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Tag: suspension

  • Stock Exchange removes full trading suspension on Oando

    Investors resumed trading on the shares of Oando Plc yesterday as the Nigerian Stock Exchange (NSE) lifted the full suspension placed on the shares of the indigenous energy group. The NSE meanwhile replaced the full suspension with a technical suspension, implying that while trading will continue unhindered on the shares of Oando, there will be no price movement.

    Oando traded at N5.99 per share yesterday, the price that it will continue to trade on for the period of the technical suspension.

    A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

    “Please be informed that effective today, Monday, 23 October 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists,” the NSE stated.Securities and Exchange Commission (SEC) had last week ordered the placement of full suspension on the shares of Oando as the apex capital market regulator launched a forensic investigation into allegations leveled against the management of Oando by two aggrieved shareholders. The Commission also indicated that the full suspension should be relaxed to technical suspension after 48 hours.

    In responding to the suspension and investigation, the management of Oando had reiterated its commitment to protecting the interest of all shareholders.

    “The company remains committed to act in the best interests of all its shareholders,” Oando stated in a short statement signed by its Chief Compliance Officer and Company Secretary, Ayotola Jagun.

    SEC had launched a forensic audit into the operations and governance of Oando in furtherance of the Commission’s investigation into allegations of corporate governance abuse and improper dealings.

    In a notification of the suspension signed by General Counsel and Head of Regulation, Nigerian Stock Exchange (NSE), Tinuade Awe, SEC directed that the NSE should impose full suspension on the shares of Oando for 48 hours with effect from today October 18, 2017 to October 20, 2017.

    Also, with effect from October 20, 2017 and until further directive, the Exchange should implement a technical suspension in the shares of Oando Plc.

    In an official circular on the suspension, SEC explained that the suspension and forensic audit were in relation to the two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated.

    According to the Commission, a comprehensive review of the petitions showed that there were breach of the provisions of the Investments & Securities Act 2007, breach of SEC Code of Corporate Governance for Public Companies, suspected insider dealing, related party transactions not conducted at arm’s length and discrepancies in the shareholding structure of Oando Plc among others.

    “The Commission’s primary role as apex regulator of the Nigerian capital market is to regulate the market and protect the investing public. The Commission notes that the above findings are weighty and therefore needs to be further investigated. After due consideration, the Commission believes that it is necessary to conduct a forensic audit into the affairs of Oando Plc. This is pursuant to the statutory duties of the Commission as provided in section 13(k), (n), (r) and (aa) of the ISA 2017,” SEC stated.

  • NSE partially lifts suspension on Oando

    NSE partially lifts suspension on Oando

    The Nigerian Stock Exchange (NSE) says it has partially lifted the suspension placed on shares belonging to Oando Plc.

    A notice endorsed by its  General Counsel/ Head of Regulation, Tinuade Awe, said shareholders can now trade their shares but the trading activity will not lead to a change in price.

    It reads: “Dealing members are referred to our market bulletins of Wednesday, October 18, 2017 (NSE/LARD/LRD/MB05/17/10/18) notifying them that effective Friday, October 20, 2017 and until further directive, the shares of Oando Plc (“Oando” or “the company”) will be placed on technical suspension; and that of Friday, October 20, 2017 (NSE/LARD/LRD/MB07/17/10/20) informing them that the shares of Oando were still on full suspension as the process of converting from full to technical suspension was yet to be completed.

    “Please be informed that effective today, Monday, October 23, 2017; the shares of Oando Plc have been placed on technical suspension. Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”

    The regulator had suspended the company’s shares last week following a request from the Securities Exchange Commission (SEC).

  • NSE lifts suspension on Thomas Wyatt, African Alliance Insurance

    NSE lifts suspension on Thomas Wyatt, African Alliance Insurance

    The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on trading on the shares of Thomas Wyatt Nigeria Plc and African Alliance Insurance. The resumption of trading on the two companies was sequel to the submission of the relevant earnings reports of the companies.

    According to the Exchange, Thomas Wyatt Nigeria, which was one of the companies suspended recently, submitted its audited accounts for the period ended March 31, 2017 on October 06 2017.

    “In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, the Exchange has lifted the suspension of trading in the shares of Thomas Wyatt Nigeria Plc,” the NSE stated. Trading resumed on Thomas Wyatt on Monday, October 9, 2017.

    The NSE stated that it lifted the suspension on African Alliance Insurance on October 10, 2017 after the Exchange was satisfied that the submitted accounts complied with applicable rules.

    The NSE had recently suspended trading on the shares of four companies following the failure of the companies to adhere to best corporate governance and extant post-listing requirements. Three other companies remain under suspension including Academy Press Plc,  Nigerian German Chemical Plc and Roads Nigeria Plc.

    The companies were suspended after they failed to file their accounts and operational reports as required by the listing rules at the Exchange. The suspension will remain in place until the companies file the relevant accounts and reports.

    With the suspension, investors will not be able to trade on the shares of the companies, thus denying them opportunities to raise funds through such investments in case of financial needs.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

  • Suspension: Ndume knows fate Oct 13

    Suspension: Ndume knows fate Oct 13

    A FEDERAL High Court in Abuja has fixed October 13 for judgment in the suit by Senator Mohammed Ali Ndume (representing Borno South) against his suspension by the leadership of the Senate.

    Justice Babatunde Quadri gave the date yesterday after hearing arguments from lawyers in the case, including Marcel Oru (representing Ndume) and Mike Ozekhome, SAN for the Senate.

    The court took arguments from parties on the substantive suit and the notice of objection, with which the Senate challenged the court’s jurisdiction.

    In his argument, Oru urged the court to among others, dismiss the objection by the Senate and grant his client’s prayers, because the Senate exercised the powers it lacked when it suspended his client.

    Ozekhome urged the court to dismiss the plaintiff’s suit for being unmeritorious. He urged the court to uphold his client’s objection on the ground that the plaintiff’s suspension was in line with the provision under the Legislative Powers and Privileges Act.

    Ndume was suspended by the Senate via a letter dated March 30, 2017 after he drew the Senate leadership’s attention to reports in the media that the Senate’s invitation of the Comptroller General of Customs (CGC), Hameed Ali, was in respect of the seizure of a vehicle imported for Saraki, using forged papers and the controversy over Dino Melaye’s educational qualifications.

  • Lagos Accord Party seeks suspension of chairman, secretary

    The Lagos State chapter of the Accord Party has recommended the indefinite suspension of its Chairman, Chief Gbenga Kool, and Secretary, Comrade Lanre Ogundare, for alleged mismanagement of party funds generated from sales of nomination forms in the July council elections.

    The party called for  investigation into the allegations.

    Their suspension followed recommendation by a seven-man committee set up by Kool on August 9, calling for an investigation into alleged misappropriation of the funds.

    The committee’s report was submitted to its National Vice-Chairman, Southwest, Chief Kayode Ojo, and copied to the Independent National Electoral Commission (INEC), state’s Independent National Commission (LASIEC), Board of Trustees (BoT), and National Exco

    The committee chairman, J. Ola Beckley, and secretary Rev Sam .U. Nelson, said: “During the first sitting of August 15, 2017, it was noted there was no remittance of poll fund to the treasurer by the secretary. There was mismanagement of poll funds.

    “This prompted the invitation of the state secretary by the committee to explain these. The secretary brought three sets of document of sales of forms, participating candidates and expenditure. The committee, based on these documents, sent him a letter asking him to come and defend the documents but he disregard the summons.

    “The state chairman was notified on the action(s) of the secretary, and was also invited based on his statement of August 21, 2017, that he instructed the secretary to carry out the sales of forms and expenditure. But the chairman, on two occasions, disregarded the summons. Based on these,  the committee concluded to refer the case to superior organs of the party since the people involved are state principal officers.”

    The committee added that it made the recommendation to suspend the two officers in accordance with the party constitution.

    “In accordance with party constitution, the committees rely on Article 1g (iii), (iv), (ix) after careful, disciplinary procedure of our party to sanction the affected officers namely, Chief Gbenga Kool and Comrade Lanre Ogundare, chairman and secretary.

    “It was resolved and agreed that they be suspended pending full investigation and a caretaker committee appointed to run affairs of the party till outcome of the matter.

    The committee said every aspect of the constitution was expounded during the sittings, which lasted 14 days.

  • Ekiti PDP, APC at war over lawmaker’s suspension

    Ekiti PDP, APC at war over lawmaker’s suspension

    The All Progressives Congress (APC) in Ekiti State is protesting what it describes as the persecution of a member of the House of Assembly, Hon. Gboyega Aribisogan, who recently defected from the Peoples Democratic Party (PDP). ODUNAYO OGUNMOLA reports on the latest power play and intrigues.

    Governor Ayo Fayose’s, hold on Ekiti State House of Assembly appears to be under threat, following the defection of the lawmaker representing Ikole Constituency1, Hon. Gboyega Aribisogan, from the ruling Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

    The foundation for Aribisogan’s defection was laid with his suspension for 180 legislative days by the lawmakers who accused him of anti-party activities and disloyalty to Fayose.

    Aribisogan was accused of holding meetings with personalities perceived to be opponents of Fayose in Lagos. In the heat of the PDP crisis, Fayose’s loyalists alleged that the lawmaker was holding meetings with the Senator representing Ogun East in the National Assembly, Prince Buruji Kashamu, an allegation  Aribisogan vehemently denies.

    The House, which was acting at the behest of Fayose, set up an investigation committee led by the legislator representing Ido/Osi Constituency II, Hon. Abiola Jeje.

    The panel played an audio tape at its sitting, which it claimed was the voice of Aribisogan at the Lagos meeting which he (Aribisogan) described as “bogus, phoney and false and manipulated in a bid to frame him up and achieve a predetermined conclusion.”

    The ding-dong continued for weeks, until Aribisogan was slammed with suspension while his privileges as a member of the House withdrawn.  Aribisogan said the Constitution and Standing Order does not provide for a suspension of 180 days but only 14 days.

    After the suspension, Aribisogan granted some press interviews in which he asserted his innocence and maintained that the independence of the state legislature has been eroded by Fayose’s “overbearing control.”

    On June 8, Aribisogan stormed the House with a letter from his constituents that he should go back to his office because Ikole Constituency 1 was being denied representation. Although the lawmakers did not sit on that day, ostensibly to avoid Aribisogan, he submitted the letter from the Clerk, Mr. Tola Esan.

    The House, at a plenary shortly after Aribisogan’s action, ratified his suspension, claiming that the lawmaker had not shown any sense of remorse.

    The PDP chairman Mr. Gboyega Oguntuase, set up a disciplinary committee to investigate the alleged anti-party activities against Aribisogan.

    The panel had former Commissioner for Commerce, Industry and Cooperatives, Mr. Ayodele Michael as Chairman and Chairman of Irepodun/Ifelodun Local Government, Mr. Dapo Olagunju as Secretary.

    Other members are former Commissioner for Environment, Bisi Kolawole; Mr. Yinka Olomofe and Mr. Tolulope Awoniyi.

    But, Aribisogan refused to appear before the panel, alleging that it was set up to carry out a hatchet job and that he would never get a fair hearing as its members are cronies and lackeys of Fayose.

    The lawmaker outfoxed the Fayose camp before the panel turned in its report. He decamped to the APC on June 27 at a ceremony in his hometown of Ijesa Isu in Ikole Local Government Area with about 200 other PDP members.

    He was received by the APC executive council, led by the Deputy Chairman, Mrs. Kemisola Olaleye, on behalf of the National Chairman, Chief John Odigie-Oyegun, and the State Chairman, Chief Olajide Awe, at Ijesa Isu Ward 7.

    The action of the lawmaker has elicited joy in the opposition camp which has now been afforded an opportunity to challenge the PDP’s dominance in the House and cast a slur on Fayose’s boast that there is no opposition in the state parliament.

    Aribisogan hinged  his action on the division in the PDP, which according to him, has made his stay in the party “extremely difficult.”

    He vowed that “all efforts to silence the opposition voice from  Ekiti political space is resisted” because democracy allows for objective criticisms and separation of powers which is the principle of the rule of law.

    Aribisogan said he took the decision to join APC after due consultation with his constituents and pursuant to Section 109, sub-section 1(g) of the 1999 Constitution.

    He said: “Democracy is all about good governance, service delivery, community and state interest. A situation where a political party like PDP is dangling precariously between survival and extinction could no longer provide enabling political environment to provide good governance and political engineering.

    “Therefore as a representative of my people, I have no option than to go along with them by moving to a party that will continue to protect their collective interest.

    “I want to assure my supporters and my new political party of my absolute commitment and loyalty in pursuance of the party’s set objectives and goals. I pledge to be a true party man wh will join hands with the progressives to remove he albatross called PDP from Ekiti State political space in the coming days.”

    Speaking on behalf of other decampees, Chief Odofin said they were tired of a leader who is the party chairman at all levels and at the sam time occupies the positions of governor, commissioners, local government chairmen, councillors.

    Mrs. Olaleye, who could not hide her excitement, said the defection of the lawmaker was an indication that Fayose and is party, PDP are no longer popular in the state.

    Olaleye appreciated the party leadership at Ijesa Isu Ward and Ikole Local Government “for bringing a big fish into the progressives fold.” She noted that Aribisogan is not only a pride of Ijesa Isu but also a pride of Ekiti.

    She assured Aribisogan of equal rights and privileges with other APC leaders and members he met in the party.

    The battle has assumed another dimension as Aribisogan alleged that Fayose and the Speaker of the Assembly, Hon. Kola Oluwawole, have raised a killer squad to assassinate him. He forwarded a petition to the Inspector General of Police, Mr. Ibrahim Idris.

    Aribisogan gave Oluwawole, whom he claimed had usurped the constitutional powers of the Speaker, 14 days to relinquish the position of Speaker.

    He accused Fayose of committing “a serious constitutional breach” by reappointing six out of the sacked commissioners and ordering them to assume in their respective ministries without undergoing screening and clearance of the House of Assembly.

    As Aribisogan was addressing reporters on Tuesday, July 11, his colleagues were holding a plenary where he was slammed with an indefinite suspension for acts unbecoming of a honourable member.

    The motion to suspend Aribisogan indefinitely was moved by Hon. Tunji Akinyele and seconded by Hon. Wale Onigiobi after which the legislators adjourned indefinitely.

    House Committee Chairman, Hon. Samuel Omotoso, denied Aribisogan’s allegation that the Speaker had raised a killer squad to eliminate the embattled lawmaker. He accused Aribisogan of invading the Assembly complex with thugs on June 8 in an attempt to resume legislative duties. He said the killer squad allegation only exists in his (Aribisogan’s) imagination.

  • … as national body voids his suspension

    The national leadership of the All Progressives Congress (APC) yesterday voided the suspension of the National Legal Adviser of the party, Dr. Muiz Banire by his ward and ratified by the leadership of the party in Mushin local government area of Lagos state.

    National Publicity Secretary of the party, Mallam Bolaji Abdullahi said in a statement in Abuja that only the National Executive Committee (NEC) is empowered by the party’s constitution to suspend a national officer.

    Abdullahi dismissed the suspension order as a nullity, saying: “the local chapter of the Party does not have such powers to suspend a national officer. According to the Party’s constitution, such powers reside with the National Executive Committee (NEC) of the Party.”

    He advised members of the party to make use of its structure and constitution, which according to him, “provide ample avenues for redress and dispute resolution.”

    “If the local chapter is unable to achieve a resolution, the NWC can and will wade in the matter to achieve amicable settlement,” he added.

    Meanwhile, the party’s constitution review committee has recommended about 85 items for review in the party’s constitution.

    These include  seeking more power for the National Working Committee to discipline members at all levels.

    The ten man committee headed he Muiz Banire which submitted its report to the Party’s National Chairman, Chief John Odigie-Oyegun said the committee had six working sessions after which a three-day retreat to consider the final report and analysis.

    He said: “In carrying out the assignment, we called for memorandum from members of the Party across board via publication in the newspapers. In addition to memorandum collected, we also wrote letters to the various party organs for their contribution as well as the government to give us their contribution. We received tons of them. Through the assistance of the International Republican Institute (IRI) we were able to sort them out, analyse them eventually we had of contributions that are worthy of consideration.

    “Mr. Chairman, we have contained in Annexure A of our report proposals for amendment totalling 85 for review. It is as a result of several factors – our experience in operating the present constitution, the gaps we have noticed and developments that we also need to capture.”

    He said major categories amended included: Powers, responsibilities and functions of party organs; composition of organs; disciplinary procedure; definitions, financial management; membership; organizational structure and tenure.

    “We believe that most of the amendments we are recommending if put in place will strengthen our party and enable it to withstand the stress that are capable of being generated from time to time as a result of tension.

    “Receiving the report, APC National Chairman, Chief John Odigie-Oyegun said the report will be deliberated by the Party’s National Working Committee (NWC) and subsequently the National Executive Committee (NEC) before being tabled at the national convention for final approval.

    While thanking the committee members for undertaking the exercise, Odigie-Oyegun said the amendments will amongst others address issues of internal democracy and disciplinary procedures in the Party.

  • How false petition led to Nigeria’s suspension

    How false petition led to Nigeria’s suspension

    Fresh facts emerged yesterday that a false petition by a former director of the Nigerian Financial Intelligence Unit (NFIU)  to the Egmont Group of Financial Intelligence Units led to the suspension of the country from the body.

    The ex-director, who was removed during the administration of ex-President Goodluck Jonathan, has been fighting back.

    It was learnt that the suspension has nothing to do with the rating of the anti-corruption agenda of the administration of President Muhammadu Buhari.

    It was also gathered that the Egmont Group was only demanding greater autonomy for the nation’s NFIU.

    NFIU was suspended on July 5 at the plenary of the Heads of FIUs which took place in Macao

    Investigation revealed that the suspension of NFIU had more to do with vested interests than any challenge with the anti-corruption war.

    A top government source said: “What Nigeria is facing today may have been self- inflicted as certain citizens with vested interests in the running of the NFIU are known to regularly feed the world body of FIUs with false information regarding the situation in Nigeria.

    “The issues that culminated in the recent suspension of Nigeria were predicated on a false petition by a former director of the NFIU who, embittered by the manner of dismissal from service, painted a false imagery of siege on the NFIU with the objective to compromise information from the Egmont Secure Website.

    “Though this allegation was investigated and proven to be false by the Egmont Group, it triggered the placement of the NFIU on the Egmont Group support and compliance process, which necessitate a review of the entire compliance requirement of the NFIU.

    “It is noteworthy that the Egmont Group recognizes that that an FIU can be located or domiciled in any larger entity, but that there must be a clear cut dichotomy of its functions and operations in the larger entity.”

    The source added: “The suspension of Nigeria was a carryover of the problem in NFIU since 2013.

    “The challenge predate this administration. No one can blame the Minister of Justice, Abubakar Malami (SAN), the Acting Chairman of EFCC, Mr. Ibrahim Magu or the Minister of Interior, Gen. Abdulrahman Dambazzau.”

    The highly-placed source also clarified what the Egmont Group wanted from Nigeria in the last three to four years.

    The source added: ”It is only demanding for greater autonomy for the NFIU in terms of having its funds and control over its staff”

    “What is happening to NFIU is not strange or peculiar to Nigeria. Germany suffered a similar fate when its FIU was placed on suspension after it was moved from the German Police where it had been domiciled, to the Custom.

    “The Egmont Group is not averse to having FIUs domiciled in law enforcement organizations. Most FIUs are indeed domiciled within existing law enforcement organizations except for a few that are stand alone.”

  • Senate seeks suspension of new health centres

    •Fed Govt told to present details of funding

    Senate has ordered the suspension of Federal Government’s plan to build new primary health centres in each of the wards across the country.

    The upper chamber asked relevant agencies involved in the building plan to furnish it with details offunding of the project.

    The Senate Committee on Primary Health and Communicable Diseases, which handed the suspension, said it was obvious that the project was not viable now due to paucity of fund.

    The committee chairman,Mao Ohuabunwa, at a meeting with officials of the agency, said funding of such policy would be a problem now.

    The committee noted that the said multi-billion naira project was not captured in the 2017 budget.

    The committee said the N3 million provided for each of the existing primary health centres in the 2016 budget barely paid the salaries of the health personnel in some local governments.

    The National Health Care Development Agency told the committee that it has commenced training of 20 women in each ward of the Federation to handle the proposed health centres under its Community Health Programme initiative.

    Its Executive Secretary, Dr. FaizaShuaibu, said the new programme was in addition to the National Midwifery Scheme for which they may spend over N800 million this year for its implementation.

    The committee asked the agency to forget such policy for now because it would amount to waste of public funds to create new health centres when many of such centres have been abandoned due to lack of fund.

    Ohuabunwa said the committee would rather want the agency to consider building such centres in the 774 local government areas as a pilot scheme to observe how they can work first.

  • My suspension from APC is illegal, says Osagie

    A former Minority Whip of the House of Representatives, Samson Osagie, has said his suspension from the All Progressives Congress (APC) is illegal, ill-motivated and of no effect.

    Osagie and 29 others were suspended at the weekend for alleged anti-party activities.

    A former Edo State Information Commissioner Charles Idahosa announced the suspension while the party’s Secretary, Chief Osaro Idah, ratified it.

    But Osagie said the suspension was evidence of what he called the reign of impunity in the Edo State chapter of the party and allegedly done to massage Idahosa’s ego.

    The former lawmaker said the suspension was a fallout of the governorship primaries, adding that it was because of their support for the aspiration of the former deputy governor, Dr Pius Odubu.

    Osagie said APC won the governorship election at his Umagbae South Ward whereas Idahosa could not deliver his unit in Ehor village.

    The former lawmaker said it was inconceivable for anybody to think that he worked against the APC while he was a member of the Presidential Inauguration Committee set up by the party’s National Working Committee (NWC).

    He said: “The State Secretary, Chief Osaro Idah, who illegally ratified the notice of suspension, knows the truth in the matter. It’s the fallout of the last governorship primaries in which I played a prominent role in supporting former Deputy Governor Pius Odubu against the incumbent governor.

    “For him and his cousin, Charles Idahosa, it is payback time for daring to disagree with them on who Uhunmwode delegates should support in the primaries. After the primaries, together with others, we worked for the party’s victory in Uhunmwode.

    “It is important to let the public know that neither myself nor any of those allegedly suspended with me was ever invited by any organ of the party for trial on the alleged anti-party activities.

    “I am confident that reason will prevail and the right-thinking leaders of the party in the state will see through the hollowness of the action of these people and lay it to rest.”