Tag Archives: Politics

SEC Bars Wale Tinubu For Holding Director Of Any Public Company For Five Years

The Securities and Exchange Commission (SEC) has barred Wale Tinubu, chief executive officer of Oando Plc, from being a director in (any) public company for the next five years.

The company’s deputy CEO has also been barred while board members found guilty of various infractions have been directed to resign.

In a statement made available to TheCable on Friday, the commission said an extraordinary general meeting should be convened before July 1 to appoint new directors.

SEC had given Deloitte the go-ahead to carry out a forensic audit after Dahiru Mangal, a shareholder, accused the company of declaring false profits and insider trading.

“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges),” the statement read.

“Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”

The company is also expected to pay an undisclosed monetary penalty while board members are expected to refund improperly disbursed remuneration.

In addition, the SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

Modi Sworn-in as India PM for Second Term

Modi took the world stage on Thursday as the most popular Prime Minister in India’s contemporary history, took the oath of office for a second term few hours ago.

The venue was Rashtrapati Bhavan, New Delhi in India. And not less than about 6,000 dignitaries were there to witness this grand epoch making event.

And there were 100 non-resident Indians too from outside India invited to witness the event.

All around the world, Indians at home and in the Diaspora had formed various groups campaigning for Prime Minister Narendra Modi who is considered to have made great strides in development and structures in place in the political and economic front of the country.

The Prime Minister has been so popular with his policies and government strategy that he won the election with a landslide.

Representing the Overseas Friends of Bhartiya Janta Party (OFBJP), Nigeria chapter today at the Oath taking ceremony, was the amiable Sanjay Srivastava, the President of OFBJP Nigeria.

We hear that as soon as Sanjay Srivastava got his invitation to the event, he packed, departed Lagos and off he went to New Delhi.

Reason Why New Yobe Governor Marries His Predecessor’s Daughter

Mai Mala Buni, governor of Yobe state, married a new wife 24 hours after taking the oath of office.

The governor’s new bride is Umi Adama, one of the daughters of Ibrahim Gaidam, who handed over to Buni on Wednesday.

The newsmen understands that Umi Adama is currently a student at a university in Saudi Arabia. The wedding took place at Damaturu, capital of the state.

A source told our reporter that Buni was miffed that the plan to keep the wedding out of the public flopped.

“No one can say exactly how this strictly private affair caught the attention of the public,” the source said.

“As an insider, I can tell you that even the representative of the Gaidam family who handed over the girl to her in-laws did not initially know who the groom was. They only told the old man that she was getting married to someone called Yusuf.

“It was yesterday that some people know that the governor also bears Yusuf.”
After the wedding ceremony, Buni was said to have joined his father-in-law at his residence at Tahir guest palace in Kano state.

The governor reportedly spent the night there before moving to Abuja, where another source said he is at the moment.

There are unconfirmed reports that Buni, who already has two wives, plans to make his predecessor’s daughter the first lady of the state.

The governor was said to have recently married a Borno house of reps member who lost reelection bid.

Buni was national secretary of the ruling All Progressives Congress (APC) when Gaidam declared interest in having him as his successor.

Gaidam wields a great influence in the state. He was elected deputy governor of Yobe in 2007 but succeeded Mamman Bello Ali, the governor, who died in 2009.

Gaidam contested the 2011 governorship election under the All Nigeria Peoples Party in 2011 and won. He was re-elected under APC in 2015. He is currently the senator-elect of Yobe east.

Bukar Abba Ibrahim, a former governor of the state who has been in the senate since 2007, was said to have let go of his reelection ambition in order to pave the way for Gaidam.


‘Demolition Of Statues, Not My Order’ Ihedioha

Imo State Governor Emeka Ihedioha has denied ordering the ongoing demolition of one of the Akachi towers, one of the monuments erected by his predecessor.

The demolition is coming barely 24 hours after Ihedioha assumed office.

Scores of Imo indigenes have condemned the action, stating the monument was constructed with public funds and should not be pulled down to spite the former administration.

Ihedioha was sworn-in as the sixth Executive governor of the state on Wednesday.

The Akachi tower, one of the many tourist attractions built by the former governor is being demolished as at the time of filling this report.

It was built on a reclaimed dumpsite that was abandoned by previous administrations.

The demolition exercise was supervised by soldiers who barred journalists from covering the exercise.

The Akachi monument was one of the structures commissioned by the Vice President Yemi Osinbajo barely one week ago.

The monument, a massive tower with the symbol of a hand on the Zenith, representing the hand of God, sits on an expansive plot of land, reserved for religious purposes.

There are fears Ihedioha will also demolish other monuments in Owerri, the state capital, especially the famous statues.
But the governor denied ordering the demolition.

His Special Adviser, Steve Osuji, said the governor is not aware of the demolition of any structure and never gave such directive.

According to him the new governor is in the Government House trying to settle down in his office.

Court Sacks Regina Daniel’s Husband As Senator

An appeal court in Abuja has sacked Ned Nwoko as the senator representing Delta-north.

Nwoko was pronounced senator after an Abuja high court sacked Peter Nwaoboshi , a serving senator, as the candidate of the Peoples Democratic Party (PDP) in the October 2 primary election that held in Delta.

The 59-year-old politician had filed a suit challenging the election of Nwaoboshi who won the primary and went ahead to clinch the senatorial seat.

The high court held that Nwaoboshi was not the duly elected candidate of the PDP in the primary election and directed the Independent National Electoral Commission (INEC) to publish the name of Nwoko as PDP candidate.

INEC subsequently withdrew the certificate of return given Nwaoboshi and gave same to Nwoko.

Unsatisfied, Nwaobishi appealed the judgment before a court of higher jurisdiction.

Ruling on the case on Thursday, the appellate court held that the initial case filed by Nwoko before the high court is statute barred as it exceeded 14 days from the time of the incidence that birthed the suit.

It added that the lower court lacked jurisdiction to entertain the matter in the first place.

“As at the time the matter was instituted at the Federal High Court, the case was statute barred. We set aside the decision of the Federal High Court and strike out the case,” the court ruled.

Following the development, Nwaobishi will return as senator for Delta-north.
Nwoko was in the news recently over his planned marriage to Regina Daniels, an 18-year-old Nollywood actress.

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