The suspended Director-General of Nigerian Securities and Exchange Commission (SEC), Mounir Gwarzo, on Monday, filed a suit before the National Industrial Court, Abuja, challenging his suspension by the Minister of Finance, Kemi Adeosun.
Gwarzo through his counsel, Mr. A.U.Mustapha (SAN) wants the court to determine:
- Whether the Minister of Finance, Kemi Adeosun, has the power to suspend him as Director-General, an appointment made by the President of Nigeria and confirmed by the Senate.
- Whether the Public Service Rule, relied upon by the Minister to suspend him, is applicable to persons holding the office of Director-General of SEC.
- Similarly, Gwarzo is asking the court to determine whether the Administrative Panel of Inquiry set up by the Minister was properly constituted to be fair and impartial, Daily Trust reports.
- He is also seeking for an order of the court for the payment of all his entitlements, emoluments, allowances and other perquisites of the office of Director-General of SEC for the entire period he was under suspension.
- An order of the court reinstating him as the Director-General of SEC.
Recall that the former SEC DG was suspended by Kemi Adeosun in November 2017 for alleged financial impropriety.
An Administrative Panel of Inquiry set up to look into allegations levelled against the suspended Director-General revealed financial misappropriation and abuse of office.
Gwarzo, however, claimed he was suspended and being witch-hunted for refusing to halt the forensic audit conducted into the affairs of Oando Plc.
Kemi Adeosun insisted that the suspension was a result of allegations of his misconduct.
She also stated that the decision to suspend Gwarzo was a move to protect the capital market.
According to her, documents obtained from the Corporate Affairs Commission (CAC) reveal that Gwarzo was a director in two private companies, which was a violation of the Civil Service Act.
This she noted is also a breach of the Investment and Securities Act.
SEC is the apex regulatory institution of the Nigerian capital market supervised by the Federal Ministry of Finance.
Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc
Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.
Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.
This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.
The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base
Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.
Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.
This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.
Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.
For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).
Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.
Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.
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