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.
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
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.
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
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
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
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
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
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
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
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
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
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.
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
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
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.
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
The board of Ecobank Transnational Incorporated, Lome, Togo held a board meeting on September 20, 2013 to discuss recent developments concerning the company, various allegations in the press and concerns expressed by its various stakeholders.
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
In its twenty-five years of existence, Ecobank has made huge strides towards its ambition to be the number one pan-African bank. In doing so, it has a clear vision to bring economic benefit and cohesion to Africa and its people. To date, it has been highl