capital market

Vektr Capital Ponzi: Judge sets March 16 for commencement of trial

Published

1 year ago

February 10, 2023

…Remands defendants in Suleija correctional centre

Justice Zainab Abubakar of the Federal High Court, Court 4, Abuja has set March 16, 2023 for the commencement of trial of Vektr Capital Global Group along with two staff of the company Mr. Solomon Edet Solomon and Mr. Zakari Haruna on allegations bordering on operating as fund managers without registration by the Securities and Exchange Commission (SEC) among others.

Hon. Justice Abubakar also directed that the two defendants be remanded in Suleija Correctional Centre pending when Mr. Zakari Haruna is able to fulfil his bail conditions.

The SEC had in March 2022 sealed up the Wuse Zone 5 office of Vektr Capital on suspicions of illegally collecting money from the investing public to the tune of N891,000,000 while not registered with the Commission.

“In the four count charge brought against the company and its promoters by the Federal Republic of Nigeria, Vektr Capital Global Nigeria Limited is alleged to have on or between the year 2021 and 2022 within the jurisdiction of the honourable court with intent to defraud, conspired amongst themselves together with one Kayode Sal Viktor and your other staff to obtain the sum of over N891, 729,000 from investing public including Cordelia Ukomaka Ducke Eze and others under false pretence that they were a fund managers which you are not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.

“That you M/s Vektr Capital Global Nigeria Ltd, on or between the year 2021 and 2022 within the jurisdiction of this honourable court did commit a felony to wit. Conspired among yourselves together with Kayode Sal Viktor and your other staff to do an illegal act — to lure and offer for subscription an unregistered collective investment scheme valued over N891,000,000 to investing public including Cordelia Ukomaka Ducke Eze and others and thereby committed an offense contrary to and punishable under Section 516 of Criminal Code Act, Laws of the Federation of Nigeria 2004.

When the bail application came up for determination, the Justice said she has not been convinced going by the affidavit that the accused will attend court to attend trial and not jump bail.

Earlier, Counsel to Mr. Solomon urged the court to grant the defendant bail, stating that the defendant is only an employee of the company and not the owner.

However, Hon. Justice Abubakar declined saying that being an employee of the company is not enough for her to grant him bail but told the counsel that she needs to be convinced that if the defendant is granted bail he will be available to attend the hearing and not jump bail.

She said, “You know the provisions of the of the Administration of Criminal Justice on bail applications. He must meet those considerations. Show me in your affidavit of support where all these conditions have been listed as met to give me the assurance that the second defendant will at all times attend this trial in person. If I grant him bail based on what you have submitted will I not be seen to be reckless as a judge?

“Granting of bail is a discretionary power and you must earn it, you must convince me. So many people jump bail cases will come up and it cannot go on because the person has jumped bail. If you convince me, because your conviction is on oath I believe you. My concern is what you depose in your affidavit. I cannot on the basis of this deposition grant this person bail, I cannot.

“According to Section 160 paragraph 8F, the applicant must have these facts in his affidavit to convince the court to grant him bail. If I grant bail and he decides to jump bail tomorrow anyone that sees this application will say he did not commit himself.”

Hon. Justice Abubakar stated that there are no vital assurances to convince the court to grant the defendant bail as contained in Section 160 of Criminal Administrative Justice Act 2013 and enumerated in Paragraph 8f of the said Act, emphasising that it is important that the deposition must contain that vital information to convince and assure the court to grant the second defendant bail.

She subsequently ruled saying, “In the absence of this, this court cannot grant the second defendant bail. Accordingly, bail is refused.”

On the third Defendant Mr. Zakari Haruna, the Judge stated that based on the propositions contained in the application submitted to the court for bail, particularly paragraphs 12-17, the court is inclined to granting bail to him.

“Accordingly, bail is granted to the third applicant in the sum of N100m and one surety in the like sum. The surety must be a responsible, reputable person in the society as deposed to in the affidavit, the surety must own landed property within the jurisdiction of this court whose title documents must be deposited with the Deputy Chief Registrar Litigation of this Honorable Court after due verification.

“Both the third defendant and the surety must each deposit two copies of their recent passport photographs with the Deputy Chief Registrar Litigation of this honourable court. The defendant must also deposit his international Passport with the Deputy Chief Registrar Litigation of this honourable court. Bail is granted, those are the only conditions imposed.

“Both the Second and Third defendants are to remanded in Suleija Correctional Centre. A remand of the third defendant at the Suleija Correctional Centre pending when he fulfils his bail conditions. Anytime he fulfils his bail conditions, he is free to go and enjoy his day,” Justice Abubakar stated.

Related Topics:court Vektr Capital Ponzi

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capital market

FG lists N4.214bn April savings bonds on NGX

Published

22 hours ago

May 16, 2024

NewsDirect

The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, Head, Issuers Regulation Department of NGX.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046 percent.

The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

capital market

LCFE inducts 23 commodities brokers

Published

22 hours ago

May 16, 2024

NewsDirect

As part of its capacity building functions, Lagos Commodities and Futures Exchange (LCFE), has onboarded and inducted another 23 Commodities Brokers, the fourth edition in the series, to increase the number of professionals to specialise in various asset classes in the Nigerian commodities ecosystem.

On the list of those inducted last week were the Managing Director, Dynamic Portfolio Limited, Mr Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

In his welcome address, LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, urged the inductees join hands with The Exchange to build a virile commodities market that shall be beneficial to all.

“LCFE is working hard to build a market that will benefit the entire Capital Market and its brokers. Each broker can select a commodity and dedicate their focus on it, thereby enhancing your company’s wealth, your individual skill set and contributing to the growth of the Nigerian Economy.

“Together, let us seize this opportunity to build a vibrant and dynamic marketplace that unlocks new possibilities for investors, enhances economic prosperity, and positions Nigeria as a leader in commodities trading.

“The Exchange is actively engaging with the Securities and Exchange Commission to obtain approval for more products like Lithium, diamond and Oil and Gas commodities. Just yesterday, we signed an MOU with a Global Certification Agent Bureau Veritas to certify lithium and other Solid Mineral commodities to be traded on LCFE. Additionally, we have made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a major cashew processor.

“Eko Gold also represents a pioneering investment opportunity within our commodities ecosystem, leveraging stability and transparency to diversify options, attract capital, and create value across the value chain. LCFE is fully committed to supporting its growth and providing brokers with the tools and guidance needed for effective promotion of the asset classes,” said Akeredolu-Ale.

Corroborating him, the Chairman, Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, noted LCFE was established for total transformation of commodities exchanges in Nigeria and boost the country’s Gross Domestic Product (GDP).

“The underpinning drive for establishing the exchange was the need to transform and reposition the commodities market and harness opportunities in the commodities ecosystem. This drive will enhance and crate value for all stakeholders in the ecosystem,” he said.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, congratulated the inductees and advised them to uphold the ethical standard of the profession and operate with skills and integrity.

Akeredolu-Ale also congratulated the new board and management of Securities and Exchange Commission (SEC), under the new Director General, Dr Emomotimi Agada.

In July last year, the Pan African Exchange inducted 33 commodities brokers, including the first female office holder at Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie.

capital market

Tinubu asks Senate to confirm four board members of SEC

Published

23 hours ago

May 16, 2024

NewsDirect

President Bola Tinubu has asked the Senate to screen and confirm four persons appointed as board members of the Securities and Exchange Commission (SEC), the apex regulator of Nigeria’s Capital Market.

The President’s request was contained in a letter read by the Senate President, Godswill Akpabio during the plenary on Wednesday.

The appointed members of the SEC are Emomotimi Agama, Frana Chukwuogor, Bola Ajomale and Samiya Hassan-Usman.

While Agama was appointed as Director-General, Mr Chukwuogor will serve as Executive Commissioner (Legal and Enforcement) of the Security and Exchange Commission. Ajomale was appointed as Executive Commissioner (Operations) while Hassan-Usman was appointed as Executive Commissioner (Corporate Services).

In April, President Tinubu approved the appointment of seven persons as members of the SEC pending their confirmations by the Senate. But, only four names were transmitted to the Senate for confirmation and Tinubu did not give reasons for not including the names of the other three professionals.

In the letter, the President explained that the appointment complied with the provisions of section (1) of the Investment and Security Act of 2007.

“Confirmation of appointment of the Director-General and Commissioners of the Securities and Exchange Commission.

“By the provision of sections 3 and 5 (1) of theInvestment and Securities Act 2007. I am pleased to present for confirmation by the Senate the under-listed four nominees as Director-General and Commissioners of Securities and Exchange Commission,” he said.

The president urged the lawmakers to expedite the screening and confirmation process.

The Senate President thereafter referred the request to the Senate Committee on Capital Markets to report back to the Senate within two weeks.