Business
Wike Takes Stand On CofO, Saved N110bn
The Minister of the Federal Capital Territory (FCT) Barr Nyesom Wike has taken a stand on the issuance of Certificate of Occupancy (CofO) stating that within a period of four months, he has saved N110 billion as minister.
According to Wike, the FCT Administration is sanitising the process of issuing of C of O in the FCT.
The FCT Minister stated this during an interactive session with Estate Developers and Residents’ Associations in the FCT at the FCDA Conference Hall in Abuja on Tuesday, November 21, 2023.
In his opening remarks, the Senior Special Assistant to the Minister on Land, urban and Regional Planning, Sir Michael Chinda, who is also the Chairman of the Ministerial Task Force on Issuance of C of O for Mass Housing and the Recovery of Land Use Contravention fees said the meeting was called at the behest of the FCT Minister in order to resolve disagreement between the Task Force and the developers and residents’ association for the payment of N5 million Naira as fees for the collection of C of Os.
But Wike lamented that the issuance of C of O in the FCT was enmeshed in a lot of controversy which sometimes led to crises. He said, “One of the reasons I have stopped signing is because I don’t trust those C of Os they are bringing for me to sign. I don’t want to sign a C of O that has been given to another person.”
He therefore vowed that very tough decisions will be taken to resolve the crisis and restore the integrity of the system, however after consideration of requests raised by residents at the meeting, Barrister Wike extended the period of time to pay for the C of O from 3 to 4 months,
Wike reminded the participants at the meeting that the FCT as a non-oil State relies on revenue generation for development activities and warned that the four-month period would not be extended.
“I want to stand firm and tell you this; I’ve ended at four months. It will not go beyond four months,” Wike said.
On the suggestion by the residents that the flat rate of N5 million for the issuance of C of Os should be reviewed to reflect the size and location of the property, the Minister insisted that a C of O is a business and security document which is not necessarily graded according to the size of the property or its location, and insisted that a flat rate of N5 million must be paid for its collection. He however hinted at the possibility of a review of this sum.
He said, “If you want to have a C of O, which is a security and business document, it is not graded based on one bedroom flat or two-bedroom flat.
The Minister also stated that he will seek the approval of the President for C of Os to be linked to the National Identity Number, NIN for ease of identification and other issues of taxation and security.
Also speaking on the prudence adopted in the management of finances, Barrister Wike revealed that the FCT Administration in the last three months has saved not less than N110 billion for the FCT.
He said the money will be attached to projects to accelerate their completion.
The Minister said, “Three months in office, I can tell you authoritatively, I have saved not less than N110 billion for FCT and this money will be attached to projects so that people will see indeed that the taxes we are paying are being utilized for the interest of the people”.
He also disclosed that the FCT would be rolling out its buses and taxi scheme in the next one month, adding that the menace of one-chance would soon be a thing of the past in the FCT.
“These buses and taxis will ply all the routes in Asokoro, Maitama, we are kicking out Keke Napep at least in these areas. Some of these Keke Napep are agents of criminals,” Wike said, adding that as part of plans to create more infrastructure in the Area Councils and discourage people from migration into the city, Wike added: “If we have the buses, people will prefer to come from their areas and come to work and go back”.
Wike, therefore, urged FCT residents to cooperate with the Administration by paying their taxes in order to improve service delivery, adding that, “It is painful but it’s an inconvenience that we must face.”
In their separate remarks, the residents commended the FCT Minister over the steps he has taken to sanitize land administration in the FCT.
While appealing for the review of the C of O fees, some residents also pleaded with the Minister to consider their plights as civil servants and retirees, who have taken mortgage facilities from the banks and as such do not have the funds to pay for the C of Os.
A statement issued by the Director of Press in the office of the FCT minister, Anthony Ogunleye, said other concerns raised by the residents also include the absence of infrastructure in the Estates, security related issues and other fraudulent practices by estate developers in connivance with some government officials.
The meeting was attended by the Senior special Assistant to the FCT Minister on Land, Urban and Regional Planning, Estate Surveyor Michael Chinda, the Executive Director FCDA, Engr. Shehu Ahmad Hadi, Directors, Heads of Agencies and other senior officials of the FCT Administration.
The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank.
At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value.
The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share. Other laggards included Industrial and Medical Gases, which fell by 10 per cent, Guinea Insurance, which dropped by 9.52 per cent, and UPDC Real Estate Investment Trust, which declined by 8.2 per cent.
Despite the bearish outing, 124 listed equities participated in the day’s trading, out of which 24 recorded gains while 21 posted losses. Abbey Mortgage Bank led the gainers’ chart with a 9.99 per cent increase to close at N8.15 per share. It was trailed by Sovereign Trust Insurance with a gain of 7.69 per cent, the Nigerian Exchange Group rose by 7.3 per cent, and Deap Capital Management and Trust appreciated by 6.67 per cent.
Market activity also showed mixed sentiments. A total of 351.66m shares valued at N13.71bn were exchanged in 12,141 deals. Compared to the previous trading day, this represented a five per cent decline in trading volume, a 26 per cent increase in turnover, and an eight per cent drop in the number of deals.
Access Holdings led in terms of volume with 68.2m shares traded, followed by GTCO with 36.8m shares, FCMB Group with 28.8m shares, and United Bank for Africa with 26.4m shares.
On the performance of key indices, the NGX Top 30 Index fell by 0.72 per cent. The NGX Oil and Gas Index slipped by 0.05 per cent, while the NGX Industrial Index was marginally flat. However, some indices posted gains: the NGX Insurance Index advanced by 0.8 per cent, the NGX Consumer Goods Index rose by 0.34 per cent, and the NGX Pension Index edged up by 0.09 per cent.
In terms of broader market performance, the NGX has recorded a one-week loss of 0.32 per cent and a four-week loss of 1.84 per cent, although it retains a modest year-to-date gain of 0.9 per cent.
On Tuesday, the Nigerian equities market rebounded, with investors recording a gain of N19bn, pushing the market capitalisation of the Nigerian Exchange to N65.7tn at the close of trading.
Emomotimi Agama, the director-general (DG) of the Security and Exchange Commission (SEC), says the CBEX digital trading platform is not registered with the agency.
Agama spoke on Arise Xchange on Wednesday, responding to questions on the loss of investors’ funds after the recent collapse of the CBEX trading platform.
The CBEX had reportedly promised investors a 100 percent returns, before it suddenly crashed — leading to the looting of its Ibadan office on Monday.
The director-general said the commission has repeatedly warned that any investment scheme that is not registered is illegal.
He said investors must always check if schemes are registered with the SEC, noting that the ISA 2025 defines ponzi schemes and prescribes sanctions for those involved.
“For us at the SEC, our primary responsibility is investor protection, and investor protection stems out of registration and regulation,” he said.
“When a scheme is not registered with the SEC, it becomes illegal; and is important that whoever is interested in investing in such scheme must ask the question, Are you registered with the SEC?
“If that is not the case, then it is automatically stated and known that such is an illegal activity and will not be condoned even by the SEC.”
‘SEC HAS NOT RECEIVED OFFICIAL COMPLAINTS REGARDING CBEX’
Agama said the commission was unaware of CBEX’s illegal operation, stressing that no official complaints were made regarding the scheme.
“Often times with schemes like this, most people will always try to keep it away from the regulator and even keep it away from their friends, except a few group of persons whom they are interested in,” he said.
“So for us, at the SEC as we speak today, at this hour, we have not received any complaints from anyone regarding CBEX.
“If we had received any formal complaint regarding CBEX, the team at the SEC will have actually swung into action trying to get who is involved.
“However, we sympathise very much with the people, the victims, because they are Nigerians, and of course, at SEC, we will commence investigation as to where these people are, and make sure we hunt them down, because the law actually has given us the power to take them down, find them, sanction them by fining, and also sending them to the prisons for 10 years, that is the provision of the law.”
‘WE’ll CONTINUE TO EDUCATE NIGERIANS’
The director-general said the SEC has persistently cautioned Nigerians against investing in schemes that seem too good to be true.
He noted that the commission uses paid advertisements, videos uploaded on the SEC website, interviews, and newspaper articles to enlighten the public.
“Ponzi scheme didn’t start today, it is a global malaise. It started in the 20th century by a man called Charles Ponzi, who clearly, at that point in time, promised that he was going to give every investor 50 percent in returns, and from then on, it became a practice by so many people to defraud people from their hard-earned resources,” Agama said.
“It is very clear that the choices made by people must be dictated and regulated by the law of the land.
“The SEC will continuously educate people. We have in the process of doing that, agreed to various forms of interview.
“We’ve also launched a podcast at the SEC providing more information towards our long term goal of launching a capital market radio, we will continue, because we know that it is not enough.
“We will continue to educate Nigerians onto the last milestone to make people understand and know the value of proper investment.”
The director-general urged Nigerians who want to invest to make sure they verify the registration status of investment schemes from the SEC.
Agama reiterated that the commission has taken several actions against Ponzi schemes in the country, resulting in the imprisonment of culprits.
He added that the SEC is collaborating with the Economic and Financial Crimes Commission (EFCC) to rid the country of “unscrupulous individuals who have malicious intentions towards citizens”.
Nigerians are voicing outrage over unexpected deductions from their bank accounts by NIRSAL Microfinance Bank, which they claim were linked to COVID-19 grants disbursed during the administration of former President Muhammadu Buhari.
Beneficiaries, particularly in Kwara State, allege they were misled into providing their Bank Verification Numbers (BVN) and account details under the impression they were receiving grants, not loans.
The controversy has sparked accusations of mismanagement and calls for intervention from President Bola Ahmed Tinubu, as well as oversight bodies like the National Human Rights Commission and the Consumer Protection Council.
According to the Global Information Team, a monitoring group, many beneficiaries were unaware that the funds were loans requiring repayment.
Anabel Crown, the group’s head of investigation, described NIRSAL’s deduction practices as “unacceptable,” arguing that the bank should hold accountable politicians who facilitated the disbursements rather than penalizing recipients.
In Kwara State, some beneficiaries claim aides of former Senate President Bukola Saraki collected their BVN and account details, presenting the funds as grants to support indigenes during the pandemic.
At NIRSAL’s Area 10 Post Office branch in Abuja, frustrated beneficiaries gathered to protest, but their complaints have reportedly gone unaddressed.
“I was told it was a grant to help us survive COVID-19,” said Aisha Muhammed, a trader from Kwara. “Now they’re taking money from my account without warning. How is this fair?”
The Central Bank of Nigeria (CBN), which oversees NIRSAL, is said to have authorized the recovery of the funds without considering how they were disbursed.
He argue this approach disregards the circumstances under which beneficiaries received the money, many of whom were not informed of repayment obligations.
The deductions have fueled speculation of political motives, with some suggesting the controversy could tarnish President Tinubu’s image ahead of the 2027 elections.
“This is a ploy to undermine the president’s reputation,” claimed Adebayo Olanrewaju, a civil society activist.
“The government must step in to protect citizens.”
The National Human Rights Commission and the Consumer Protection Council have been called upon to investigate NIRSAL’s practices, particularly the lack of prior notice before deductions.
“Withdrawing money without consent violates people’s rights,” said Funmi Adeyemi, a legal advocate.
“This must be addressed urgently.”