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Operators seek govt’s intervention in SEC, Oando face-off

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Operators in the Nigerian capital market have called for urgent intervention of the Federal Government in the face-off between the Securities and Exchange Commission (SEC) and Oando Plc.

They reacted in Lagos to the outcome of a forensic audit on Oando released by SEC on May 31, as well as a court injunction restraining SEC from sacking Oando’s Group Chief Executive Officer (GCEO), Adewale Tinubu, and his deputy, Omomofe Boyo.

The operators applauded the courage of SEC’s Acting Director-General, Ms. Mary Uduk, in releasing the outcome of the forensic audit.

Following the outcome of the forensic audit, SEC on June 2, constituted an interim management team under the leadership of Mutiu Sunmonu for Oando Plc.

It said in a statement that Sunmonu would oversee the affairs the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint new board of directors.

The commission said that the new board of directors would subsequently select a management team for Oando Plc.

However, a Federal High Court in Lagos on June 3, granted an interim injunction restraining SEC from executing the interim management in Oando.

The injunction followed an application filed by Tinubu and Boyo, who applied for the enforcement of their fundamental rights.

The court also restrained SEC from imposing a fine of N91.13 million on Tinubu, and barring him and Boyo from being directors of public companies for five years.

Ambrose Omorodion, the Chief Operating Officer, Invest Data Ltd., said that the Federal Government would need to intervene in the matter to safeguard investors’ confidence.

Omorodion said that the unfolding events between Oando and SEC could dampen investors’ confidence and tamper with Nigeria’s integrity.

He said that the international investment community was watching to see the manner the Oando issue would be handled.

He said: “The way SEC and government will handle this issue will go a long way to determine the success of the nation’s drive for financial inclusion and attraction of new retail investors and foreign investors returning to the market.”

Omorodion also urged the government to strengthen the commission by ensuring appointment of its board members soon.

He expressed disappointment that SEC had been operating without board for about four years and had been with an acting director-general for over a year.

Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), alleged that shareholders had suffered enough loss in Oando with no dividend and poor market pricing.

Igbrude said that court injunction could lead to long legal battles which could further affect the company’s shares price on the Nigerian Stock Exchange (NSE).

He urged the exchange to place the share price on technical suspension to protect investors from further loss.

The shareholder activist said that SEC should not allow its authority to be undermined if the outcome of the forensic audit was true.

He said: “I will appeal to whoever that is affected to obey the directives from SEC for the sake of our investments. Oando as a company has suffered enough of reputational risk, adding that shareholders, for a long time, have not been paid dividend.”

Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria (PSAN), said: “The grass suffers when two elephants fight.”

Okezie said that SEC and Oando must maintain the peace in the interest of all stakeholders, especially retail investors.

The PSAN boss, who commended the commission for protecting investors, said that SEC should also beam searchlight on other oil companies quoted on the exchange.

The National President, Constance Shareholders Association of Nigeria, Shehu Mikail, said that the SEC/Oando dispute needed a holistic approach to restore confidence.

“Oando saga is a big issue in the Nigerian capital market that needs a holistic approach if really we are going to adhere to the truth of corporate governance,” Mikali said.

He said that the action of SEC was in the right direction and aimed at protecting the interest of Oando shareholders.

“Foreign investors are watching the drama and local shareholders and stakeholders are also awaiting.

“The outcome of the saga would determine the direction of the capital market,” Mikali added.

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THE NATION

Firm hails Abdullahi’s appointment as NITDA DG

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An Information Communication Technology hub in sub-Saharan Africa, Global IT, has hailed President Muhammadu Buhari for appointing Kashifu Inuwa Abdullahi as the Director-General/CEO of the National Information Technology Development Agency (NITDA).

Country Director of the Global IT Rasheed Bakare, in a commendation letter to the President, praised the appointment of 39-year-old Abdullahi, whom he described as a digital guru and an industry key player with passion to improve on his predecessors’ achievements in NITDA.

Bakare said: “Abdullahi, for a couple of years, has shown and proved to be a world-class professional who will use his wide network to take NITDA to the next level, in line with the vision of Mr. President and the agency’s role as the clearing house for IT projects and infrastructural development.”

Global IT advised Abdullahi to live above board and justify the confidence reposed in him by the president.

Abdullahi is a graduate of Computer Science from Abubakar Tafawa Balewa University, Bauchi, and a Massachusetts Institute of Technology – MIT Sloan – trained strategist with 15 years of experience in IT operations, business transformation and solution architecture across the private and public sectors.

He attended Leadership and Management courses at Harvard University in the United States of America (USA), University of Cambridge in the United Kingdom (UK) and IMD Business School in Switzerland.

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Yaba Psychiatric Hospital doctors’ strike enters 4th week

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The strike action embarked on the 31st of July 2019 by the  Association of Resident Doctors, Federal  Neuropsychiatric Hospital, Yaba has entered its fourth week.

The doctors are protesting what they have described as a “severe lack of doctors to provide seamless delivery of mental health service.”

The strike action was reviewed on Monday August 19th, 2019 when the doctors deliberated for over six hours to review their ongoing industrial action.

The review meeting was called due to timely interventions of key stakeholders.

After their deliberations, the resident doctors in a statement made available to the press “resolved to CONTINUE our industrial action to insist on standard mental health  care for our clients and quality work experience for our overworked doctors, until such a time the Hospital Management deems it fit to meet our singular demand!”

Find below their resolutions:

“1. The Hospital Management is insensitive to the plight of over 535 in-patients and 220 outpatients daily who now receive suboptimal, if not pernicious,  mental health service in the 20 days that this industrial action has been allowed to fester without goal-directed interventions

2. The Hospital Management has blatantly refused to replace the annual exit of resident doctors  for the past four years. Instead, they have let  patient load and clinical work increase significantly for hapless resident doctors  whose health and academic pursuits have suffered irreparably

3. In light of the above, the Hospital Management’s insistence on employing only FIVE locum doctors is highly provocative of our demands. It hardly improves the status quo which already puts overworked resident doctors at the brink of academic failure, health challenges and malpractice suits

Our Resolution

We have resolved to CONTINUE our industrial action to insist on standard mental health  care for our clients and quality work experience for our overworked doctors, until such a time the Hospital Management deems it fit to meet our singular demand!

To this end, we call on Nigerian citizens and the  Presidency under the able leadership of  President Muhammadu Buhari to prevail on the Hospital Management to do the needful in line with the Next Level Agenda of this administration.

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THE NATION

Meet Kashifu Abdullahi, new DG of NITDA and ‘architect’ of cashless banking in Nigeria

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President Muhammadu Buhari has appointed Kashifu Inuwa Abdullahi as the new Director-General/CEO of the National Information Technology Development Agency, NITDA.

The appointment was disclosed by the Senior Special Assistant to President Muhammadu Buhari on Media & Publicity, Garba Shehu.

Below is the profile of the new NITDA helmsman

Born on February 21, 1980, Kashifu Inuwa Abdullahi is a graduate of Computer Science from the prestigious Abubakar Tafawa Balewa University, Bauchi.

Mr Abdullahi is a Massachusetts Institute of Technology – MIT Sloan – trained strategist with 15 years of experience in IT operations, business transformation and solution architecture, across both private and public sectors.

He attended Leadership and Management courses at Harvard University in the USA, University of Cambridge in the UK and IMD Business School in Switzerland.

As the 1st Cisco Certified Internetwork Expert (CCIE) in Nigeria’s Public Sector, he is also a certified project manager and solution architect. He also has many professional certifications in networking, telecommunications, service management and Solution design such as: Huawei telecommunications engineer, Cisco design professional, ITIL, Prince2, etc.

He has worked at Galaxy Backbone as Network Engineer, IP Network Field Engineer, Senior Network & Lead, IP Operations Team, and Senior Solution Architect & Lead, Technical Solution Design Team between 2004 to 2013.

In 2014, he joined Central Bank of Nigeria (CBN) as a Technology Architect, where he dedicated his time to developing Technology Architecture Repository that gives 360 view of the Bank’s IT infrastructure and easy decision on new IT investment. He was part of the team that executed software license rationalization which has increased cost savings for the bank in license annual subscriptions.

Mr Abdullahi was a key resource in the development of IT standards for the apex bank, which has reduced mean time to deploy/integrate new system by over 20%. One of his major achievements as a Technology architect was the production of 7 Solution Architectures for critical IT initiatives that helped in achieving cashless society in Nigeria.

He joined NITDA in 2017 as Technical Assistant to the Director General/CEO. Being the IT regulatory body in Nigeria mandated to implement National ICT policy, he Managed execution of strategy which has increased ICT contribution to Nigerian GDP by over 13% in Q2 2018.

The new DG coordinated Local Content initiatives that has increased ICT local production by over 200% in 2017.

He also overhauled IT clearance process and encouraged shared services among agencies. This has helped Federal Government saved over 16Bn NGN from IT projects.

Mr Abdullahi also oversaw procurement process that has reduced cost of major projects by over 5% in two consecutive annual procurement cycles.

Additionally, he managed project execution that has implemented over 300 IT infrastructure intervention.

Mr Abdullahi is a member of both British Computer Society (BCS) and Nigeria Computer Society (NCS) in addition to many memberships to his credit.

He is a recipient of 100 Leading Telecom and ICT Personalities in Nigeria – By Association of Telecommunications Companies of Nigeria (ATCON).

Mr Abdullahi is from Hadejia, Jigawa State, and he is married with children.

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