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SEC invalidates NEM Insurance’s 48th AGM

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Nigeria’s Security Exchange Commission Tuesday invalidated the 48th annual general meeting of NEM Insurance held in June and all the resolutions reached at the meeting.

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The insurance was also mandated to reconvene the AGM, with proper notice given to shareholders and in line with extant laws.

Nigerian Stock Exchange had fined the insurance company the sum of N575,505.00 in October for contravening Section 19:8 of its Rulebook.

The section states in part, “Upon receiving the approval of The Exchange every Issuer shall immediately publish on its website the Notice of Meeting, circulars, annual reports, scheme document and other information memorandum that will be considered at the general meeting.”

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A number of shareholders including Eaton Acquisitions, Premium Green Limited, Starvest Limited, Three Sea Investment Limited and Oluwaseyilola A. Ojo had notified NSE of the NEM Insurance’s infraction.

The shareholders asked NSE to reverse the special resolution proposed and passed at the AGM to raise additional capital through a private placement at a price below the market price of NEM Insurance stock.

SEC, in a letter sent to Olayinka Olajuwon & Co., the solicitors to some aggrieved shareholders of the company by its acting head of Enforcement Department, said NEM Insurance failed to give the required 21-day notice to its shareholders.

The Commission also accused Apel Capital Registrars contracted by NEM Insurance to dispatch the notice of the meeting of using an unregistered courier company to send the notice to some of its shareholders in Lagos only.

SEC said the action of the insurance company violated the provisions of Section 217 and Section 220(1) of Companies and Allied Matters Act (2004) and Section 214 of Security and Exchange Commission’s Code of Corporate Governance for Public Companies of 2013.

It said its decision has been communicated to Corporate Affairs Commission for necessary action.

 

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The Many Lies Of EFCC Against Kogi Ex-Governor, Yahaya Bello Exposed

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The Economic and Financial Crime Commission (EFCC) under the leadership of Olanipekun Olukoyede has taken a different dimension that can be best described as the ‘lowest low’ since the commission came into existence.

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Under the leadership of Olanipekun Olukoyode, EFCC, a commission that should serve the interest of every Nigerian has been turned to a weapon of destruction probably under the influence of some individuals who want to get back at their opponents.

 

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The emergence of EFCC was to basically go after economic and financial crimes within the provision of the law but nowadays, what we see the commission do is totally against the law.

 

In the case of the former governor of Kogi state, EFCC has turned itself to a ‘court of law’ by making unfounded allegations against His Excellency, Yahaya Bello who has served the people of Kogi state wholeheartedly in the last eight years.

 

The commission alleged that the former governor mismanaged about N80 Billion meant for the state in 2016 but according to figures obtained from BudgIT, the state only got N31.98bn allocation all through the year so how on earth did the EFCC arrive at N80 Billion?

 

It’s either the EFCC is intentionally lying against Yahaya Bello or staffers of the commission saddled with the responsibility of getting facts and figures is doing a shabby job and in addition, there was never a year throughout his tenure that Yahaya Bello didn’t commission projects equivalent to the allocation received.

 

As if that wasn’t enough, the EFCC boss alleged that Yahaya Bello paid the school fees of his children from the coffers of the Kogi state government in advance because he was leaving office. This is not just ridiculous but embarrassing because Yahaya Bello that we know is one who was well to do before he become governor of Kogi state.

 

Yahaha Bello has been paying the school fees of his children, they have always attended the school in question so what would it cost him to continue paying even after government? The commission should be aware that the former Kogi state governor is not one of those politicians who don’t have a life beyond politics therefore making an assertion that he paid some money because he was leaving government is null and void.

 

As a lawyer that Olukoyode is, he should know too well that such statement is defamatory and as long as it hasn’t been confirmed by the court, making such a defamatory statement isn’t acceptable and he is culpable in all of these.

 

At the moment, the EFCC boss has been charged to court for contempt and he will most likely be jailed if he is found guilty; this could have been avoided if he chose to work within the provision of the law but for reasons best known to him, he decided to take it personal and now, he may need to pay with his freedom.

 

However, the EFCC as a commission has a history of making unfounded allegations against personalities only to backtrack after discovering the truth. A similar situation happened during the commission’s scuffle for Otunba Gbenga Daniel when he was accused of N60 billion misappropriations but in the end, they changed it to N200 million.

 

This is also a reason the commission always loses court cases because there isn’t always enough proof to substantiate claims against victims.

 

We can only hope the EFCC turns a new leaf because if the commission continues on this trajectory, the federal government will be making more enemies than friends.

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JUST IN: EFCC Boss, Olukoyede Faces Contempt Charge, May Be Jailed Over Yahaya Bello’s Case

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Kogi AG Vs. AGF: Supreme Court cautions against continued harassment of Kogi officials

 

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A Kogi State High Court sitting in Lokoja has ordered the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, to appear in court on May 13, 2024, to show cause why an order of committal should not be made against him for allegedly disobeying court order.

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The EFCC boss is facing a contempt charge for carrying out “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, pending the determination of the substantive Originating Motion.

 

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Justice I. A. Jamil, delivering a ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when they carried out the act. That same act of the Respondent amounts to Contempt.

 

EFCC operatives had laid siege on the residence of the immediate past Governor of Kogi State, Alhaji Yahaya Bello, as early as 8am on April 17, 2024, with a bid to arrest him, despite a court order restraining them from taking such action,  pending the determination of the Originating Motion.

 

Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf, Esq, where he prayed the court

for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.

 

Having listened to the arguments of the Applicant’s counsel, the submission and exhibits attached in the Written Address, Justice Jamil granted Yahaya Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

 

Delivering his order on the motion on April 25, 2024, Justice Jamil said, “The applicant’s application before me is to the effect that the Respondent has carried out some acts upon which they have been restrained by this Court on the 9th of February, 2024, pending the determination of the substantive motion on Notice before this Court.

 

“That the said act was carried out by the Respondent in violation of the order which was valid and subsisting when they carried out those acts. That same acts of the Respondent amounts to acts of contempt.

 

“That the Respondent should be summoned to appear before this Court to answer to the contempt charge.

 

“It’s against the above facts that this Court hereby grants the prayers sought in line with the principle of “Audi Ultra Patem”. To wit:

 

“An order of this Honourable Court for the issuance of Form 49 Notice to show cause why order of committal should not be made against the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC).

 

“An order for service of Form 49-Notice to show why order of committal should not be made on the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC) at EFCC Corporate Headquarters, Plot 301/302, Research and Institution District, Abuja.

 

“This matter is adjourned to the 13th of May, 2024 for the Respondent’s Chairman to appear before this Court in answer to form 49 ordered to be served on him.”

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Impeach Ododo for aiding the criminal, Yahaya Bello – Prophet Ikuru explodes

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By Collins Nkwocha

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The Yahaya Bello,EFCC Saga has continued to trend as the former Kogi state governor has refused to surrender himself to the commission.

The prophetic hall of fame, prophet Godwin Ikuru of Jehovah Eye Salvation Ministry, Lagos has blasted the current Kogi state governor, Ahmed Usman Ododo for aiding his predecessor,yaya Bello to  to escape and evade arrest.He said  “Ododo should be impeached for aiding a criminal and obstructing justice, he’s the brain behind the escape of Bello,the  house of Assembly should impeach him so that it can serve as a lesson to other governors,how can you aid a criminal against the state,it is a very serious issue”.

He maintained that Yaya Bello was vicious and wicked as a governor,he denied a lot of pensioners of their money and a lot of them died in the process.He maintained that Bello doesn’t deserve any mercy because he was merciless.He withdrew $720k to be for his child’s school fees in advance and didn’t have conscience to give the pensioners their little money after spending years in service.

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