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FG sacks SEC DG, appoints replacement

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Mrs Kemi Adeosun, Minister of Finance, on Friday appointed Ms Mary Uduk, as the new Director-General, the Securities and Exchange Commission (SEC) following the  redeployment of Dr Abdul Zubair, who had held forte since December last year.

Mr Oluyinka Akintunde, Special Adviser, Media & Communications to the Hon. Minister of Finance made the changes known.

Adeosun said that Uduk’s appointment was governed by the provisions of the Investments and Securities Act (ISA), 2007 and the conditions of service applicable to the Director-General of the commission.

The Minister in a letter dated April 13, said Uduk’s appointment had become necessary to ensure effective regulation of the Capital Market.

“Her appointment will, subject to satisfactory performance, subsist until further notice”, she said.

Zubair, the former acting Director-General of the Commission, has been posted to SEC’s External Relations Department.

The minister also appointed Reginald C. Karawusa as Acting Executive Commissioner, Legal and Enforcement; Isiyaku Tilde – Acting Executive Commissioner, Operations and Henry Roland Adekunle – Acting Executive Commissioner, Corporate Services.

She requested for a formal explanation from the SEC of the recent communications between the commission and the Nigerian Stock Exchange (NSE), which adversely impacted market confidence.

Market operators were of the view that the reassignment was in connection with the flip-flop by both SEC and Nigerian Stock Exchange over Oando’s technical suspension and re-admission into the market.

Uduk joined the commission in 1986 as an assistant financial analyst.

Her career as a regulator has spanned many functions and departments in the commission, from corporate finance, administration, to providing structural, policy and due diligence for capital market transaction.

She has also been responsible for managing several landmark capital market projects, including the registration of capital market operators, articulating rules for bonds and equities; mergers, acquisitions and takeovers, among others.

Uduk also served as the pioneer Head of the Operations Division in the Lagos Zonal Office, and has headed various departments in the commission, including Internal Control, Investment Management, Financial Standards and Corporate Governance and Securities.

NAN reports that the Federal Government on 3 Dec. 2017, announced the appointment of Zubair as acting SEC Director-General.

Zubair’s appointment followed the suspension of Mr Mounir Gwarzo, the commission’s Director-General, on Nov. 29, 2017 over allegations of financial impropriety.

The Finance Minister on Nov. 29 suspended Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety against him. She said that Gwarzo was suspended from office to allow for an unhindered investigation of the allegations.

The minister also suspended two other senior staff of the commission, Abdulsalam Naif Habu, Head of Media Division and Anastasia Omozele Braimoh, Head of Legal Department. (NAN)

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King Charles Reportedly “Really Unwell” And Funeral Plans Are Currently Being Reviewed

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King Charles III’s health is causing concern for friends and the palace as he continues to battle cancer.

“Speaking to friends of the king in recent weeks about his health, the most common response is … ‘It’s not good,’” Tom Sykes of the Daily Beast reported Thursday, April 25.

A friend of the monarch claimed Charles “is determined to beat it and they are throwing everything at it,” adding, “Everyone is staying optimistic, but he is really very unwell. More than they are letting on.”

Royal writer Tina Brown also hinted at the monarch’s health struggles, writing recently that Charles’ cancer has put Prince William and Kate Middleton “in frightening proximity to ascending the throne just when they had hoped for a span of years to parent their children out of the public eye.”

“The prospect of it, I am told, is causing them intense anxiety.”

Sykes also reported that the king’s funeral plans, codenamed “Operation Menai Bridge”, are currently being reviewed.

A separate document that states what went well at Queen Elizabeth’s September 2022 funeral and what could be done better the next time a monarch dies is also circulating, according to the Daily Beast.

All the sources emphasized that royal funeral plans are constantly in review. However, one former staffer in particular conceded that Charles’ health woes have given his plans a different urgency.

“The plans have been dusted off and are actively being kept up to date,” the former staffer explained.

“It’s no more than what you would expect given the king has been diagnosed with cancer. But the circulation of them has certainly focused minds.”

Buckingham Palace announced in February that after undergoing surgery for a benign prostate enlargement, it was discovered that the king has cancer.

We hope the king gets well soon.

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EFCC: New Documents Extracted Shows Yahaya Bello Allegedly Paid School Fees To The Tune Of $845,852,84 For His Family Members

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Still on the EFCC trailing on Ex Governor of Kogi State, Yahaya Bello, Documents serving as exhibits have shown how he allegedly paid school fees in advance for his family members already in the school and even those to be enrolled in future with hundreds of thousands of dollars withdrawn from the state coffers.

A letter from the American International School of Abuja to the Economic and Financial Crimes Commission (EFCC) has shown the school admitting that Bello, the former governor of Kogi State, paid $845,852,84 into their bank account since September 2021 as advance school fees for 4 family members from the present class until they graduate.

Payment was also made for any future student to be enrolled by the family.

The document alleges that the payment was made by Mr. Ali Bello, alleged to be the eldest son of Yahaya Bello.

In the document, the school stated that they have deducted the fees for the educational service already rendered to the Bello children in the institution and what is left is $760, 910, which would be refunded to an account provided by the EFCC as the commission continues investigation into alleged money laundering levelled against Yahaya Bello.

the school fees documented payment

The school also added that from the Bello family kids, “no further additional fees are expected in respect of tuition until they graduate from ASIA.”

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Niger State Prisoners Run From Facility After Rainstorm Brings Down Part Of Fencing

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Many prisoners serving time at the Suleja Correctional Centre, located in Suleja Local Government of Niger state, fled the facility after a rainstorm brought down a part of the inner fencing.

This incident happened as a result of the heavy rainfall which fell on Wednesday night. This led to a cell being torn down, providing incarcerated individuals with a chance at freedom.

Reporters gathered that security forces fired many shots in the air, attempting to scare the inmates out of hiding.

While the State Comptroller of Prisons declined to speak to the press, it has been noted that security has been beefed up on the Minna-Suleja and Suleja-Kaduna roads, including the Madalla axis to Abuja road, which is a likely escape route out of the state for the inmates.

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