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Tag: sanctions

  • Union hails lifting sanctions on Burkina Faso, Niger, others

    Union hails lifting sanctions on Burkina Faso, Niger, others

    The African Regional Organisation of the International Trade Union Confederation (ITUC-Africa) has commended the recent decision by the Economic Community of West African States (ECOWAS) to lift the sanctions imposed on Burkina Faso, Niger Republic; Mali, and Guinea on account of military takeover of power.

    Following the lifting of the sanctions, ITUC-Africa urged the member states to reconsider their threat to withdraw from ECOWAS.

    In a statement in Abuja, the General Secretary, ITUC-Africa, Akhator Joel Odigie, called for the intensification of diplomatic efforts and negotiations to address the underlying governance issues that contributed to the military takeover in the region.

    “Nevertheless, our organisation remains deeply concerned about the prospective withdrawal of Mali, Niger, and Burkina Faso from ECOWAS, recognising the potential adverse effects on regional unity, socio – economic development, and the overall wellbeing of citizens.

    “Recognising the significance of the unity of ECOWAS and, by extension, Africa’s unity for the continent’s integration and development, prosperity, and global relevance, ITUC-Africa wishes to underscore the critical need for the concerned member states to reconsider their withdrawal. We advocate for a constructive dialogue within the 12-month deadline outlined in the ECOWAS treaty to resolve this impasse.

    “Importantly, we urge ECOWAS to urgently reassess its efficiency, liberate itself from external influences, and prioritise the welfare of West Africa and Africa’s populace. It is critical that the organisation fundamentally fit into the logic of its 2020 vision of moving from the ECOWAS of States to the ECOWAS of the people.

    “As African workers, we reiterate our conviction and preference for a people-driven, people-centred, and people-minded democracy that should be ‘the only game in town.’ Democracy must serve the people by guaranteeing their welfare and well-being. Also, we reaffirm that for real and enabling democracy to be achieved and thrive, strong institutions must be built, and the sanctity of the rule of the rule of law must be vigilantly and eternally upheld.

    “As organised workers, we reiterate our commitment to contributing to attaining these ideals. To this effect, African workers will actively prosecute the Global Campaign for Democracy that the International Trade Union Confederation (ITUC) will launch on the 4th of March 2024. We believe in plural and participatory democracy and will continue to engage it to ensure that it serves us better. 

     “Therefore, with the lifting of sanctions on these countries, ITUC-Africa urges the intensification of diplomatic efforts and negotiations to address the underlying governance issues that contribute to the military takeover in the region. ECOWAS should actively facilitate, through diplomatic means, the restoration of democratic principles and the rule of law in the affected countries. This process should involve legitimate procedures and inclusive consultations with all critical stakeholders such as workers and their trade union organisations, in alignment with the sub-regional bodies’ standards.

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     “For workers, businesses, economic sectors and people who have suffered from the effects of the sanctions, we urge ECOWAS to seek and deploy bilateral and multilateral cooperation and assistance mechanisms to aid and speed up recovery.

     “Similarly, we also want to urge ECOWAS to find the courage and political will to discourage constitutional manipulation and manoeuvring, especially by civilian actors, which is one of the actions diminishing trust and confidence in national democratic projects and processes. 

     “In conclusion, ITUC-Africa calls upon all stakeholders to prioritise dialogue, diplomacy, unity, cooperation, collaboration and solidarity to overcome the current impasse while steadfastly upholding democracy, human rights, and regional integration in the ECOWAS region.”

  • Kalu calls for sanctions against S’East APC leaders

    Speaking earlier during the meeting, Senator-elect Orji   Kalu called for sanctions against APC leaders from the Southeast who allegedly negotiated 25% for President Buhari from the zone in the last presidential election.

    He said the negotiation was uncalled for as it hampered his efforts to deliver Abia State 80% percent for the president.

    The former governor claimed that but for that negotiation, the party would have on its own given President Buhari 80% in the Southeast.

    He urged the national vice chairman of the party, Southeast, Chief Emma Eneukwu to set up a committee to investigate those who went to do the negotiations in Abuja and if found guilty should be shown the way out of the party.

    “That negotiation frustrated my efforts. The police, the army, INEC were hijacked by the opposition party. I wonder who told them we could not achieve 80% in the Southeast.

    “Just a handful of people went to Abuja to tell them that we could not achieve anything. I don’t see how Abia State could not have been won by the APC. It was these so-called leaders who sabotaged us by going for such negotiation. They should be called to order and sanctioned,” he said.

    Minister for Science and Technology, Dr Ogbonnaya Onu in his view said the performance of the party in the zone in the last election was a major improvement compared to that of 2015.

    He urged unity of party members in the Southeast for the progress of the party in the zone.

    “I believe that if the people of the Southeast come together, they will surprise Nigeria. If we resolve to work together, there is nothing we cannot achieve,” he admonished.

  • Anti-party activities: APC weighs sanctions against Amosun, Okorocha, others

    How would the All Progressives Congress (APC) sanction two of its state governors for allegedly working against the interest of the party in next year’s elections?

    That is the dilemma currently facing the ruling party as it weighs the decisions of Governors Ibikunle Amosun of Ogun State and Rochas Okorocha of Imo State to work against the aspirations of the party’s candidates in their states in the 2019 elections.

    Both governors, after failing to procure the APC governorship and other tickets for   their preferred candidates, are believed to be sponsoring them on the platforms of rival parties although they themselves remain senatorial candidates of the APC in their respective states.

    They have even threatened to ensure that the APC candidates.other than those endorsed by them,are defeated in the elections.

    While Adekunle Akinlade, Amosun’s choice candidate, is now the flag-bearer of the Allied Peoples Movement (APM) in Ogun State, Okorocha’s son-in-law and preferred successor, Uche Nwosu, is the candidate of the Action Alliance (AA) in Imo.

    The Nation also learnt that Governor Yari of Zamfara State may similarly be sanctioned once the national leadership of the party decides on how best to deal with recalcitrant chieftains. Highly placed party sources said both the NWC and other organs of the party have agreed that it is in the best interest of the APC to sanction the governors before the next general elections.

    “We’re deeply troubled by the actions of these governors and other chieftains of the party toeing same lines as them,” a senior party official told The Nation, confirming concerns expressed in recent weeks by top party officials.

    Asked about the APC leadership’s disposition towards Amosun and Okorocha recently, the spokesperson of the party, Lanre Issa-Onilu, had said the party is displeased with all forms of anti-party activities.

    Answering further questions about whether the party will take punitive actions against the duo, Issa-Onilu said “you will hear from us soon.”

    A top official of the ruling party confirmed that several meetings have been held to discuss what he described as the “obvious anti-party activities” of Governor Amosun and Okorocha in their states.

    “Contrary to opinions currently held in some quarters, it is not true that the party is finding it difficult to move against the two governors and others like them,” the source said.

    “To tell you the truth, we have met several times to discuss their cases. And as I speak to you, all major organs of the party are in agreement that something urgent must be done by the party to show the world that we will not tolerate such dissidence.

    “Specifically, it has been agreed that it is important that we address the cases of the governors of Ogun and Imo before the next general elections start. This will help boost the confidence of loyal party members in the leadership of the party and send across the right messages that we will not condone indiscipline from anybody, no matter how highly placed.

    “That nobody is saying anything about how we intend to discipline them is because nobody has been authorized to comment on their issues for now.

    “What is left is to decide on exactly what to do. Once that is done, APC will show how much it cherishes party discipline and loyalty. Those going about to say they are larger than life will soon be brought right back to life,” he added.

    Further checks by The Nation revealed that considerations such as the effects of the various punitive measures proposed against the governors as well as ongoing efforts by some party elders to mediate in the crises, are part of reasons why Amosun, Okorocha and other APC chieftains currently engaging in alleged anti-party activities, are yet to be sanctioned.

    “Yes, it is true that some people are still talking to the parties involved in the crises. Even some of these governors are still asking for negotiations as we speak. Don’t forget one or two of them currently hold our senatorial tickets. So, somehow, we want to see what will come out of the ongoing efforts to talk some sense into those misbehaving.

    “Besides that, we are going into general elections. Mr. President is seeking re-election in what many people are describing as a tough electoral challenge. We need all the supports and votes we can get. Our national chairman is a seasoned politician who believes that we must not close the door on negotiation until it is obvious that nothing will come out of it,” another source added.

    On Friday Amosun, in a veiled reference to his running battle with the national leadership of the APC, said he only fears God and President Muhammadu Buhari and no one else.

    The governor who spoke after receiving a letter from the Allied Peoples Movement (APM) endorsing President Muhammadu Buhari as its presidential candidate for the February 2019 Presidential polls said: “”We don’t fear them. All of them put together, we don’t fear anybody. We fear God and we fear President Muhammadu Buhari.

    “We have decided to let them be for the sake of President Buhari. If not for the President, we know what to do.”

    He vowed that the Derin Adebiyi-led state executive council of the APC that was dissolved last week by the national leadership of the party would serve out its tenure.

     

  • Campaign finance: Candidates reports and sanctions

    The Constitution of the Federal Republic of Nigeria 1999 (as amended) and the Electoral Act 2010 (as amended) do not have any provisions requiring candidates who have explicit statutory expenditure ceilings to disclose or report their expenditure to the Independent National Electoral Commission, INEC, or any authority or agency. This is a very big lacuna, a deliberate one introduced by the legislature in all electoral laws since 1999.

    The self-interest of the politician in the executive and the legislature ensured that provisions for ceilings are inchoate because no one is under obligation to report on them. Without a report from candidates, it is impossible to determine compliance with the ceilings. In the candidate-centric presidential system operating in Nigeria, there is absolutely no reason to justify the absence of a candidate reporting obligation despite provisions for sanctions for exceeding the ceiling in the Act. Essentially, the lacuna makes the provisions for ceilings non-operational.

    However, INEC has taken steps to provide reporting obligations for candidates. Relying on S.153 of the Act which gives it power to make rules and regulations for the operationalisation of the Electoral Act, INEC has made provisions in the Guidelines and Regulations for Political Parties 2013. The guidelines require candidates to submit detailed address of their campaign offices to the commission within seven days from the date of publication of the notice of election; and notify the commission of all events or meetings for the purpose of raising funds towards their campaign at least seven days before such events or meeting. It mandates all candidates to disclose to the commission records of all contributions and other sources of funds for their campaign, as well as records of expenditure in a prescribed format issued by the commission. Every candidate is under obligation to maintain a record of all contributions as well as any other source(s) of funds. The records shall include the names, addresses, occupation of the donor(s) and amount donated; and maintain proper books of account and records of all expenses incurred during campaign.

    The guidelines state that no candidate shall accept or keep in his/her possession any money anonymously donated or other contributions, gifts or property from any source whatsoever. All candidates shall submit detailed audited returns of their campaign expenses to the commission within six months after an election. Such returns shall indicate details of donations, other sources of funding, expenditure on goods, services and sundry expenses incurred for the purpose of election. The audited return on campaign expenses shall be signed by the candidate and supported by an affidavit sworn by the candidate as to the correctness of its content and the commission shall examine the records and audited account, of candidates on their campaign expenses through any officer or body authorized by the commission in writing.

    However, the requirement of opening dedicated bank accounts and running all expense through it is missing from the guidelines. This would have made the tracking of expenditure easier. The requirement for a verifying affidavit to accompany the submitted audit ensures that any statements in the audited accounts which are incorrect introduce the legal dimension of perjury – lying on oath.

    Since this guideline was enacted in 2013 which is five years ago, there is no evidence that candidates have been providing reports or that commission has made demands on candidates for compliance. Thus, a law or regulation needs to be enforced as the command of the sovereign backed by sanctions. Otherwise, it is worth no more than a mere moral adjuration. This has become all the more necessary against the background of rampant vote buying and outright violation of campaign finance limitations by candidates. The recent experiences in Ekiti and Osun states gubernatorial elections where the political actors used money and other resources to influence the polls demands that action be taken to enforce this guideline.

    Posers arise from the foregoing scenario. The first is; in consideration of the fact that human beings respond to certain stimuli including the fear of punishment and sanctions, how will a guideline without a sanctions mechanism be enforced?

    Also, is INEC constitutionally empowered to provide for sanctions for violation of its guideline?

    In response to the first poser, it appears that human nature predisposes us to treat such guideline with levity since there is no sanctions mechanism. Therefore, it is very difficult to enforce such a guideline if those who should be bound by the guideline will suffer no harm or have nothing to lose from violating its provisions.

    For the second poser, the 1999 Constitution clearly provides, as a component of the right to fair hearing in section 36 (12) that: “Subject as otherwise provided by this Constitution, a person shall not be convicted of a criminal offence unless that offence is defined and the penalty therefor is prescribed in a written law, and in this subsection, a written law refers to an Act of the National Assembly or a Law of a state, any subsidiary legislation or instrument under the provisions of a law”.

    It is doubtful that INEC has the power to prescribe sanctions for violations of its guidelines. Section 153 of the Act (the enabling provision for these guidelines) states that: “The Commission may, subject to the provisions of this Act, issue regulations, guidelines, or manuals for the purpose of giving effect to the provisions of this Act and for its administration thereof”. On the face of it, there is no explicit power to sanction and even if any sanctions are provided in the Guidelines, it may very likely face a stiff legal challenge.

    In the light of the foregoing, it is imperative that the provisions of this guideline be incorporated into the Electoral Act through an amendment of the extant law. This would then give the guideline the status of the command of the sovereign backed by sanctions. And disobedience to the rules will be met with a legally sanctioned pain.

     

  • WASSCE: WAEC compiles list of erring supervisors for sanctions

    The West African Examinations Council (WAEC) is compiling a list of supervisors who worked against the ongoing May/June West African Senior School Certificate Examination (WASSCE), for sanctions by relevant authorities.

    The council’s Head of Public Affairs Unit, Mr Damianus Ojijeogum, told the News Agency of Nigeria (NAN) yesterday in Lagos.

    According to him, investigations revealed that the supervisors’ photo-shopped previous examination papers and forwarded same to operators of rogue websites, who in turn, swindled gullible candidates.

    Ojijeogum said: “Our investigations also revealed that some school heads, invigilators, supervisors and candidates who succeeded in smuggling mobile phones and other electronic devices into examination halls, snapped the questions after the examination had commenced, and forwarded same to their collaborators for solutions.

    “We have been compiling a list of all supervisors found wanting; at the end of the entire exercise, we shall forward their names to the All Nigerian Confederation of Principals of Secondary Schools (ANCOPPS) and the ministry of education for proper disciplinary measures. Such persons are not staff of WAEC; we shall blacklist them for good.”

    He said that “this cheating by any means” could be described as examination leakage as being reported by some mass media.

    “Question papers for the ongoing WASSCE did not leak as has been erroneously portrayed by a section of the media.

    “Leakage can be said to have occurred when questions get into the hands of some individuals who are not supposed to have them before the scheduled time. No such case has been established since the commencement of this examination. Rather than term it as leakage, it is correct to describe it as malpractice which we are committed to tackling.

    “We want to assure the general public that the integrity of our examination is a top priority to the council, and we remain committed in ensuring that it remains so,” he said.

    Ojijeogu told NAN that WAEC was deploying resources to introduce new techniques to protect its examinations.

    “We are all aware that one of the greatest challenges facing the education sector is examination malpractice. On our part, we shall continue to do all we can to ensure that this ugly trend is checked. We want to commend security agencies, especially the police, for partnering with us in an effort to expose and check the cankerworm,” he said.

     

  • ‘Obey town planning laws or face sanctions’

    LAGOS State Ministry of Physical Planning and Urban Development  Commissioner Rotimi Ogunleye has charged residents to  obey town planning laws.

    He spoke at a stakeholders’ meeting organised by the Lagos State Physical Planning Permit Authourity (LASPPPA) for Amuwo-Odofin Local Government and Oriade Local Council Development Areas.

    He urged Lagos residents to obtain building permits to enable them have safe properties, adding that this could also serve as a collateral for loans.

    Ogunleye explained that building with permits would ensure that the city is planned, and tourism-friendly.

    The Special   Adviser to the Governor on Urban Development, Mrs. Yetunde  Onabule, reiterated that planning was essential to developing a smart city.

    She advised residents to inform the government of any violations  to avert building collapse.

    The ministry’s Permanent Secretary, Mrs. Boladele Dapo-Thomas,   thanked the people for supporting the Akinwunmi Ambode-led administration, urging them to keep on supporting the government to do more projects.

    LASPPPA General Manager Mr. Funmi Osifuye, a town planner, explained that creating functional communities requireds adhering to the “Operative Development Plan” for the areas.

    He said the development plan for Amuwo-Odofin LGA and the Oriade LCDA was the Badagry Masterplan covering 2012 -2032.

    Osifuye, however, said the government was aware of the various factors affecting the approval of planning permits for developers, such as land title on federal and state acquisitions, illegal conversions, and illegal development.

    He said the government had  made   provisions to encourage compliance with building plan laws through continuous public sensitisation. Besides, he said the process had been  made easy for the public.

    Osifuye said there was a provision for the electronic submission of applications via the ministry’s website, payment/validation of processing fees, email notifications, status and dashboards for electronic stage-tracking of applications and provisional planning permit.

    Osifuye warned that the state’s policy on regularisation for applicants who had illegally converted their buildings to other uses still subsists, adding that there is a moratorium of six months from this month to August, for developers and property owners who had either started construction or built without obtaining the requisite planning permit.

    He urged Lagosians to seize the opportunity for voluntary compliance with the rules to avoid penalty.

     

  • ‘Obey town planning laws or face sanctions’

    LAGOS State Ministry of Physical Planning and Urban Development  Commissioner Rotimi Ogunleye has charged residents to  obey town planning laws.

    He spoke at a stakeholders’ meeting organised by the Lagos State Physical Planning Permit Authourity (LASPPPA) for Amuwo-Odofin Local Government and Oriade Local Council Development Areas.

    He urged Lagos residents to obtain building permits to enable them have safe properties, adding that this could also serve as a collateral for loans.

    Ogunleye explained that building with permits would ensure that the city is planned, and tourism-friendly.

    The Special   Adviser to the Governor on Urban Development, Mrs. Yetunde  Onabule, reiterated that planning was essential to developing a smart city.

    She advised residents to inform the government of any violations  to avert building collapse.

    The ministry’s Permanent Secretary, Mrs. Boladele Dapo-Thomas,   thanked the people for supporting the Akinwunmi Ambode-led administration, urging them to keep on supporting the government to do more projects.

    LASPPPA General Manager Mr. Funmi Osifuye, a town planner, explained that creating functional communities requireds adhering to the “Operative Development Plan” for the areas.

    He said the development plan for Amuwo-Odofin LGA and the Oriade LCDA was the Badagry Masterplan covering 2012 -2032.

    Osifuye, however, said the government was aware of the various factors affecting the approval of planning permits for developers, such as land title on federal and state acquisitions, illegal conversions, and illegal development.

    He said the government had  made   provisions to encourage compliance with building plan laws through continuous public sensitisation. Besides, he said the process had been  made easy for the public.

    Osifuye said there was a provision for the electronic submission of applications via the ministry’s website, payment/validation of processing fees, email notifications, status and dashboards for electronic stage-tracking of applications and provisional planning permit.

    Osifuye warned that the state’s policy on regularisation for applicants who had illegally converted their buildings to other uses still subsists, adding that there is a moratorium of six months from this month to August, for developers and property owners who had either started construction or built without obtaining the requisite planning permit.

    He urged Lagosians to seize the opportunity for voluntary compliance with the rules to avoid penalty.

     

  • DPR sanctions seven stations

    DPR sanctions seven stations

    The Warri Zonal Office of the Department of Petroleum Resources (DPR) has sanctioned seven petrol stations in Delta State.

    Head, Downstream Operations, Warri Zonal Office, Mr. Onyenefa Chuks, told News Agency of Nigeria (NAN) in Warri yesterday that two of the stations were sealed off in Asaba.

    Onyenefa, who led a surveillance team to the stations, said five others were shut in Warri for sharp practices, including over-pricing, under-dispensing and diversion of petroleum products on Tuesday.

    He said eight filling stations were compelled to dispense products at the government approved pump price of N145 per litre to customers.

    Onyenefa said a retail outlet in Asaba was sealed off for diverting over 12,000 litres, adding that a major marketer was sanctioned in Isele-Uku for over-pricing.

    “A retail outlet belonging to Mobil in Asaba was shut for allegedly diverting over 12,000 litres of fuel.

    “An outlet owned by Rainoil in Isele-Uku was sanctioned for selling above the government approved pump price of N145 per litre.

    “The level of compliance is getting better. We visited over 11 stations in Asaba and most of them dispensed at the controlled pump price without being compelled to do so.

    “We sealed off Mobil filling station because it received products on Saturday, sold over the weekend according to them, but could not provide the sales book when we asked for it.

    “They will come to our office with evidence that the products were sold and then we will unseal the station.

  • 10 senators face sanctions over elections order

    10 senators face sanctions over elections order

    Ten senators are facing sanctions over their stand on the amendment of the Electoral Act. They may be suspended.

    The controversial amendment reordered the sequence of elections.

    It placed the Senate and the House of Representatives elections first, followed by governorship and House of Assembly elections and the presidential election last.

    Following the adoption of the conference report on the amendment, 10 senators kicked, describing it as “unconstitutional” and “an attempt in futility”.

    Yesterday, the upper chamber mandated its Committee on Ethics, Privileges and Public Petitions to investigate alleged unsubstantiated comments credited to Senator Ovie Omo-Agege (Delta Central) and nine others on the issue.

    The Senate said that Omo-Agege and nine senators claimed that “reordering of the election sequence was done to target President Muhammadu Buhari, ahead of the 2019 general elections.”

    The nine other senators are: Abdullahi Adamu, Abu Ibrahim, Benjamin Uwajumogu, Ali Wakil, Abdullahi Gumel, Binta Masi Garba, Yahaya Abdullahi, Andrew Uchendu and Umaru Kurfi.

    The plan to probe the conduct of the senators followed the adoption of a motion of by Senator Dino Melaye (Kogi West) on the issue.

    Melaye said Senator Omo-Agege and others misled Nigerians by claiming that the target of the amendment was President Buhari.

    The Kogi West senator, who cited Order 14 of the Senate Standing Rules, prayed his colleagues to refer the matter to the Ethics, Privileges and Public Petitions committee to investigate the claims made by the 10 senators.

    Melaye said: “I am heavily worried. President Muhammadu Buhari is not only my party man. He is a president we all laboured to vote for. My colleague, Senator Ovie Omo-Agege, addressed the media last week. He said the decision taken by this Senate is targeted at President Buhari. I cannot be part of any group of persons to move against the President. The allegations are weighty. I followed President Buhari to 35 states of the Federation during the campaigns.

    “When I was following the President round the country, Omo-Agege was in the Labour Party. To now allege and put the integrity of the Senate under check that the amendment was tailored towards the President is unheard of. It is in bad taste.

    “I want to ask that this statement made by Omo-Agege, among other statements, be investigated by the committee on Ethics, Privileges and Public Petitions. They need to find out if our actions were targeted at the President. Another interview was granted by the same senator.”

    Deputy Senate President Ike Ekweremadu, who presided, subjected the prayer to a voice vote. It was carried.

    In March 2017, Melaye raised a point of order against Mohammed Ali Ndume for alleged unsubstantiated claim on the purchase of exotic cars for the Senate President, Abubakar Bukola Saraki, and alleged certificate forgery by him (Melaye)

    Ndume was hurriedly investigated and eventually suspended for six months.

    The implication of referring Omo-Agege’s comments to the Ethics committee is that if the committee is able to establish that the claims by Omo-Agege and nine others are false, the lawmakers may be suspended.

  • NASD OTC sanctions three firms

    The NASD OTC Securities Exchange Plc has suspended a stockbroking firm and fined three others in its first major disciplinary action since the over-the-counter Exchange for  unlisted public shares started operations four years ago.

    Inaugurated in July 2013, NASD OTC Securities Exchange is registered by the Securities & Exchange Commission (SEC) as a Self-Regulatory Organisation (SRO). The NASD OTC provides the platform for trading of a broad range of instruments over-the-counter, including equities, bonds and securities not listed on the Nigerian Stock Exchange (NSE).

    A regulatory document obtained by The Nation indicated that the exchange has suspended a participating institution-Pivot Capital Limited while also imposing fines on Pivot Capital and two other firms- Bestworth Assets & Trust Limited and Traders Trust & Investment Company Limited.

    A source in the know stated that the disciplinary actions were meant to send strong signal to the market that the management of the Exchange will not condone infractions.

    Pivot Capital Limited was suspended from trading on the NASD OTC market for failure to settle trade executed on the market within the stipulated time frame  in breach of Rule 2(8)(3)(c) and Rule 2(8)(6) of the NASD OTC. Pivot Capital is also required to pay a fine of N824,501 before it could be readmitted to the market.

    Bestworth Assets & Trust Limited was indicted on two counts of misstatement of information in breach of Rule (2)(5)(8) and non-remittance of proceeds at effluxion of trading cycle in breach of Rule 2(8)(6) of the NASD OTC. The firm shall pay a fine of N900,000 for the first infraction and a refund of interest on withheld proceeds from sale of shares amounting to N52.908.

    In the same vein, Traders Trust & Investment Company Limited, was also indicted on the two counts of misstatement of information in breach of Rule (2)(5)(8) and non-remittance of proceeds at effluxion of trading cycle in breach of Rule 2(8)(6). The firm is required to pay a fine of N340,000 for the first infraction and a refund of interest on withheld proceeds from sale of shares amounting to N19.040.

    Formerly known as the National Association of Securities Dealers, NASD is owned by several investment and financial institutions as well as strategic investors. It is registered by the SEC as an organised trading platform for unlisted securities.

    There are more than 137 registered traders of participating institutions at the market. Also, many leading companies are listed on the NASD OTC including world leaders like Dufil Prima Foods Plc, the manufacturer of Indomie Noodles; Friesland Campina Wamco Nigeria Plc, manufacturer of Peak Milk brand; and Fan Milk Plc, popular manufacturer of Fan Yoghurts are listed.

    Other companies listed on the NASD OTC included NIPCO Plc, Air Liquide Nigeria Plc Industrial & General Insurance Plc, Central Securities Clearing System Plc, the clearing and depository arm of the Nigerian Stock Exchange; Nigeria Mortgage Refinance Company, Jaiz Bank Plc, the Islamic bank; Acorn Petroleum Plc, Arm Life Plc, Afriland Properties Plc, BGL Plc, Consolidated Breweries Plc, Food Concepts Plc, Geo-Fluids Plc, Golden Capital Plc, Niger Delta Exploration & Production Plc, Partnership Investment Company Plc, Resourcery Plc, Riggs Ventures West Africa Plc, Swap Technologies & Telecomms Plc, Vital Products Plc, Fumman Agric Products Industries Plc, Free Range Farm Plc, FAMAD Plc, AG Mortgage Bank and Trustbond Mortgage Bank Plc among others. There are also more than 137 registered traders of participating institutions at the market.