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Tag: sanction

  • NIMN to sanction quacks

    NIMN to sanction quacks

    The National Institute of Marketing of Nigeria (NIMN) is set weed out quacks with the re-election of Mr. Ganiyu Koledoye as the president/Chairman of Council of the institute.

    With his re-election, the institute is repositioning to enhance standards.

    Part of the steps the new leadership plans to take is to remove quacks from the marketing industry and the re-elected president has asked the judiciary and office of the Minister of Commerce, Trade and Investment to make proclamations on the NIMN Act, to enable it check  quacks and delinquent members.

    Koledoye, who was re-elected at the Fifth Annual General Meeting (AGM) of the institute in Kaduna, said it had become imperative since such unwholesome practices had continued to constitute one of the critical issues affecting the institute.

    He noted that despite efforts by the institute and other professional bodies, such as the Chartered Institute of Bankers of Nigeria (CIBN), Chartered Institute of Personnel Management (CIPM), Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), towards achieving placement in the federal civil service scheme, members were yet to be fully recognised in the sector, perhaps, part of which is the unresolved issue of quacks.

    As part of efforts to deepen the reach of the institute, Koledoye, however, added that the institute had, in the past one year, succeeded in  halting the declining trend in its turnover by opening up and penetrating the Northcentral and Northwest markets.

    He said the expansion  drive  embarked upon by the institute in the past two years, had begun to yield results, as noticed in the increase, from a partially-functioning six chapters, inherited two years ago, to over 23 chapters which the institute boasts of.

    “The time has come for us, as stakeholders, to give marketing practice a new meaning. We have started the journey, with a re-branding exercise that saw us jettisoning the former logo and brand which had been tainted with factionalism, litigation and confusion, thereby bringing to an end factionalism,” he added.

  • Capital market regulators to sanction companies over delayed dividends

    Capital market regulators to sanction companies over delayed dividends

    Capital market regulators may sanction companies that fail to pay approved dividends within the timeline stipulated by the shareholders at their general meeting and the extant rules of the capital market.

    In what many saw as last warning by the regulators, the Nigerian Stock Exchange (NSE) yesterday said that it would not hesitate to impose sanction on any company that fails to pay dividends within the timeline specified in the resolution passed by the shareholders at the annual general meeting.

    Head, Legal and Regulation, Nigerian Stock Exchange (NSE), Ms. Tinuade Awe, said the erring companies would be made to pay 5.0 per cent of the gross dividend as sanction for delayed payment of dividend in line with the existing rules and regulations of the Exchange.

    According to her, the 5.0 per cent is already a subsisting sanction under the general undertaking signed on to by every quoted company and issuer, which also included commitments to notify the Exchange prior to taking certain corporate actions; to seek the Exchange’s approval before publishing certain information; to comply with the Exchange’s listings rules and to comply with the directives of its shareholders in the event of declaration of dividends.

    “These obligations kick in once an issuer executes the general undertaking. They are obligations of long standing, which remain binding for as long as an issuer is listed on the Exchange,” Tinuade said.

    Head, Listings Regulation, Nigerian Stock Exchange (NSE), Mrs Josephine Igbinosun, outlined that the NSE would penalize the companies to serve as deterrent to companies and to enhance market integrity.

    According to her, by imposing the 5.0 per cent sanction set forth in rules in the event of a breach regarding the payment of dividends as directed by shareholders, the Exchange is enforcing the payment of dividends to shareholders, in line with their resolution to receive same on a specific date.

    She added that existing rules of the Securities and Exchange Commission (SEC) also empowered the apex capital market regulator to sanction companies if they fail to pay dividends declared to shareholders after seven working days after the annual general meeting (AGM) at which the dividend was declared.

    “Finally, in order to avoid engaging in conducts prohibited by the listings rules, the Exchange encourages all issuers to enhance their internal systems and controls; and improve their awareness of the listings rules and their obligations thereunder. Moreover, the Exchange strongly advises against shareholder apathy and encourages shareholders to educate themselves on the provisions of the listings rules,” Igbinosun said.

  • NCC to sanction frequency jammers

    The Nigerian Communications Commission (NCC) has warned individuals and organisations  that install frequency jammers which disrupt the free flow of communication traffic on their premises to remove them or be sanctioned.

    Its Director, Spectrum Administration, Dr Nwaulume Augustine, said the regulator monitors jammers, adding that when such is discovered, the regulator would demobilise the jammers.

    He said frequenc+y jammers are equipment that harbours no data.

    He said: “Frequency jammers are like white noise that you generate to disrupt the actual radio communication.

    “They are done deliberately so that you will not be able to initiate or receive calls. That is the intention.”

    On the country’s campaign to meet the broadband target, he said a committee had been set up to harmonise the handover of the spectrum that would partly facilitate the achievement from the goals. The frequencies are still in the custody of the National Broadcasting Commission (NBC).

    The spectrum is called 2.6 gigahertz (GHz) and it ranges from 2.5GHz to 2.69Ghz. Before now, it was used by the NBC operators who are licensed to do Muti-channel Multi-point Distribution ++System (MDDS).

    MDDS is defined as a wireless system consists that of head-end equipment (equipment for satellite signal reception, radio transmitter, other broadcast equipment, and transmission antenna) and reception equipment at each subscriber location (antenna, frequency conversion device, and set-top device). MMDS transmits on Super High Frequency (SHF) microwave frequencies and can be encoded for pay-for-view and subscriber services, all from studio facility.

    He said: “That committee is still working. I don’t know if it is possible for the licence to be auctioned this year based on the fact that not so much progress has been made with regard to getting it freed from those users.

    “But I am very sure that by the first or second quarter of next year, something would have happened because it is very important.  It is very vital to wireless broadband.” He spoke on the sideline at a capacity training forum for journalists in Lagos.

  • Jonathan may sanction Obanikoro, others over security abuse

    Jonathan may sanction Obanikoro, others over security abuse

    President Goodluck Jonathan may sanction some ministers and aides for jumping the gun in the campaign for the 2015 elections and misuse of soldiers for political advantage.

    Dr Jonathan is said to have received reports in which top military chiefs complained about the abuse of security by the Minister of State for Defence, Senator Musiliu Obanikoro.

    Our correspondent learnt last night that the military high command expressed reservations about the minister’s use of soldiers in land matters between the Federal Government and Lagos State Government.

    The military top brass were also said to have complained to the President about “the inappropriate use of soldiers for a local election” in Ondo State on the orders of Obanikoro.

    A Presidency source, who addressed some reporters in Abuja last night, confirmed that Jonathan received briefs from the military high command and that the President was not taking the report lightly.

    The source, who spoke in confidence because he was not authorised to comment on the matter, explained that Ondo State Governor Olusegun Mimiko also complained about Obanikoro’s conduct during the election which ended in a stalemate in the state.

    Mimiko was said to have laid the blame for the violence that characterised the House of Representatives bye-election at the minister’s doorsteps.

    Obanikoro, the governor said, conducted himself in manners unbefitting of a minister.

    Dr Jonathan and Mimiko are known to have enjoyed a cordial political relationship even though Mimiko is of the Labour Party (LP) while the President leads the ruling Peoples Democratic Party (PDP).

    The source said: “The use of soldiers or any other security personnel during elections has to be authorised. In this case, I doubt if it was so. Our preliminary, though informal, findings show that the minister was indeed in Ondo State to campaign for the PDP.

    “The issue here is whether he was right or wrong to have gone to another state, outside his state, to campaign. This is serious because any act of violence or irregularity could be blamed on him, that he prepared the ground for such. It is also being interpreted in some quarters to mean that the President has unleashed his men on the opposition.

    “For the avoidance of doubt, Mr President will not, and does not have such attributes. He is a gentleman who wants his party to win under clear circumstances and not through tainted means.

    “So, in his readiness to avoid a recurrence, the President has asked that all ministers, and even aides who are not from states where elections are being held, should not go near campaign grounds of such states, except otherwise directed by him or the national leadership of the PDP.”

    The Presidency source added that Dr Jonathan was worried because the opposition might be forced to launch a counter-move against the minister’s action with hired thugs.

    More disturbing to the President, the source added, is the security situation in the country, with militia groups and disgruntled former Niger Delta militants who may become willing tools for electoral violence.

     

  • PDP: A game of reconciliation and sanction

    PDP: A game of reconciliation and sanction

    The Peoples Democratic Party (PDP) has set up a seven-member disciplinary committee to look into the allegations of indiscipline against members. Assistant Editor LEKE SALAUDEEN examines its implication on the reconciliation in the party.

     

     

    The Peoples Democratic Party (PDP) has inaugurated a seven-man National Disciplinary Committee (NDC), amid speculations that the party was planning to sanction dissenting members. The committee headed by ailing Dr. Umar Dikko, according to Tukur, is mandated to review cases of indiscipline and infraction against the party and recommend appropriate sanctions. The NDC was set up by the National Working Committee (NWC), in line with Section 57 (1) of the PDP Constitution, which states that, subject to the provision of this constitution, there shall be a Disciplinary Committee of the party at every level consisting of seven members with proven integrity, one of whom shall have a legal background”.

    One of the offences listed in Section 58 of the constitution is the factionalisation of the party under whatever guise.

    Analysts are wondering why the Tukur group has constituted the disciplinary committee when some prominent chieftains, including seven governors, are locked in battle with the leadership. Has Tukur group foreclosed peaceful reconciliation with the aggrieved members? Is it a final onslaught against the Baraje faction? Is Tukur on witch-hunting mission?

    These questions are critical. in view of the setback suffered by the ‘New PDP’ in its quest to remove Tukur and secure recognition as the authentic group. The Independent National Electoral Commission (INEC) has declared that the National Working Committee (NWC)led by Tukur is legal. Thus, it denied Baraje faction of recognition. The INEC decision was contained in a letter addressed to the National Secretary of the ‘New PDP’, Prince Olagunsoye Oyinlola. It was signed by the commission’s Acting Secretary, Mr. U.S. Usman. The letter stated that Tukur and other members of the NWC members were duly elected during the two conventions monitored by its officials.

    Also, the faction suffered another setback at the Federal High Court. The court stopped the Baraje faction from parading itself as the authentic party. Similarly, a Lagos High Court presided over by Justice Oludotun Adefope-Okojie dismissed a suit by the Baraje group asking the court to restrain Tukur and other NWC members from further parading themselves as the officials of the PDP. The court said it had no power to assume jurisdiction over the matter.

    Observers are of the opinion that the setbacks suffered by the Baraje group have emboldened the Tukur group to now wield the big stick on the “rebels”. That was what prompted the inauguration of the disciplinary committee, they said.

    Basking in the euphoria of the judgments, Tukur said that, henceforth, members of the New PDP would be treated as criminals. He described the factional leaders as “enemies of the oneness and greatness of our party”. He threatened to remove “all persons elected on the platform of our great party at all levels, who identify with the new faction”.

    Frustrated by the failure of consultations and meetings to reconcile both sides, Tukur drew the battle line. He vowed that those attempting to subvert the leadership of the PDP will not escape sanction.

    “There is only one lawfully recognised PDP and I am firmly in-charge. The PDP has only one duly elected National Executive Committee (NEC) under my chairmanship. I wish therefore, to state with all emphasis that any group of persons, parading themselves as leaders of NEC or any other organ of our party, are impostors, and I urge all Nigerians, especially the security agencies and other institutions of democracy, to regard them as such”

    The remarks were the clearest indication that the Jonathan Administration, pressured by an internal party rebellion, has jettisoned peace efforts. It is now spoiling for war.

    Tukur threatened that all persons elected on the platform of PDP, who identify with the rebels, will forfeit their seats as required by law. This statement indicates that Tukur may request the INEC to declare the seat of the rebellious lawmakers vacant. But lawyers have pointed out that this may not be easy. They pointed out that the lawmakers can retain their seats, if they can prove that their old party is factionalised.

    Attempts to remove any of the seven governors loyal to the Baraje faction is also difficult. This is because the governors control majority of lawmakers in their respective Houses of Assembly. To impeach a governor requires two-third majority of the state legislators.

    The seven PDP aggrieved governors have demanded for the removal of Tukur as the chairman. The allegations against him include his failure to convey the National Executive Committee (NEC) meeting, at least four times in a year as stipulated in the party’s constitution. They also want President Jonathan to drop his ambition for re-election in 2015. The governors also demanded that the suspension slammed on the Deputy National Chairman Dr Sam Jaja, and Governor Rotimi Amaechi of Rivers State without due process be lifted. They asked for the restoration of Adamawa State executive loyal to Governor Murtala Nyako, which that was dissolved by Tukur, who also hails from Adamawa.

    The seven governors are still adamant. Now, Governors Aliyu Babangida (Niger), Aliyu Wamako (Sokoto), Sule Lamido (Jigawa), Rabiu Kwankwaso (Kano), Murtala Nyako (Adama-wa), Rotimi Amaechi (Rivers) and AbduFatah Ahmed (Kwara) may be seek refuge in another party. So are their co-travellers- former Vice President Atiku Abubakar, Senator Bukola Saraki (Kwara), Senator Shaba Lafiagi (Kwara), Oyinlola (Osun) and Senator Abdullahi Adamu (Nassarawa).

    The peace efforts by Generals Ibrahim Babangida, Abdulsalami Abubakar and Olusegun Obasanjo have failed to resolve the crisis as suspicion became rife that they may have taken sides.

    As the battle rages, President Jonathan is consolidating his hold on the ruling party. Although he has not unfolded his second tern ambition, but there are indications that he will run again and he will get the ticket, if Tukur is the chairman. The national leadership of the party also has the power to appoint caretaker committees in states where the tenure of the executive has expired. Currently, Sokoto, Adamawa, Rivers and Kano party executives are not under the control of the governors. It is also believed that Kwara, Jigawa and Niger may follow suit. The implication is that the governors in the affected states may not have influence over the delegates to the presidential primaries. Observers contend that the leadership of the party may have jettisoned reconciliation with the breakaway group as it has resorted to a clamp down on the aggrieved members. The police aborted a meeting of the ‘G-7 Governors’ and the Baraje group. The meeting scheduled to hold at the Sokoto State Governor’s Lodge, Asokoro, Abuja at 8p.m last Sunday was stopped by policemen. However, the members regrouped at an undisclosed location and dispersed.

    A public affairs analyst, Bernard Briggs, described the action as the height of intolerance and desperation. According to him, the disruption of the Baraje group meeting is a breach of the fundamental right to associate freely. “In fact, using the police to stop the meeting was a flagrant abuse of power. This is a pointer of what we should expect before and after the 2015 elections from the Jonathan Administration, should it remain in power beyond 2015. We are heading towards dictatorship in this country”, he said.

    Two weeks ago, the Federal Capital Territory Administration (FCTA) sealed off the office of the Baraje group in Asokoro District. The group relocated to Adamawa State Government Lodge as temporary office. it was also sealed on the orders of the FCT Minister, Alhaji Bala Mohammed, on the ground that the buildings are located in residential areas. The FCTA has also threatened to demolish the house acquired by the new-PDP for a secretariat. The minister said that the move violated the Land use Act.

    A lawyer, Razaq Badru, condemned the action of the minister, saying it violated the constitution, which guarantees the fundamental right of every Nigerian to acquire and own property in any part of the country. Badru advised noted that the same property was used as the national secretariat by the National Democratic Party (NDP) before the new-PDP acquired it.

    “At that time, the FCTA did not realise that the property owner violated the Land use Act, but now, it wants to demolish the building in a hurry, simply because the authorities perceive the new occupant to be anti-government”, he added.

    The spokesman for the Baraje faction, Mr. Chukwuemeka Eze, said: “The invidious crackdown has been extended to individual leaders of the new PDP. The legally acquired Abuja property of Governor Rabiu Kwankwaso of Kano state has been revoked by the tyrannical Federal Capital Territory (FCT) Minister, Senator Bala Mohammed.

    “The same treatment has been meted to Senator Aisha Al-Hassan from Taraba State, whose event centre, A-Park Gardens, which has been in operation all these years, has suddenly been revoked by the FCTA and slated to be demolished any time from now. Information available to us indicates that property in Abuja owned by other new PDP leaders may suffer the same fate.”

    Briggs urged the Baraje group to expect more of human rights abuse from the Presidency and Tukur because they are planning to stampede them out of the PDP. The Baraje faction, according to him, should discontinue reconciliation moves and seek refuge outside the ruling party, if it wants to be relevant in politics in 2015. He said the main target of the Umaru Dikko-led disciplinary committee is the Baraje faction.

    A member of the PDP Board of Trustees (BoT), who spoke with our correspondent on condition of anonymity, said reconciliation is no longer feasible with the governors, adding that appropriate sanctions would be applied to the rebel governors, who had indicated their interest to join the opposition party.

     

     

  • 3SC to lift Salami’s sanction

    3SC to lift Salami’s sanction

    Glo Premier League club, 3SC, could this week lift the sanction placed on striker, Gbolahan Salami.

    A club official disclosed that the Ibadan outfit are expected to review the punishment meted out to the player after he was declared absent without leave on July 30.

    “The club management is going to review the punishment of Gbolahan Salami this week as the team is expected to return to Ibadan on Tuesday after their league game at Lobi Stars on Sunday,” the 3SC official informed supersport.com.

    Supersport.com learned that Salami made a visit to the office of 3SC based in Jericho area of Ibadan last Thursday to explain why he was unavailable for two days.

    It turned out that Salami had a personal issue to thrash out and informed his coaches about leaving immediately due to its urgency.

    However, the coaches were said to have felt it was unnecessary to make his absence formal since he asked for an excuse. But the shock visit of the Oyo State sports commissioner, Dapo Lam Adesina, to watch the team’s training last week led to the discovery of Salami’s absence. The development led to the club sanctioning the striker.

    Last Wednesday, the 3SC management issued a statement declaring the former Enyimba man missing from their camp for “two days without official permission.”

    Salami could have the punishment of his salary being slashed to half from the month of July upturned after the review. The striker has scored five league goals for the Oluyole Warriors this season.

  • 48 face sanction in Oyo

    FORTY-eight corps members in Oyo State are to be sanctioned, the state Coordinator, Olanipeku Alao, has said.

    Parts of the punishments include repeat of service year and extension of service year.

    Alao said some of the offences were dereliction of duty, absenteeism and abandonment of duty post.

    The state coordinator, however, said the sanctions were subject to ratification by the NYSC Directorate headquarters.

    Alao announced that 21 corps members, who excelled in their areas of primary assignment, were rewarded.

    He said three of them would be decorated with the State Award, four with NYSC Governing Board Award and 14 would get the State Coordinator’s commendation certificates.

    The coordinator thanked Governor Abiola Ajimobi for creating a peaceful and secured atmosphere for corps members.

    Alao thanked the governor for the financial and material support to NYSC and the appreciable progress of work at the permanent site of the orientation camp at Iseyin town.

  • TWITTER SAGA: No plan to sanction Osaze — Chris Green

    TWITTER SAGA: No plan to sanction Osaze — Chris Green

    The Nigeria Football Federation (NFF) has made it clear that there is no plan yet to sanction West Bromwich Albion forward, Peter Osaze Odemwingie.

    Odemwingie, 31, this week attacked the Nigerian head coach, Stephen Keshi, the football federation, the Super Eagles’ captain and ex-internationals after he was left out of the Africa Cup of Nations provisional squad.

    Reports this week in the local media revealed that the 31-year-old forward could be slammed with a life ban by the Nigerian FA for his rant on social media networking site, Twitter.

    But an executive committee member of the football federation, Chris Green, told supersport.com on Thursday that there are no such plans.

    “Why would we ban a player in the twilight of his career? Yes, he has insulted virtually everyone – the federation, the national team head coach and even ex-internationals but we have no plans to ban or suspend just yet.

    “Remember there is the Nations Cup and the World Cup to play for. Also, like the popular parlance says ‘you don’t throw away the baby with the bath water,’ the federation will only look into the matter carefully before making any statement. Right now, the Nations Cup is uppermost in our agenda and we don’t want any distraction.

    “But I want to state it categorically that Nigeria is bigger than any player or anybody to hold to ransom. Osaze is not the only player dropped from the team. Obafemi Martins, Kalu Uche, Obinna Nsofor and other players were left out and they didn’t say anything untoward but accepted it. He is supposed to be a role model. Imagine if this man is part of the team’s camp he would have disrupted the peace there. Yet the same man wanted the captain’s armband when there’s already an existing captain and even a deputy,” said Green to supersport.com.

    The NFF chief also made it clear that the Albion man still needs Nigeria.

    “It was on the back of Nigeria that he rode to success and I will say it that he still needs Nigeria. But let’s allow him the benefit to continue with his rant for now,” he said.

  • No plan to sanction Odemwingie – NFF

    No plan to sanction Odemwingie – NFF

    The Nigeria Football Federation has made it clear that there is no plan yet to sanction West Bromwich Albion forward, Peter Osaze Odemwingie.

    Odemwingie, 31, this week attacked the Super Eagles head coach, Stephen Keshi, the football federation, the Super Eagles’ captain and ex-internationals after he was left out of the Africa Cup of Nations provisional squad.

    Reports this week in the local media revealed that the 31-year-old forward could be slammed with a life ban by the NFF for his rant on social media networking site, Twitter.

    But an executive committee member of the football federation, Chris Green, told supersport.com on Thursday that there are no such plans.

    “Why would we ban a player in the twilight of his career? Yes he has insulted virtually everyone – the federation, the national team head coach and even ex-internationals but we have no plans to ban or suspend just yet.

    “Remember we still have the Nations Cup and the World Cup to play for. Also, like the popular parlance says ‘you don’t throw away the baby with the bath water,’ the federation will only look into the matter carefully before making any statement. Right now, the Nations Cup is uppermost in our agenda and we don’t want any distraction.

    “But I want to state it categorically that Nigeria is bigger than any player or anybody to hold to ransom. Osaze is not the only player dropped from the team. Obafemi Martins, Kalu Uche, Obinna Nsofor and other players were left out and they didn’t say anything untoward but accepted it.

    “He is supposed to be a role model. Imagine if this man is part of the team’s camp he would have disrupted the peace there. Yet the same man wanted the captain’s armband when there’s already an existing captain and even a deputy,” Supersport.com quoted Green as saying in the interview.

    The NFF chief also made it clear that the Albion man still needs Nigeria.

    “It was on the back of Nigeria that he rode to success and I will say it that he still needs Nigeria. But let’s allow him the benefit to continue with his rant for now,” he said.

     

  • NEITI to sanction erring firms

    NEITI to sanction erring firms

    THE Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday said it would not sanction any company which fails to provide statements of accounts as at when due to its auditors.

    NEITI’s Chairman Ledum Mitee spoke after a National Stakeholders’ meeting in Uyo, the Akwa Ibom State capital.

    Mitee said previous NEITI audit reports have identified potential revenue loss due to under-assessment/underpayments by covered entities amounting to over $9.8 billion or N1.3 trillion by the existing exchange rate.

    He explained that NEITI would no longer sit down and allow companies hold on to funds at a time the Federal Government is searching for funds to finance the deficits in the budget.

    According to the chairman, NEITI would soon commence the process of identifying all public officers whose acts or inactions have resulted in the under-payments, under-assessment and avoidable leakages, thereby short-changing the Federal Government of its derivable revenues.

    Mitee added that NEITI would also seek the support and collaboration of the relevant law enforcement agencies to achieve its aim.

    He said: “Let me announce to you that the NEITI Board, chaired by me, have resolved at the end of this Retreat, appropriately themed- ‘From transparency to Accountability’ to stoutly execute and fully carry out its statutory functions in the direction that would deliver results and impacts in the extractive industry leading to ultimate improvement in the lives of Nigerians.

    “Similarly, we shall invoke the statutory sanctions against relevant government agencies identified to have willingly frustrated the implementation of remedial issues in NEITI Audit Reports over the years.

    “We will place greater emphasis on our powers under Section 3(f) of the NEITI Act that requires us to monitor and ensue that all payments due to the Federal Government from all extractive industry companies, including taxes, royalties, dividends, bonuses, penalties, levies and such like, are duly made.

    “This necessarily includes all outstanding cases of under-payments and under-assessments discovered and publicly reported by previous NEITI audit reports. For example, previous NEITI audit reports have identified potential revenue loss due to under-assessment/underpayments by covered entities amounting to over $9.8 billion or N1.3 trillion by the existing exchange rate.

    “NEITI can no longer sit down and watch these recoverable funds in the hands of the companies at a time the Federal Government is searching for funds to finance the deficits in the annual budgets.”