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SEC to intensify crackdown on Ponzi schemes

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The Securities and Exchange Commission (SEC) says it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

The Director General of SEC, Dr Emomotimi Agama, said this in his New Year message to the capital market community on Sunday.

He said that protecting investors remained a cornerstone of the commission’s mission.

Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.

According to him, SEC is positioned with a dual mandate in regulating and developing the capital market in Nigeria.

“Naturally, our top priority in 2025 will cut across the dual mandate. For us, mainstreaming the Nigerian Capital Market into the economy is very vital.

“Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.

“Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms.

“Transparency is at the heart of investors confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” he said.

The director-general added that to resolve market disputes efficiently and fairly, the commission was focusing on enhancing the operations of the Investments and Securities Tribunal (IST).

He noted that these efforts aim to make the tribunal more effective in delivering timely resolutions, thereby improving overall efficiency in the process.

Agama stated that key focus for the commission in 2025 is strengthening the legal framework of the commodities market to enable it attain its full potential of aiding economic development.

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He said the commodities market is a major area of interest for SEC, adding that Nigeria is purely an agrarian nation.

The director-general said that taking that comparative advantage to the next level, is something that the commission is proud to be part of.

Agama said this year, SEC would focus on reinforcing the legal and regulatory structures that support growth to create a solid foundation for the vibrant commodities ecosystem, be it soft or hard commodity.

“More so, when we have a plethora of commodities all over Nigeria. SEC as a partner in development will make sure that we make the difference,” he said.

Agama said that these initiatives reflect the commission’s vision for a stronger and more inclusive capital market in 2025, adding that SEC is committed to building wealth, instilling confidence and making impacts.

The SEC boss said: “As we embark on this journey, I invite all stakeholders to work with us in achieving these goals.

“Together, we can unlock the potentials of the Nigerian capital market and make this a defining year for our economy.

“What we intend to do, is to steer the capital market towards a direction that ensures that development gets to the doorstep of every Nigerian.”

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Fubara Erroneously Implicated in Pre-State of Emergency Proclamation Security Issues – Coalition’s Report

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The Coalition of Human Rights Monitoring Group says Governor Siminalayi Fubara of Rivers State was erroneously implicated in security issues that led to the declaration of a state of emergency in the state.

The group, in a comprehensive report on the crisis in Rivers, also cleared Fubara of allegations linking him to militant groups responsible for pipeline vandalism and security breaches in the state.

The report, which was made available to journalists in a press conference on Wednesday in Abuja, thoroughly debunked claims that Fubara has ties to militant factions, describing the allegations as “politically motivated fabrications” designed to destabilise his administration.

The Coalition of Human Rights Monitoring Group’s investigation revealed no evidence of financial transactions or operational links between the state government and known militant factions.

According to the report, the allegations against Governor Fubara are part of a broader pattern of democratic subversion in Nigeria’s volatile political landscape.

The report points to the role of Minister of the Federal Capital Territory (FCT), Nyesom Wike, in fueling tensions in Rivers State through his inflammatory remarks.

The Coalition, in the report, recommends the immediate cessation of political hostilities, the withdrawal of security forces unlawfully deployed in Rivers State, and the initiation of independent investigations into allegations of militancy.

The report also notes that communities, where the alleged incidents were reported, have come forward to refute the claims, assuring the public that oil and gas facilities in their areas remain secure and operational.

The Coalition of Human Rights Monitoring Group’s report concludes that the allegations against Governor Fubara appear to be politically motivated fabrications.

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The report added: “It is abundantly clear to us, and to the world that Governor Siminalayi Fubara has no verifiable links to militant groups operating within Rivers State, or the Niger Delta at large.

“We are convinced that the allegations against him appear to be politically motivated, fueled by power struggles and deep-seated rivalries rather than grounded in any factual basis.  This report has methodically dismantled the unfounded allegations against Governor Siminalayi Fubara, exposing them as politically motivated fabrications.

“The real instigators of instability in Rivers State are those who prioritize personal vendettas over public welfare. It is, therefore, imperative for all stakeholders, both within Nigeria and in the international community, to recognize the dangerous implications of weaponizing baseless accusations for political expediency.

“The attempt to malign Governor Fubara’s character through such claims is not only an attack on his personal integrity but also an affront to the democratic values that Nigeria professes to uphold.

“Moreover, the reckless statements made by Minister Nyesom Wike, which have exacerbated tensions in the region, must be condemned unequivocally. Public officeholders bear an ethical and constitutional responsibility to foster national unity rather than stoke the flames of discord.

“The people of Rivers State deserve peace, stability, and development—not a manufactured crisis driven by political greed and ambition. As concerned citizens and defenders of democracy, we stand resolute in our support for truth and justice.

“Governor Fubara must not be sacrificed on the altar of political expediency. His exoneration from these baseless allegations and false narratives is not just a defense of his personality, but a defense of democracy itself.

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“Governor Fubara has consistently demonstrated his commitment to peace, security, and good governance. His call for the protection of vital oil installations and his transparent governance style stand in stark contrast to the baseless allegations that seek to tarnish his reputation.

“The security challenges in Rivers State are not of his making; rather, they are symptomatic of a broader historical struggle for equity and justice in the Niger Delta. The international community, civil society, and all lovers of democracy must stand strong behind Rivers State to save it from anarchy.”

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NRC ready for cargo train services – MD

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The Nigerian Railway Corporation (NRC) has said the Western district is ready for cargo train movement between Lagos and Kano on the narrow gauge.

The Managing Director of NRC, Dr Kayode Opeifa, said this on Tuesday, at Dugbe Ibadan Narrow Gauge Train Station, after inspecting Moniya Freight Park.

“The essence of this tour is to enable us to access our readiness to handle the cargo side of our business as business and logistics facilitator.

“We are happy with the extent of what we have seen and we can comfortably say we are ready to move any manner of cargo for any of our customers,” he said.

At Omi Adio, Opeifa after inspecting the facility put in place to establish another cargo park, directed the acquisition of more land around the proposed dry port area to provide for anticipated business for the dry port.

The inspection took Opeifa and his management team to the Obafemi Awolowo Train Station, Moniya and the Moniya Cargo Park, where he inspected the readiness of the port to facilitate cargo business.

During inspection at the Western District Headquarters at Dugbe, he charged workers to double their effort and improve the Internally Generated Revenue (IGR) of the railway.

“I can approve an improvement in your allowances once we improve our IGR. So, let us be committed to doubling our efforts,” he said.

He said management was determined to recommence cargo commitment from Lagos to Kano, adding that he would be at Ibadan to flag off the Dugbe end of the movement once the service begins.

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He also commended railway women, urging them to continue to prove their mettle in keeping the wheel of the rail going.

Addressing the welfare of pensioners, Opeifa assured that the corporation would continue to work at improving their welfare.

“I do not need to be told, I can feel so many things and I can only assure you that the management will continue to work at improving your living conditions,” he said.

On vandals sabotaging the corporation efforts at improving its services, Opeifa emphasised that there were no scraps in the Nigerian Railway Corporation.

“All we have are rail materials. All our materials are in serviceable conditions. From here, we are moving cement from Ewekoro to Osogbo and to Ilorin.

“All these wagons you see, all these rail sleepers, all these irons are still working and all security operatives have been directed to arrest and prosecute anyone caught vandalising our property.

“No one is permitted to carry our materials. No letter of approval is sufficient to allow anyone to do so, security operatives should put a call across to us to enable us authenticate such activity,” he said.

At the Ladoke Akintola Train Station, Omi Adio, Dr Seye Oyeleye, the Director General of Development Agenda for Western Nigeria, expressed readiness to work with the corporation to reactivate the narrow gauges within some states in the Southwest for mass transportation. (NAN)

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Court delivers judgment in Anyanwu’s suit April 28

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The Federal High Court in Abuja on Tuesday, fixed April 28 for judgment in a suit filed by Sen. Samuel Anyanwu, seeking to stop his removal as Peoples Democratic Party (PDP)’s national secretary.

Justice Inyang Ekwo fixed the date after Anyanwu’s counsel, Ken Njemanze, SAN, and defence lawyers adopted their processes and presented their arguments for and against the suit.

Justice Ekwo also ordered Njemanze to make available to the court within seven days of the order the judgement of the Supreme Court delivered on Friday.

“I am going to give you a fairly long date for judgment but if the judgment is ready before that date, parties will receive hearing notice,” the judge said.

The News Agency of Nigeria (NAN) reports that the Supreme Court had March 21, set aside the decision of the Court of Appeal, Enugu Division, delivered on Dec. 20, 2024, which affirmed the removal of Anyanwu as the national secretary of PDP.

In a unanimous judgment by a five-member panel, the apex court ruled that matters concerning the leadership or membership of a political party are internal affairs and should not be subject to judicial intervention.

The court held that the Federal High Court lacked jurisdiction to hear the matter initially brought by Aniagwu Emmanuel, a member of the party.

However, the judgment, expected to bring an end to the crisis, had left the PDP leadership and members in disarray, as the two main parties in the suit; Anyanwu and Sunday Ude-Okoye, now claim to be valid national secretary after the apex court decision.

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Meanwhile, Anyanwu, in the instant suit, had originally sued the Independent National Electoral Commission (INEC) and Umar Damagun, the acting National Chairman of PDP, as 1st and 2nd defendants.

In the ex-parte motion: marked: FHC/ABJ/CS/254/2025 dated and filed on Feb. 13 by Njemanze, Anyanwu sought two prayers.

He sought an order of interim injunction, restraining INEC from accepting, acting on or giving effect to any correspondence from the PDP not signed by him pending the hearing and determination of the motion on notice for interlocutory injunction.

He also sought an order of interim injunction restraining Damagun from dispatching to INEC any correspondence purportedly emanating from PDP signed by the acting chair and not counter signed by him.

However, the court joined had, on Feb. 28, given an order joining the PDP and Udeh-Okoye in the suit as 3rd and 4th defendants.

The judge equally joined Dr Ali Odela and Mr Setonji Koshoedo as 5th and 6th defendants respectively.

While Odela is said to be the national vice chairman, PDP’s South East, Koshoedo is said to be the deputy national secretary of the party.

Earlier while adopting their processes, Akintayo Balogun, who appeared for Damagun and Odela, including T.J. Aondo, SAN, who appeared for PDP, challenged the jurisdiction of the court.

They urged the court to dismiss Anyanwu’s suit.

Also, Eric Ekeret, who represented the Udeh-Okoye and J.A. Musa who appeared for Koshoedo, prayed the court to grant their relief in the interest of justice.

Ahmed Mohammed, lawyer to the INEC, equally moved their processes in the suit.

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The lawyer, who said they filed a counter affidavit and a written address, adopted their applications.

On his alert, Njemanze, while adopting his processes, prayed the court to grant the application and resolved the issues raised in favour of his client (Anyanwu).(NAN)

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