover in the financial market space for the news of a resignation, an appointment and a response to an observed infraction to become a major news item.
In furtherance of its corporate governance compliance role, the Central Bank of Nigeria (CBN) has taken action to address violations of its rule as it affects members of the board of the quoted financial institution.
The Delta State Government Tuesday said it had blacklisted two banks for failure to remit N1.1billion tax revenue paid into its accounts several days after a multinational oil giant, Chevron Nigeria Limited, allegedly paid the money through the banks.
Federal securities regulators are stepping up oversight of stock exchanges as they scramble to catch up to trading advantages that some say have developed for sophisticated clients at the expense of ordinary investors.
Remember Richard Bowen? He is the former senior executive at Citigroup Inc. (C) who in November 2007 issued a clarion call to his colleagues and Citis board that a major credit-quality problem loomed for the bank.