E-Financial
Court Clears Gwarzo, Former SEC Boss of Corruption Charges
A Federal High Court sitting in Abuja has cleared Mounir Gwarzo, former director general of the Securities and Exchange Commission (SEC), of any corruption allegation as it upheld a no case submission filed by him.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arraigned Gwarzo who was suspended from office, and Jamila Muhammad, before Justice Olukayode Adeniyi on charges bordering on gratification and abuse of office.
However, in the ruling, Justice Olukayode discharged Gwarzo on all six counts charges filed against him, and Jamila Muhammad, second defendant.
Gwarzo who then was the head of SEC, was alleged to have held a private interest as a director and shareholder of Outbound Investment Limited, a company that got contract to supply air conditioners and refrigerators to SEC Lagos zonal office.
This is said to be against Section 12 of Corrupt Practices and Related Offences Act, 2000.
Gwarzo was also said to have used his position as SEC DG to gratify himself by allegedly awarding the contract to his firm, against Section 19 of the ICPC Act.
Muhammad on her part, was accused to have, while being a public officer used her position to gratify herself when Outlook Communications Limited, where she was a shareholder and director was awarded a contract by SEC, punishable under Section 19 of the ICPC Act.
Gwarzo had however in his extra-judicial statement had told investigators that he had resigned and relinquished his shares since 2012.
The court in the latest hearing noted that the prosecution did not investigate this and that the prosecution witnesses did not show how they got the Corporate Affairs Commission (CAC) documents tendered as they admitted that they did not have any physical interaction with the CAC.
They also did not tender the letter by which they applied for CTC of the documents, even though they said they applied to the CAC for the documents.
For counts two, four and six-allegation that the first defendant conferred unfair and corrupt advantage on himself, the court held that the prosecution witnesses admitted, during cross-examination, that neither the first defendant nor his relatives benefitted from the said contracts and awards.
The prosecution witnesses also admitted that they did not investigate the procedure for award of contracts in SEC.
On the whole, the court held that the prosecution had not made any case to warrant an invitation to the first defendant to enter his defence. Gwarzo was accordingly discharged on all six counts.
The court also toed the same line and discharged Muhammad on the remaining eight counts which referred solely to her.
E-Financial
NDIC Begins Auction of Defunct Heritage Bank’s Landed Assets
Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties and chattels of failed Heritage Bank, in a bid to ensure timely declaration of liquidation dividends to uninsured depositors.
The exercise is pursuant to the corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. It also comes after the exercise for the sales of physical assets of the defunct bank at its leased locations nationwide
According to a statement that was issued by NDIC, the sale of landed assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday, December 4, 2024.
The statement said buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.
In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.
However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.
Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.
All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.
Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.
E-Financial
African Fintech Sector Grows, Enhancing Access to Finance
A new European Investment Bank (EIB) research released yesterday shows the number of fintech companies in Africa has nearly tripled since 2020, boosting access to finance for people and businesses across the continent.
The report Finance in Africa 2024 highlights both developments in the African financial sector and constraints to the region’s economic progress.
According to the report, Africa’s fintech sector is prospering as digital finance grows at a faster rate than traditional banks.
The EIB report says the number of African companies offering new financial services increased from 450 in 2020 to 1,263 at the beginning of 2024.
“Fintech is revolutionising the way we think about finance in Africa,” says EIB vice-president Thomas Östros. “By leveraging technology, we can improve access to finance for millions and foster sustainable economic growth.”
The Finance in Africa report includes data from the ninth annual EIB Banking in Africa survey that details diverse challenges and confirms resilience of the African banking sector.
“While we see some signs of improvement, the high cost of finance remains a source of concern,” says EIB chief economist Debora Revoltella. “As we navigate the dual challenges of climate change and the digital transformation, the role of multilateral development bank lending is even more relevant in supporting sustainable growth on the continent.”
E-Financial
CBN’s New Directive: Banks to Trade Foreign Currency Deposits
Central Bank of Nigeria (CBN) has authorized banks to trade with foreign currency deposits made under its new amnesty initiative, the “Disclosure Scheme.”
This directive, intended to boost transparency and economic resilience, was issued on November 5 and signed by CBN officials John Sonojah and Adetona Adedeji.
The “Disclosure Scheme,” launched on October 31, offers individuals and businesses a nine-month window to deposit foreign currencies with amnesty assurances, aiming to strengthen Nigeria’s financial sector.
According to CBN’s guidelines, banks—including commercial, merchant, and non-interest banks (CMNIBs)—can trade these foreign currency deposits, known as Internationally Tradable Foreign Currencies (ITFCs), unless participants choose to invest them directly.
However, banks must ensure the funds remain available to depositors upon request.
CBN outlined the role of banks in facilitating this scheme. Responsibilities include opening designated domiciliary accounts, issuing receipts within 24 hours of deposit, and maintaining confidentiality as per Nigerian data protection laws.
Additionally, banks are required to report all ITFC transactions and ensure compliance with regulatory frameworks, including anti-money laundering and terrorism financing laws.
Participants in the scheme can convert foreign currency deposits to naira at the prevailing exchange rate without restrictions on withdrawals.
The scheme’s transparency measures, combined with the flexibility for participants to manage their foreign deposits, are designed to build confidence and encourage wider participation.
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