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SEC to outline vision for capital market at CMC meeting
Emomotimi Agama, Director General, Securities and Exchange Commission (SEC), says the commission is set to outline its vision for the Nigerian capital market at the second Capital Market Committee (CMC) Meeting.
Agama, in a statement made available to newsmen on Wedesday in Lagos, said this aligns with President Bola Tinubu’s Renewed Hope Agenda.
He stated that the meeting, scheduled to hold in Lagos on Aug. 14, aims to develop strategies for enhancing the capital market’s role in driving economic growth and development through initiatives that attract investments.
According to him, the CMC meeting will also focus on improving market efficiency and safeguarding investor interests.
“The meeting will bring together key stakeholders in the Nigerian capital market to discuss the industry’s current landscape, regulatory framework, and strategies for future growth.
“Participants will exchange ideas and reaffirm their commitment to fostering a robust investment climate characterised by innovation, sustainability, and investor protection.
“The meeting will focus on critical issues affecting the market and ensure that those concerns are thoroughly addressed,” he said.
The director general added that the committee will review reports from technical committees, market infrastructures, and industry observers.
He noted that emerging market trends would also be a focal point of discussion.
Agama stated that the meeting would draw fhief executive officers from all registered capital market firms, including brokers, dealers, investment advisers, custodians, fund managers, portfolio managers, among others.
The CMC is an industry-wide body comprising SEC, capital market operators, trade groups, and other stakeholders.
It serves as a pivotal platform for dialogue, facilitates the exchange of ideas, addresses key issues impacting market growth and organization, and collaborates on shaping the market’s future.
The committee was established primarily as a means for stakeholders to exchange ideas and provide feedback to SEC to aid in the continuous improvement of market operations and regulatory frameworks. (NAN)
Gunmen have abducted some female students of Joseph Sarwuan Tarka University in Makurdi, Benue state.
The students, reportedly numbering up to four, were abducted on Tuesday evening at the university’s North Core campus.
The students were said to have been headed for “night class”, a practice of late-night studying in Nigerian campuses.
The gunmen were said to have invaded the hotel area of the campus before abducting the four students.
Some moments after the incident, operatives of the Nigerian army arrived at the school.
Sewuese Anene, Benue police spokesperson, told TheCable on Wednesday that a report received by the police indicated that only two students were kidnapped during the incident.
Anene added that the police have launched an investigation into the matter.
The Markurdi incident is the latest in a series of abductions targeted at Nigeria’s tertiary school students in recent years.
In August 2024, at least 20 medical and dental students were kidnapped in Benue State while travelling to a convention in Enugu.
In September 2023, gunmen abducted approximately 20 students from a university in Zamfara state.
At Greenfield University in Kaduna State, at least 20 students and two staff members were kidnapped in April 2021.
Tragically, five students were killed during captivity before the remaining hostages were released after a month.
The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group, P-Square, on charges of laundering ₦1.38billion, $ 1 million and £34,537.59.
Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court, Lagos, on a seven-count charge
One of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
He pleaded “not guilty” to the charges.
In view of his plea, the prosecution counsel, Larry Peters Aso, applied for a date for hearing as well as for the remand of the defendant in the correctional facility pending trial.
The defendant’s counsel, Inibehe Effiong, informed the court of a pending bail application. He asked for a short date for the hearing. Effiong also asked that the defendant be remanded in the EFCC’s custody pending the hearing of the application.
Aso objected to the request for the defendant to be remanded in the EFCC custody. He argued that the EFCC custody was already congested with suspects awaiting arraignment. He urged the court to remand the defendant to the correctional facility since he had taken his plea.
Justice Owoeye adjourned the matter till February 28 for bail hearing and April 14 for trial.
He also ordered that the defendant be remanded in the Ikoyi correctional facility.
The Department of State Services (DSS) has arrested Kogi-born political activist and Peoples Democratic Party (PDP) chieftain, Austin Okai, in Abuja.
The arrest, which took place on Wednesday morning, was reportedly carried out on the directive of Kogi State Governor Ahmed Usman Ododo.
Video footage obtained by Elanza shows heavily armed security operatives storming Okai’s residence in the Federal Capital Territory before taking him away.
While no official reason has been given for his arrest, sources suggest it may be connected to his outspoken criticism of the Kogi State government.
Okai, a well-known opposition figure, has frequently condemned the administration’s policies and governance.
His wife, speaking to reporters, claimed that the DSS operatives did not present an arrest warrant before detaining him.
“They came to arrest him at our home in Abuja without a warrant,” she said.
“They ransacked our house, forced their way inside, and took him away. I asked for a warrant, but they had none.”
She further alleged that Okai’s personal gadgets were confiscated during the operation.
As of the time of this report, the DSS has not issued any official statement regarding Okai’s detention.