,
business&
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0 n0
THURSDAY, MARCH IS, 2012
~D
Markets
Pa ges: 22., 23
nl\/ I _Mon------:C)'=---=--'.8.05____ ' 20 & 24
~rgy
I
P"0"""' 5, 26, 27,28,30,3 '
SEC DG spent N30m on hotel bills in AIU~b, e· ht th R n "'" "'''''''' 19 mon s - eps Jolm
SECfrom the bank.
Ahuja
00 'V.""",,), ..
I lht !louse of ~11!!!!n'atM!s lhat the Dilfttor--Geternl, ~~urll)e5 and
Exchan&e CommlsslOfl. Ms. Arunffil OIdi, allegedly spent ~ Jom on hotel bilb in eight months foI ~ her" appointment in JanuiU}' lOtO Inone'dayalonesbe ,~spent NSSO,ooo on while :In anothl!!" day, 5~ 1000lrmJ addJtJ;Jn.1I NBs,ooo expI!R51!:5 U1 the AIl"le h"lI.flliJr which SEC'ucroumwasdt-biltd. 1\11'0 Ams Bavi I k m1~ wrre aha said to have ~n hind as Idvtsm wOldt. !hI!' two empio;.ees, Mr. Owles Ughcli Ind Mr Titi 'lb Wy1. \I'm! reporttdJy e~~1 In 2-)1" In hrudt or due proa!5S and ap:1l5I the advicf: orboth the 1qaIlfkJ hl m..n reouIU: drpa.rtmmtsof SEC. SEC is the rqulalorY "uthonty of the Nilfriarl capital nwla!l. \I'here Aa:eI!I B.1nk ill kf'\I p1an.r Tht two oIficm we I!' .aid 10 still mlill thetr Ippointtnen 5 vith N:oess Bank but ~ being IX id 1Il0wances equivalent to tlmt of a llin<lor in the Federal (l..;] Senice "Ill!tevef Ihey In\-elledoutofAbuj.1. The disdosull5 camo! 0 the r~ as the 1l0US11! Ii R 'P'eaeJtatM!:!i Committl!e on Capital I II. krt IooIcl!d inlo the t'Om~K:t 01 SEC 10 I(\f(IUDIe!y ~Ie Lhl!' mnket in the IWII of lhe crises that hac be3eYllled the market latelv. nleo:ttnrnitteesultl etnr,agement
food:
pblw~lDdoWlthourworkas
Exdw!ge. An aUempl to lind out SEC! decision on 1M shans of Industrial and GeneralI~ and Globe Rsl, among other 6nns lhat had CJSeS ...ith SEC did not yield much resul.l OI.dJ ~ thai some r.l the c:ase! predated htr, while others "'''m! before tile In\'e5tJnent and Securities Tribunal. The t<JmmiUee also produced I letter aUq,edIy wriUen by Oteb s10ppilll an idministntl\"t pl1lCeedilll mto the sUite of the live nationaliMI banks, I decision it said was ·unjustifiablt-· lIowe.-er.lhe SEC DC III 1 rt'3d.1OIl by his spolespmon. Mr. Obi Adindu, said, "On h()(ehccommooation..... she was headhunled from her- former job as Vlt'e-Pruidftll of the Afrir2n DrYeIopmenl Bank, w was pven the opOOn or I:h005111& I9lher a furmshed acmmmod~tlOll Of receiving aV. in lieu. "She ruO!le lht 1Ormer. When It .....U not forthcomlU&. she ....115 offmd botel acmmmociatJon in hlle with the rules guiding the public sernce. She did IlOI violate any rWea whal!ioeW:rby staym, In the hold: On the enpgemt'nl or lhe I+.ca:!ss Bank mlPIo)ftli. Adlndu said the OG did noI rompromi.st on an)1hin&. as she used her personal gorxhoillio ltuad~ people on seoondment 10
r~IOB, $be said.
HO\I"e\w, w!wJ asked whether this had been a prmXz in ~EC, ~ human ~rtt mill1l1ger repliOO, -It 15 strange mmYOP11UOll.asweha\'e~~ Ihll before.' . Thecolllmit~l1e()bser\'ed that Oleh's rlilun! to seta Unkbm-'ml ~1ICtIo1l5 InmauontotheAa:essBankemployes and.the mIrit of the IXlIIUl1ission questlOnai ....... (JJ[fIpeleoce u tile dut!ctor-gcneral. iookinto)Wrrompttetx:l!; as OG of SEC. You will bnn& III your cmiflClltea thai qualified )'OIl lOr this job tomorrow and the letterol request 10 AIx:esI Bank rur Ihese em~ and their sc:haiule of dirty: tlembe dlI'Klei Oteb did not respond 10 the aIIqatlon ~t sill! speDt NJOmoo bote! ICUImmodation and boughl N8SO,ooo food 00 a partJcularday. On~ocasions,there ....'m;bot e:<chang~ or wonts bet....-een Oteh and membtn oftheamurultee, u the latter COOSIStenlly qU!ritd her uanagcriaJ caplbiliues.. A membet- 01 the tOmmitt!e, Mr Olabtyl Q)Uola. tned to lind OUI the 5tatu5of Access Bankand UBAstoc:ksin the capItal mltUt. but Ule DG said she rould nOl ansv."!f the question ....,thout bein& bner~ by the conuUlssioo's su ....1!illanccleamontlleN"tgenanStock
"'' twill
nm
II, ..... .",., (""'" ""'" employees) work In bmoo oommunations suppor1 and project ~I pmnI!e5 rmmlenance, two anas in ...1ucb SEC was, and still is de6omt. and ...itid\ are absolutely unmated 10 the ~tory mandatesl rote:s of SEC. Ibm: is. lilerefCR, absolutely no ronfhd of in\ms In\'OMd in the malter. '"They wtrl; pro bono. i.e. withoU1 elIllllI1I: any saWy at SEC. They are DOl ~ 01 SEC and have no mlenllOlloftakiDt;cmploymmtatSEC. The DG of SEC sbouId be CDI11Il1mdId fur~hf'rl!oodwilltolttrld thenal no t'OSI to tbecomlYU5SlOll.· The President Chanere:1 Insutule of 5tockhrokm, ~lr. MidtaeJ ItigboJe, who also addressed the amunitlee, lamented ilial many of the institute's tneIIlbmwereoulofbuulWSl"bet:ause tbemuUtisalitskJwestebblociay.fie informed the panel thai people they had advised in the past 10 buy sham lost their in\'l!Slmm1S and DO Ioo&er had tOnficltnc:f' in muming to the mmut. "Many of our memben ha\1! died of heartfailure,"hl!'said. Ittgbo;e suggested the enactment of a law making il mandatory Cor aU fum&n Q)IIlpanjes dotlll busmess In Nigeria 10 be listed 00 the NSE. lie held the \WI' thllthe presence of Il1Im! foretgn tiTm!! on the Exchange coukl help in restoring investCKS'
FLIGHT SCHEDULE A .. N1oI'",!.
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,
1~ .55.1515.20(5fF-olI.19.f5r.;...I.
11.25. IJ.J5; 16,2Sfhb) .-.....: 11411 (Mat-hI)/SIJI a.- -Au:: 111.35 (MoHII)lS,... ~s.: 09.35 (fIb), 1010 lhi).
11.20 (WEB'SI»I)
! ... Au:
11,J5 (t.bo). 12.00(r.). 13.:20 (Wm'SuM)
lDe-o..-ltJ5(TI,I".flWSuo)
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a)llfidentt.
oIthe~BankftTlr4l't~bySEC
----- ---
was III infraction ~t 1X)",Jd ap\aill wby the cumnussilln haol teen unable 10 SlllIIll' it anthon!) m protecting
Au-lM:: 07.20. 09.36. lJ1I5 1440, \1.0 (MClt-hl) 13M. tlOO{S",iSYIl .... ~ OliO, tt-I.-: 1125{.....fII/SI,'!Suoj
-
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and tompetaKr: wwld I"! laistd ",-hen
Un-loc
a rcplbtor~ to cmplo) ~ of oneofthelzeocicsd Wire ~~tm&-
~115~
nle Oairman or tI,1!' committee. Mr, Umnan UellLbe IItlled that
"'Alull:lt~ t.-U'ra;:09:.f5~
qucsbons bearing on in\.-g]lty. honesty
lie stated,
tmp~ ~
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15"00 (Mot-flll'SuiSYI)
Un-~1125,
'tiJI. these
still \lUicr· of N:I:er.s Bank. They are paid SllII!!if' b)' Aa:ess ~nk. but for SEC. i1lisSfn.1l.'k:sof plell\ fr ,udand the rqulatlO/\ bv SEC II!- iml4l"tCi by bias
12:45(s..I'~)
.....·lI.: 11.lO. J 45, • C5 rMc.-f.J; 12:00 14.30 (50" , SuI) u..l-. 615 (1obt-F!1t); 1630 ,s.., , Su.}
won
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and inatmpt1cnoe.~ Commissioner. EnfrNC'I9lI~llnd ~~ Mr. CItarles Ahamefula. lob IIlhtrilt~ on oath ttyt the IWI'! ClpI ')«5 were llired 011 the din!cti-.\, Off 'If It. While Ughcli b TI-!Sll;Mled as "Project A,h-iser: Olulr., str\'C5 u "CommunDtionsAthi!t'r Oteh. ~. luld the rol1lmitt~ that the ISSignmmt uf tl C WI) did 1XIt conflict v.ith the a:n T1l.l1ll'.1U> of SEC 15 the rq,uIatOfoftllE' ca ItJ market. She ~bined lhal I'gldi, fOl' example, \QS a project R<j~ISer.....-hose duo.. W3S to assisl tile (>H1 mission in 'J
expandin~ it5 officr accomrkldation in
Makiugun and Po!t IIAIT 'lin. Whm asked I'Itll!ther S:.c did not h.1\,. !hI!' ca~ til hi"'!! Of I15f' lIS a....ll cmpi0ra5 lOr qJdt ddties. Oteh dlimed lhat the wrnm'iSI"fI did nat \a\"tuJt!taparit\'
07 30 11obt-f1I}.
IUD (So"
Re:5ou.n'f', SEC. Mr, lheni Dilll'1a and the nit Director, UUJIl.m
fI
"
t7.2O tl.30( .....f....s.tISuol,IOO.1240: 1310,20 OO{h\) ~I.a; 07.00, 09.30, 10.30 II 15. 1615 1~15. 19;25; 19.3!i;(~11StJ,)
AI'qULstriOll ('llItf .E:.xeeutlL'e find
I,
the Il\I'VfTllUrion Value Cham Fol'IJrn
~~~~~~i;~,~~j~~~~~:;~;~~;?~~~:~!'~j; ,.... Logos __ I
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on
N50bn a gric le nding guarantee fund comme nces La}; Addoye
rrtlE Ni,tria Incmli\'~.. Based Risk 1 Shllrin, ~"SIem for Agriruhural Lmdh,u ~ aniniliam~ftheCenlr.llRank ofNigeria,uleBankers'Commrtteetnd 1M FMeraI ~Imisttyof AgricuIturt and Rural ~t fur the putpoR of de-nslani the Jllricullure \u.c chilli, ,,'ill hepn lheopenlionof I spedaI nsk shan"" fund ",itb N""""" seed caplUlI ....
t'~l~~~
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initial carulal is expected to rormally tnakfo opm.tional
RlsIt Guarantee and IDler5/. J)m.iladt Fund, ....-hkh is mmtl 10 restructure the risks of ltndinr, 10 the Nigt.'nan agrb1l1urt'\-alUf' chain. 11'15 lhau mean to cocounge in\'C5lIIleJlts in tiM! sector by way of effecti\-e ilKCOliYcs and adequlll!' ~tee on tmlits 10 sector opcn:tJon!T and opcnttn. A CBN document made ..."aibble t _~1- __ I . 0 our """'=t.... """,! aal.tsr\"",. on
1_,
ImPemcntation oIfioI! within ~ .~ bank's ~mml rtnana' Department, came into being through tilt inputs of numerous sWtdxtkJers, 1,,,,,I"';ng Iiumer groups; miniWies,
'-" .".
dep.rtmcnlSand~elKXsoftlIeFedentl
-
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CBN (M.wIoo 1 • 2012)
,- """ ,,• "" WAUA
......
.......
15500
21100
.....
""23" 170215!
24&2051
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.
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2,HOO
02."
20701171
""'" "" 171 )12t!
2"'779
03L21
GoYemtnent: ~ dviJ society
POOl» and IinanaaI ~iccs prtl\iden. Tht NIRSAL Risk Sharing Fun:! pnma:riJy romprises of I N4sbn c:rMit os ptannteeOO\'efll!&ktascsonbM contractu~_speaw:~Uon; and I
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W~d\P~I~fos.d20_I~~
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.
"-'d'~~'~' _~~;~~m~'!-~~r::~~;:~~'~~~26~~~-oJ"~_ m1SU;~f~~"~~~~~-~';r;t;~;'~·:;;;~~"""'j~~·~·:"~~~~~"~"~·~·~;·~' his tht NlRSAL Fund. al!ll known as the NIRSAL.
.......
"Unlte!i \t1%ss BankislISonproJectfl' I
OIlt its p.ildeJines..
atrmltW
I
$125.08 $105.60
_1'14 -I 1 I