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Tag: summons

  • Alleged looting of Benue: EFCC summons Suswam, grills ex-commissioner for eight hours

    Alleged looting of Benue: EFCC summons Suswam, grills ex-commissioner for eight hours

    The Economic and Financial Crimes Commission (EFCC) yesterday invited a former Governor of Benue State, Dr. Gabriel Suswam, in connection with the ongoing investigation of his tenure.

    The commission also yesterday grilled a former Benue State Commissioner for Finance, Mr. Omadachi Oklobia, for eight hours.

    As at 5.24 pm yesterday, Oklobia was battling to meet bail terms, but it was unclear if he was able to fulfill the stringent conditions.

    Investigation revealed that Suswam is under probe based on the report of the Benue State’s 16-member Transition Committee, led by its Chairman, Mr. Mike Iordye.

    The committee had uncovered over N90 billion debts and the disappearance of N6.507 billion meant for SURE-P,

    A top source, who spoke in confidence, said: “We have started looking into allegations against Suswam and some of his former commissioners. These allegations border on mismanagement of public funds, diversion of moneys meant for projects, outright embezzlement of funds and abuse of financial procedures.

    “The former governor is expected to appear before our operatives for grilling on Monday. A formal letter of invitation has been sent to him. He will respond to isolated allegations on misuse of public funds.”

    Responding to a question, the source said the immediate past Benue State Commissioner for Finance, Mr. Omadachi Oklobia, was quizzed for eight hours on Friday.

    “We invited Oklobia, who served under Mr. Gabriel Suswam, a former Benue State governor, to defend the allegations of diversion of public funds, abuse of office, embezzlement and fraud while he was in office.

    “Oklobia arrived at the EFFC office in Abuja at about 10 am, where his statement was obtained under caution based on his complicity in the allegations.

    Shortly after Governor Samuel Ortom took over, he said he would probe the administration of Suswam.

    He said: “We are going to look at Governor Gabriel Suswam’s administration, though we do not have specific areas where we intend to look at. But I assure you that we are going to stand for the people of Benue State.”

    On his part, Suswam recently said he was not afraid of the ongoing probe of his administration by Ortom’s government.

    He said the probe may set a bad precedent in the state and no one knows whose turn is next.

    Suswam said: “On the issue of the probe going on in Benue State, it is not that one is afraid, but once a precedent is set, it is a double-edge sword. You don’t know whose turn it is tomorrow. You don’t know tomorrow.

    “When I became the governor of Benue State, I met some issues on ground but I resolved them amicably. When there are issues, let us talk about them amicably instead of grandstanding.

    “This remains my approach to life but to go and do grandstanding. I encourage us in Benue to toe the path of peace.”

  • EFCC summons ex-Oyo Speaker, 31 Ladoja’s lawmakers over N1.5bn fund

    EFCC summons ex-Oyo Speaker, 31 Ladoja’s lawmakers over N1.5bn fund

    Speaker of the Oyo State House of Assembly during the Rasheed Ladoja administration, Mr.Adeolu Adeleke and 31  other  members of the assembly at the time have a date with the  Economic and Financial Crime Commission (EFCC).

    The commission has invited them  to explain what they know about  the N1.5billion alleged to be missing  from the state coffer s between 2002 and 2007.

    Adeleke  and one of the affected former legislators who does not want his name in print confirmed EFCC invitation.

    EFCC investigators have already visited the state ministries of finance,lands and justice to peruse documents  relevant to the matter.

    Governor  Abiola Ajimobi  had claimed that former Governor Ladoja refunded the sum of N500million to the state through the EFCC being part of the alleged stolen  money.

    The former governor vehemently denied making any such refund only for Ajimobi to publish bromide of cheques purportedly issued by Ladoja for  the refund  .

    The money in question is said to be proceeds from the sale of shares belonging to the state government by the former governor.

    The former governor is alleged to have used a  company owned by him to buy the shares  and thereafter  raised the sum of N78million through   a prominent commercial bank  to acquire a property located at 361 Agodi GRA ,Ibadan, the Oyo State capital.

    The former governor was also accused of doling out  N20million each to 14 lawmakers who were loyal to him for constituency projects.

    None of the ex-legislators is known to have spent the money for that purpose.

    It was also gathered that apart from the N20m received by the 14 loyal members of the house, Ladoja also allegedly purchased  a Nissan Ssunny for each of the lawmakers.

    The money was allegedly taken from the  proceeds of the  shares.

    Sources also said that the chairman of an Oyo State government agency during the Ladoja government  confessed to  EFCC investigators as the one who shared  the funds.

    When contacted yesterday  former Speaker  Adeleke described the invitation by the EFCC, eight years after he left office, as politically motivated .

    He accused the All Progressive Congress (APC) led government in the state of masterminding EFCC’s  fresh investigation into the alleged missing fund.

    He said  “any invitation that is extended to me by either EFCC or any other body will not be a surprise because rumour  had it sometime ago that the APC led government was and is still desperate to circumvent the election petition of Senator Rashidi Adewolu Ladoja having failed to stop him from going to Election Tribunal .

    “ I left  office as Speaker more than eight years ago ,so common sense dictates that any invitation extended to me by this time is an attempt to distract Senator Rashidi Ladoja from reclaiming his stolen mandate and therefore ,such invitation is politically motivated and is bound to fail.”

  • Ekiti PDP crisis: Court orders service of summons on Fayose’s faction, others

    Legal battle began yesterday on the festering factional crisis rocking the Ekiti State Peoples Democratic Party (PDP) with an Ado-Ekiti High Court ordering service of court processes on the factional loyal to Governor Ayo Fayose.

    The court also ordered substituted service on the PDP National Secretariat through the state chapter of the party.

    The suit was instituted by Tunde Olatunde, Tope Aluko, Afolayan Akutupu, Tunji Olanrewaju, Mrs. Busola Oyebode, Ganiyu Bankole and Femi Ogunleye.

    Defendants are PDP (first) , Idowu Faleye (second), Kola Kolade (third), Ajibola Samuel (fourth), Sina Animasaun (fifth), Mrs. Lanre Fajuyi, (sixth), Kola Lawal (seventh), Babade Ige (eighth),  Lateef Agbaje (ninth) and Ayo Ogungbuyi (10th).

    The second defendant is the chairman of the faction loyal to Fayose. The third to tenth defendants are members of a Disciplinary Committee, which recommended suspension and expulsion of four members of the State Working Committee (SWC).

    The four SWC members, who were pronounced expelled for alleged anti-party activities, are Olatunde (acting chairman), Aluko (secretary), Olanrewaju (auditor) and Mrs. Oyebode (women leader).

    Justice Lekan Ogunmoye heard a motion ex-parte moved by counsel to the claimants/applicants, Oluwatobi Fatoki.

    The motion was supported by a 10-paragraph affidavit and supported by a written address brought pursuant to Sections 96 and 97 of the Sheriff Act and Order 7 Rule 5 (a) of Ekiti State High Court Civil Procedure Rule.

    After the motion was moved by Fatoki, Justice Ogunmoye granted the claimants/applicants leave to issue originating summons and other processes filed in the suit on the first defendant (PDP) in Abuja, which is outside the jurisdiction of the court.

    Justice Ogunmoye also granted an order of substituted service of the originating summons and all other processes to be filed in the action on PDP through Ekiti State Chapter at No 161, Ureje, Ajilosun, Ado-Ekiti.

    The judge further granted an order of substituted service on the second to 10th defendants since personal service on them might be difficult for the claimants/applicants.

    He held that since the application was ex-parte, the facts therein remained incontrovertible and they were granted after being carefully and dispassionately considered.

    Parties in the suit are expected back in court on October 14.

     

  • Court summons prison boss for refusing to produce ex-Mint chief, Okoyomon

    Court summons prison boss for refusing to produce ex-Mint chief, Okoyomon

    A High Court in the Federal Capital Territory (FCT), Apo, has summoned the Deputy Comptroller of Prison, Kuje, Abuja, for refusing to produce detained former Managing Director and Chief Executive Officer (CEO) of the Nigerian Security Printing and Minting Company (NSPM), Emmanuel Okoyomon  in court.

    Justice Valentine Ashi had, by an order in relation to a motion by Okoyomon, ordered the defendants in a suit he (Okoyomo) initiated – Deputy Comptroller in Charge of Medium Security Prison, Kuje and Attorney General of the Federation (AGF) – to produce him in court and show cause why he should not be granted bail.

    Yesterday, rather than obey the court’s order, the Deputy Comptroller of Medium Security Prison, Kuje wrote directly to the judge, informing him that Okoyomon was being held in Kuje prison by virtue of a remand order by the Court of Appeal.

    The prison officer insisted that Okoyomon could only be produced in any court with the permission of the court that ordered his remand, a position that infuriated Justice Ashi, who described the prison official’s conduct as a contempt of court and disobedience to a valid court order.

    “The procedure adopted by the 1st respondent (Deputy Comptroller in Charge of Medium Security Prison, Kuje) is reprehensible and contemptuous of the court,” the judge said. He added that the decision by the prison officer to write directly to him (the judge) was disrespectful of the institution of the court.

    The judge consequently ordered the prison official to attend court on the next adjourned date to show cause why he should not be imprisoned for contempt of court. Lawyer to the AGF, Muslim Hassan however, apologised on behalf of the prison official and assured that the defendants held the court in high esteem.

    Justice Evoh Chukwu of the Federal High Court, Abuja, had on May 4 this year, granted Okoyomon’s extradition to the United Kingdom where he was accused of complicity in the bribery allegation involving officials of Central Bank of Nigeria (CBN NSPM and Securency International Pty of Australia between 2006 and 2008.

    Okoyomon appealed the High Court decision at the Court of Appeal, Abuja. He applied to the court for bail and stay of execution of the decision by Justice Chukwu. But, in its ruling on June 26, the appellate court rejected his (Okoyomon’s) application for bail on the ground that it was unmeritorious.

    The appellate court however granted Okoyomon’s request for stay of execution of the judgment of the Federal High Court, Abuja directing the Federal Government to proceed with his extradition.

    Rather than pursue his pending appeal, Okoyomon went before the FCT High Court with a fresh suit, challenging his continued detention.

    The Office of the Attorney General has faulted his new suit and accused him of misleading Justice Ashi into assuming jurisdiction on the case. In the counter-affidavit and notice of preliminary objection filed for the AGF, it was argued that Okoyomon, having been detained on the order of the Court of Appeal, ought to either proceed to the Supreme Court or pursue his pending appeal. It urged the court to dismiss the case for lack of jurisdiction to hear it.

    Justice Ashi has adjourned to August 12 to hear the objection filed by the AGF and for the prison official to attend court and show cause why he should not be imprisoned for contempt.

  • APC summons NEC meeting over Saraki, Dogara

    APC summons NEC meeting over Saraki, Dogara

    … as Buhari meets Lawan, others

    The All Progressives Congress has summoned a session of its National Executive Committee (NEC) for Tuesday to discuss the defiance of the party’s directive by the President of the Senate, Dr. Bukola Saraki, and the Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara.

    Ahead of the said meeting, President Muhammadu Buhari yesterday met with Sen. Ahmed Lawan and other senators in the Unity Forum group.

    Tuesday’s NEC meeting in Abuja, a reliable party source said, is meant to “review the situation in the National Assembly, especially the defiance of the directive of the party on the choice of principal officers by Saraki and Dogara.”

    It was also learnt that the NEC may come up with recommendations on how to reconcile the warring groups in the National Assembly.

    But ahead of the session, some leaders have been pushing for sanctions against Saraki and Dogara.

    A top party source said: “Some of our leaders are insisting that the APC must wield the big stick against those who disrespected the party’s leadership.

    “They said once the party is not assertive, its authority will be eroded and it may not help the survival of APC.

    “But we have some moderate elements seeking amicable resolution of all the issues at stake in order not to deepen the crisis in the National Assembly.

    “Tentatively, the NEC of APC will meet on Tuesday to address some of these challenges. ”

    Responding to a question, the source added: “There are enough provisions to checkmate the erring members because the APC Constitution is explicit in declaring that the party is supreme.

    The source cited Articles 9.2, 9.3, and 21 of APC Constitution to back his claim.

    Article 9.2 (Rules and Obligations) says: “Members of the party shall be obliged to affirm the party’s aims and objectives and conduct themselves in a manner that shall not bring the party to public odium and disrepute…”

    Article 9.3 of the APC Constitution (Cessation of Membership) reads in part:  “Membership of the party shall be terminated by death, resignation or expulsion or by procurement of membership of another political party or accepting political appointment from any political party or opposition government.

    Article 21 reads “Subject to the provisions of this Article and the right to fair hearing, the party shall have power to discipline party members. The power shall be exercised on behalf of the party by the respective Executive Committee of the party at all levels.

    “Offences against the party shall include the following: (1.) A breach of any provision of this constitution; (2) Anti-party activities or any conduct which is likely to embarrass or have adverse effect on the party or bring the party into hatred, contempt, ridicule or disrepute.

    “Disobedience or negligence in carrying out lawful directives of the party… Flouting the rules, regulations and decisions of the party…”

    A complaint by any members of the party against a public office holder, elected or appointed or another member or against a party organ or officer of the party shall be submitted to the Executive Committee of that party at all levels concerned which shall not later than seven days of the receipt of the complaints, appoint a fact- finding or Disciplinary Committee to examine the matter.

    “The Executive Committee concerned upon  receipt of  the report of the fact-finding  or Disciplinary Committee shall not later than 14 days thereof either ratify or reject the decision of the fact-finding or Disciplinary Committee.”

    According to findings, President Buhari’s meeting with Lawan group would hold at about 9 pm yesterday.

    The session was said to be in progress at press time.

    A source said: “Buhari’s intervention is the first in the series of steps put in place to resolve the crisis in the Senate and the stalemate in the House of Representatives.

    “The Lawan group is expected to rub minds with the President on the way forward in order to restore stability to the system.”

    A respected member of the Lawan group said: “We are meeting the President to clearly state our position and the options available for peace to reign.

    “We also want to advise him to take a position because no President can ignore the parliament. The issue of being indifferent is not good for him.

    “We tabled six demands before the party but despite the intervention of the party leadership, Saraki defied these terms for peace.”

    The demands of the Unity Forum were as follows:

    APC leadership should instill discipline and intervene in the choice of some principal officers in the Senate.

    It is better to leave the choice of some principal officers to APC than zonal caucuses in order not to further divide the governing party

    Ranking must be considered in the selection of principal officers.

    Concession of some principal offices to the Unity Forum including Ahmed Lawan (Majority Leader); George Akume (Deputy Majority Leader); Prof. Sola Adeyeye (Senate Whip); and Abu Ibrahim (Deputy Whip).

    Reconciliation is possible if Saraki group does not play the politics of winner-takes-all.

    PDP should not be allowed to produce any principal officer except those due to it as the minority party in the Senate.

  • Senate summons Okonjo-Iweala, Diezani as fuel price hits N200 per litre

    Senate summons Okonjo-Iweala, Diezani as fuel price hits N200 per litre

    The Senate Committees on Petroleum Resources (Upstream and Downstream) yesterday summoned the Finance Minister, Ngozi Okonjo-Iweala and her Petroleum counterpart, Mrs. Diezani Alison-Madueke, to appear before it on Monday over the lingering fuel scarcity in the country.

    Also invited by the joint committee is the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Managing Director of Pipelines and Products Marketing Company (PPMC), Managing Director of the Department of Petroleum Resources (DPR), Executive Secretary of the Petroleum Products Pricing and Regulatory Authority (PPPRA), Major Oil Marketers Association of Nigeria (MOMAN), Independent Marketers Association of Nigeria (IPMAN) and the National Association of Road Transport Owners (NARTO).

    The Joint chairmen of the committees, Senators Emmanuel Paulker and Magnus Abe signed the invitation to all the stakeholders in the oil industry on a day fuel price hit N200 per litre in some filling stations in Lagos.

    Some other filling stations dispensed between N150 and N180 per litre.

    Most filling stations remained shut across the country, leaving thousands of commuters and motorists stranded.

    Long queues of vehicles at the few filling stations that had fuel in Lagos metropolis yesterday obstructed traffic on the Lagos/Otta/Abeokuta Expressway.

    The Senate committees on Downstream Petroleum sector and Petroleum Resources (Upstream) are expected to submit the report of their investigation on Tuesday, May 26, for deliberation.

    Reports from Abuja, Bayelsa, Ogun, Ondo, Rivers, Kano and Kwara states yesterday said most filling stations have closed shop for lack of the product.

    Many vehicles and motorcycles have been forced off the roads in Yenagoa.

    A Yenagoa taxi driver, who identified himself as Joseph, lamented that the situation has gone from bad to worse.

    In Minna,the Niger State capital, only about five filling stations sold at the official price.

    A taxi driver, Mojheed Akano, said he has been buying fuel from Gwada, some 30 kilometres from Minna at N120 per litre.

    “I have discovered that one gets fuel easily from the villages than in Minna,” Akano said.

    Commercial drivers and other motorists blamed the marketers for the scarcity in the state capital. They wondered why fuel are in the suburb villages and the state capital.

    However, transport fares remain stable across the state, unlike Ondo State where inter and intra-state vehicle operators have started charging exhorbitantly, thereby forcing commuters to groan.

    Transport fare from Ikare to Lagos has gone up to N3,000 from  N2,500, while Ikare to Akure is now N800 as against N500.

    The Iyalaje of Ikareland,Hajia Risikat Mohammed appealed to the federal government to find lasting solution to the present fuel scarcity.

    Commuters in Abuja are also being made to pay through their nose with an average fare now costing  N300 from N100.

    At the NNPC super mega station at Katampe, vehicles formed queues that stretched over five kilometres.

    Some independent petrol stations at Kuje, Kubwa, Byazhin Across sold petrol for between N130 to N140 per litre.

    Consequently, only a few commercial vehicles were seen on the roads.

    This situation has created room for a thriving black market.

    Some motorists go as far as Kaduna in search of fuel.

    In Kano, most filling stations across the city have no fuel to sell to motorists.

    Long queues of vehicles, motorbikes and tricycles dotted most of the filling stations in the metropolis, as they wait endlessly to buy fuel, forcing most of them to spend the night in various filling stations.

    In most of the filling stations visited by The Nation, the pump prices ranges between N125 to N140 per litre.

    Vehicles also formed endless queues at several petrol stations at Abule Egba and Meiran communities in Alimosho Local Government Area of Lagos State.

    Some of them sold petrol at N200 per litre and an additional N100 for those who bought with jerry cans.

    One sold fuel for about three hours and then shut its gate.

    The fuel scarcity in Rivers State worsened yesterday, with black market operators taking over.

    Almost all the filling stations, including the mega filling stations of the Nigerian National Petroleum Corporation (NNPC), were under lock and key.

    Commercial drivers capitalised on the fuel scarcity and slightly increased their fares.

    The situation was not different in Ilorin, Kwara State, with many filing stations shut.

    This has affected commercial transportation as commuters now pay between N60 and N70 per drop as fare for cab as opposed to N50

    Commercial motorcyclists (Okada riders) currently have a field day. Okada riders charge between N70 and N100 per drop depending on the distance of the journey.

  • Naira crash: Emefiele summons emergency meeting today

    Naira crash: Emefiele summons emergency meeting today

    The Governor of the Central Bank of Nigeria (CBN),  Godwin Emefiele has scheduled an emergency meeting with operators in the foreign exchange market toady.

    It is the first direct meeting the apex bank’s boss will be having with  stakeholders since the pressure on the naira heightened.

    The Nation findings showed that the meeting will enable Emefiele gather more facts on how to save the naira from further slide.  The CBN had on Friday, raised weekly dollar sales to Bureaux De Change (BDCs) operators from $15,000 to $30,000. The decision is part of the regulator’s continued efforts to strengthen the naira which on Friday traded at N208 to dollar at the parallel, or black market.

    A circular to authorised dealers signed by CBN Director, Trade & Exchange, Olakanmi Gbadamosi, said the increase is in line with the ongoing review of developments in the foreign exchange market and is intended to deepen the BDC’s segment. He said  the policy takes effect from January 28, 2015.

    He said  while, the CBN will sell to BDCs weekly at the prevailing interbank rate, BDCs are expected to sell to the public at not more than 3.5 per cent above the CBN selling rate.

    “Consequently, all BDCs are to ensure that their designated accounts in the CBN are duly funded with the equivalent naira proceeds, not later than 48 hours before the bidding date,” he said.

    Gbadamosi also advised operators to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers, as any case of infractions will be sanctioned.

    The CBN had earlier in the week, stopped, with immediate effect, sale of forex through the Retail Dutch Auction System (RDAS) and interbank to BDCs operators limiting their only source of funds to the weekly allocations.

    Gbadamosi, said the weekly sales of forex to BDCs will be sustained by the CBN based on the liquidity needs of the market, adding that the regulator took the decision based on ongoing review of developments in the foreign exchange market and the need to check speculative demand in the market.

  • Impeachment plot: Nyako, deputy shun panel’s summons

    Impeachment plot: Nyako, deputy shun panel’s summons

    Governor Murtala  Nyako and his deputy,Mr.Bala Ngilari, were conspicuously  absent yesterday     as the 7-man  panel constituted by the former Ag. Chief Judge Adamawa State ,Justice Ambrose Mammdi  to probe  the duo, commenced sitting in Yola .

    They were also not represented by any counsel.

    Chairman of the panel, Alhaji Buba Kaigama, apologized  for the delay in the commencement of  public sitting coming   one week after it was constituted without a proper inauguration.

    He said the committee faced  several problems which have since been addressed.

    Kaigama pledged to be fair to all parties  involved in the assignment before his committee.

    The deputy speaker  of the State House of Assembly,Mr. Kwamoti Laori was in attendance.

    Counsel to the House,which is the complainant  in the matter,Mr. Duro Ajeleye (SAN) and Mr. Leonard Zidon, led the only witness for  the Assembly, Mr. Therman Wafarninyi,  Chairman of the House  Committee on Public Accounts.

    He said the panel should determine whether  Nyako and Ngilari  violated the constitution  or not and make the appropriate recommendation.

    The counsel to the Assembly  tendered 22  exhibits against Nyako and  six  against  Ngilari.

    The panel adjourned to today to enable the Governor and his Deputy or their representatives to appear before it.

    The Christian Community in Adamawa State  sued for peace between the warring factions  and asked them to allow peace reign

    In a statement in Yola, the Chairman, Council of Pastors in  Adamawa State, Dr. Victor Ordinan, said the impeachment process was uncalled for  at this point in time.

    Ordinan said:“As a people we must unite so that together we can avert the severe consequences of impeaching the number one and two citizens of our state at the same time. Because we know the consequences and cannot sit back to watch them befall us.”

    However,  Elders and Stakeholders of the Peoples Democratic Party (PDP)  in the state  threatened to sanction any legislator that backs out of the  impeachment process.

    Spokesman  for  the group ,Dr. Umar Ardo told reporters yesterday in Yola said that the impeachment move was a PDP affair and therefore any lawmaker who went against  the decision of the party on the matter would be sanctioned.

    Asked about the reconciliatory move between the lawmakers and governor Nyako, Dr Ardo said  any action taken by the legislators is inferior to the party’s.

    He said the PDP was not even aware of any such peace parley.

    Spokesman for the State  Government Mr.P.P. Elisha said that the legitimacy of the seven man panel constituted by the acting chief judge of the state remains questionable.

    Elisha said that Governor Nyako being  a custodian of  the  Constitution will not submit himself to an  illegal  body

    On  threat  by the PDP   to sanction any of the lawmakers that may back out of the impeachment process , Elisha said it was a confirmation that the impeachment  saga was  politically motivated .

    He said  PDP was  desperate to take over power at  all cost.

     

  • Panel summons Nyako

    Panel summons Nyako

    •Governor: I won’t resign

    Governor Murtala Nyako got yesterday an invitation from the seven-man panel probing him for alleged misconduct.

    Deputy Governor Bala Ngilari is also to appear before the committee tomorrow.

    It pasted the invitation on the walls of the governor’s office and  the deputy governor’s in Yola, the Adamawa State capital.

    Friday has been set for public hearing by the panel, which was constituted last week by Acting Chief Judge Ambrose Mammadi.

    The acting CJ took the step based on the request by the House of Assembly after it opened impeachment proceedings against Nyako and Ngilari.

    The panel’s action is an indication that it had secured a venue for it sittings.

    It was sacked by the J&J Hotel for security reasons after its Monday’s inaugural sitting. Throughout Tuesday, the panel was preoccupied with getting a place to use.

    It was gathered that the members might have moved the sittings to the secretariat of the Adamawa State Chapter of the Medical and Health Workers’ Union of Nigeria.

    But the chairman of the union, Mr. Jeremiah Nkyekwar, said he was unaware that its secretariat was hosting the panel.

    Also yesterday, the suit filed by Nyako and the All Progressives Congress (APC) challenging the impeachment process was stalled due to the absence of a substantive Chief Judge for the state.

    The tenure of acting Chief Judge Mammadi expired on Tuesday.

    He adjourned the matter till yesterday during the last hearing.

    Governor Nyako maintained yesterday that he remained strong, despite the moves to impeach him.

    Besides, said Nyako, he does not need the intervention of President Goodluck Jonathan on the matter.

    Based on allegations of corruption and nepotism, some members of the House of Assembly are pushing for Nyako’s impeachment.

    The governor spoke with State House correspondents after attending the inauguration of the steering committee of the Safe School Initiative at the Presidential Villa, Abuja.

    Stressing that he would survive the moves, Nyako declared that he would not resign from office – as being speculated.

    Nyako, who noted that the state was calm, said he expected the lawmakers not to take illegal steps.

    He said: “Well, it is in the court and the court said it was not well done. We are hoping that if they want to do it, they will do it following the normal process in whatever they want to do.”

    On whether he had been trying to reach out to President Jonathan to rescue him, Nyako said: “Not yet. It has not reached that crisis point.”

    He, however, did not rule out the possibility of calling for help from the President when the need arises, expressing hope that the man would step in since the state had also been there for the President.

    “We have supported him all this time; he has supported us and in situations like these when Mr. President’s support is required, we will seek it,” Nyako said.

    Asked whether some former Heads of State had spoken to the President on his behalf, the governor said: “That will be excellent.”

    On the cause of the crisis, he said:” Adamawa is a very interesting place. If I tell you we have 87 ethnic groups and the two religions are fairly balanced, it means that being sensitive to each and everyone of us is very important. It is a place of intellectualism; everybody has his own point of view and you have a group of people who share a certain point of view. And until it changes, they will maintain that point of view. But we have been peaceful somehow and we will remain peaceful.”

    Nyako denied the claim that he planned to defect to the People’s Democratic Party (PDP), which he dumped for the All Progressives Congress (APC).

    He said: “Quite frankly, you know how I joined the PDP and partisan politics in the first place. It is not really my field. My field is known. You know what I was before. We are straightforward; have two distinctions: loyalty and disloyalty; two separate pieces. But one of the interior politicians told me that there are a lot of things in between loyalty and disloyalty which, up till this moment, I have not appreciated. So, for me, disloyalty with this type of attitude with Nigerian politics of today you are likely to step on toes of a few. “

  • NSE summons six stockbroking firms

    NSE summons six stockbroking firms

    The national council of the Nigerian Stock Exchange (NSE) would this week begin a disciplinary hearing on the fate of inactive, illiquid and delinquent stockbroking firms with the first batch of the affected operators expected to appear before the council on Thursday.

    The Disciplinary Committee of the National Council of the NSE has invited six stockbroking firms to appear before it on Thursday to explain why the Exchange should not take disciplinary action against them for failing to activate their dealing member licenses.

    The affected companies included Al-Pina Investment and Trust Company Limited, BBL Asset Management Limited, Integrated and Allied Securities Limited, MultiTrust Securities Limited, Standard Chartered Securities Limited and Trans Lux Services Limited.

    In a notice signed by head, legal department and council secretariat, Irene Robinson-Ayanwale, the NSE indicated that the six stockbrokers were part of a group of stockbrokers that it had earlier queried over their operating status.

    The disciplinary committee is expected to determine the propriety of the dealing licenses of the affected members at the hearing.

    The NSE had in December 2013 commenced a process to determine the propriety of dealing licence of 53 stockbroking firms, a development that may lead to withdrawal of operating licence of erring stockbroking firms.

    A query by the management of the NSE to the 53 stockbroking firms obtained by The Nation directed the stockbroking firms to show reasons why disciplinary actions should not be taken against them for failure to regularize their operating status and other sundry outstanding regulatory issues.

    The query was signed by head, broker dealer regulation, Nigerian Stock Exchange (NSE), Mr. Olufemi Shobanjo.

    A source in the know of disciplinary process of the NSE indicated that the Exchange may withdraw the operating licence of some of the stockbroking firms, which failed to provide tangible reasons to show liquidity, continuous operations and compliance with extant rules on dealing member firms.

    The Nation’s check showed that most of the queried firms had in September 2013 been suspended for failure to comply with extant operating rule that requires all stockbroking firms to establish compliance department and appoint accredited compliance officers. The suspension by the NSE implies that they will not be  allow to trade at the stock market or act in any issue relating to the capital market, especially as it relates to regulatory approval of the NSE.

    The latest query on regularization of operating status also referred to “all outstanding regulatory issues”, indicating a build-up of the case against the stockbroking firms.

    The queried dealing member firms included Mainstreet Bank Securities Limited, Standard Chartered Securities Limited and First Atlantic Securities Limited, three brokerage firms owned by banks.

    Other queried firms included AAA Securities Limited, Alliance Capital Management Company Limited, Al-pina Investment & Trust Company Limited, BBL Asset Management Limited, BFCL Asset & Securities Limited, BIC Securities Limited, CEB Securities Limited, Colvia Securities Limited, Consolidated Investment Limited, Dakal Services Limited, Decanon Investment Limited, Empire Securities Limited, Enabell Capital & Investment Limited, Epic Investment Trust Limited, Equator Stockbrokers Limited, First Equity Securities Limited, First Express Limited, Folu Securities Limited, Genesis Securities & Investment Limited, Ideal Securities Limited, Indemnity Finance Limited, Integrated & Allied Securities Limited, KFF Worldwide Solutions Limited, Kingdom Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Maninvest Asset Management Plc, Mayfield Investment Limited, Metropolitan Trust Nigeria Limited, Midland Capital Markets Limited, Midlands Investment & Trust Limited and ML Securities Limited.

    Others included Monument Securities & Finance Limited, MultiTrust Securities Limited, Omas Investment & Trust Company Limited, Peninsula Asset Management & Investment Company Limited, Platinum Capital Limited, Professional Stockbrokers Limited, Prudential Securities Limited, Regency Financing Limited, RIV Trust Securities Limited, Riverside Trust Limited, Securities Trading & Investment Company Limited, Sikon Securities and Investment Trust Limited, Trans Lux Services Limited, Transglobe Investment & Finance Company Limited, Tropics Securities Limited, Truebond Capital & Asset Management Limited, WT Securities Limited and Zuma Securities Limited.