Connect with us

E-Financial

SEC Shuts Down New Nation Fund Managers, Wonder Bank

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has sealed-off 36 offices of New Nation fund managers, an alleged a wonder bank in a bid to protect innocent investors from falling into wrong investment schemes.

Mrs. Pamela Obioru, SEC’s assistant director and leader of the enforcement team in Lagos, said that New Nation Finance House was an illegally entity.

She said that 14 of the company’s officials had also been arrested by the police.

She said that the action was part of SEC’s statutory responsibilities of regulating the capital market and protecting investors.

Obioru said that the enforcement exercise was necessary to protect innocent investors from falling into wrong investment schemes.

“It is one of the routine exercises of the commission to clamp down on illegal investment operators in the country,” she stated. She added that Section 153 of the Investment and Securities Act (ISA) prescribed that operators of such firms must obtain licence and file returns to the commission.

Malam Bala Mohammed , SEC’s enforcement leader in Bauchi, said that the nationwide clampdown followed complaints from the investing public.

“We received intelligent reports about two months ago that a company called New Nation was involved in some dubious financial transactions.’

It was also gathered that the company receives money from investors with promises of high returns on investment. Following the tip-off, we swooped into action and carried out surveillance.

“We discovered that the company had branches in the 36 state of the federation, including the FCT, with headquarter in Port Harcourt.

“Our findings also indicated that the company was neither registered with the Central Bank nor with the SEC, the two financial regulatory bodies in the country,” he said.

Mohammed said that before any company could carry out any financial transaction, such a company must be duly registered and licensed by SEC or the Central Bank of Nigeria.

NAN reported that Tina Yohanna, the Branch Senior Client Analyst of New Nation in Bauchi, had while answering questions from the commission’s agents, said that the company was not into financial transactions.

She said that all she knew was that the company, owned by Mr Charles Dukwe, was involved in youth and women empowerment programmes.

“Our main activity here is empowerment of youths with basic computer skills to enable them earn a living in a technologically driven world.

“We carry out computer training, free of charge after the beneficiary obtains our application form at a cost of N1,000.”

She said that about 100 people had registered for the computer programme.

However, some of the clients told NAN in Bauchi that they knew about the company and its operations through their friends.

One of the clients, Saidu Mudi, said that he registered because he was told that the programme was free.

“I was at home when a friend of mine came and told me that a company was training youths on computer education for free, after obtaining an application form for N1, 000.

“After submitting the form, we were told that we will be trained on computer skills for free and that those who excel will be employed by the company while others will be given computers on loan to start a business,” he said.

Another beneficiary, Franca James, said she became interested when she was told that she would be trained on computer for free and at the end of the training would be given a computer set also for free.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

FG Makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading

E-Financial

Buhari Okays Establishment of CBN-Led Infraco

Published

on

Kindly share this post

President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


Kindly share this post
Continue Reading

Trending