NEWS
SEC Sets Deadline for Payment of Regulatory Fees
By Edozie Obasi-Eze
The Securities and Exchange Commission (SEC) has demanded payment of the annual supervisory due to it fee from all fund managers.
A circular on the subject released by the Commission January 21, 2021 an updated December 20, 2021 made it mandatory that the fee became effective January 1, 2022 and must be complied with on or before January 31, 2022.
By the circular, all registered Fund/Portfolio Managers were instructed pay to “the SEC Rule on Annual Supervision Fees for Collective Investment Schemes (CIS) and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios.”
It clarified that the fee would be based on Net Asset Value (NAV) as at December 31st 2021.
According to the Commission, “The payment for 2021 annual supervisory fee shall be based on the value of Net Asset Value (NAV) as at December 31st 2021 and Annual
Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios”.
It was gathered from the circular that the Annual Supervisory fee for Collective Investments Schemes (CIS) under Management shall be 0.2 per cent of the Net Asset Value (NAV) of CIS under management, which would be computed and accrued daily for each CIS.
In addition, the circular made it clear that all fund managers shall pay the annual supervisory fee to the Commission not later than 31st January of every year and that the payment for 2021 annual supervisory fee shall be based on the value of NAV as at December 31st 2021.
On the consequences of default in meeting the January 31 deadline, the circular stated, “Accordingly, Funds/portfolio managers should note that late payment will attract a penalty of N100,000 and a daily sum of N5,000 for every day of default, or such other stiffer penalty as the Commission may determine.”
NEWS
37 Deaths in NSCDC Custody: FG Suspends 20 Officers, Sets Up Independent Panel
The Federal Government has constituted a 10-member independent committee to investigate the reported deaths of 37 people held in the custody of the Nigeria Security and Civil Defence Corps (NSCDC), Niger State Command, over alleged illegal mining.
The Minister of Interior, Olubunmi Tunji-Ojo, announced the development in a statement on Saturday, saying the action followed a directive by President Bola Ahmed Tinubu for a comprehensive, transparent and unhindered investigation into the incident.
Recall that the deaths occurred on Thursday, September 17, 2026.
RELATED NEWS: 37 Miners’ Deaths: Interior Minister Arrives Minna, Set to Inspect Detention Centre
The Minister also ordered the suspension of all officers involved in the incident pending the conclusion of the independent committee’s investigation.
Tunji-Ojo described the deaths as “deeply disturbing”, stressing that the government owes the families of the deceased and the Nigerian public a transparent account of the events that led to the incident.
According to the statement, the committee will establish the identities of the deceased and investigate their arrests, detention, as well as the cause and circumstances surrounding their deaths.
It will also determine responsibility, complicity, negligence and misconduct and recommend appropriate action, including compensation where applicable, as well as measures to prevent a recurrence.
The Minister directed the NSCDC leadership and all relevant officers to cooperate fully with the committee.
He further ordered that all records and material evidence connected to the incident be preserved and made available to investigators.
“Any attempt to destroy or conceal evidence, intimidate witnesses or obstruct the investigation will be treated as a serious offence,” the Minister warned.
Members of the investigative committee
The 10-member committee is chaired by Mr Jonathan Kure, mni, a retired Deputy Director-General of the Department of State Services, while Prof. Isa Hayatu Chiroma, SAN, former Director-General of the Nigeria Law School, will serve as Secretary.
Other members are:
AIG Hosea Hassan Karma (retired)
Prof. Olayinka Buhari, Professor of Histopathology and former Chief Medical Director of the University of Ilorin Teaching Hospital
Representative of the Minna Emirate Council
Representative of the Niger State Government.
Alhaji Liman Sulaiman, National Secretary, Miners Association of Nigeria
Mr Deji Adeyanju, lawyer and human rights activist
Mrs Zainab Suleiman Okino of Blueprint Newspaper
Dr George Agbakahi, Public Affairs Analyst
The committee may co-opt relevant experts, access all necessary facilities and documents, visit relevant locations and request memoranda from members of the public.
It has two weeks to complete its work and submit its report to the Minister.
20 NSCDC officers suspended
The Federal Government also released the names of 20 officers suspended in addition to the Niger State Commandant of the Corps.
The suspended officers are:
O/C Station Guard, SC Usman Isah Ndamaka
Station Guard, ASCI Hassan Mohammed
Station Guard, CCA Bala Mohammed
Arresting Officer/O/C Investigation, CSC Oluwadare Sunday
Arresting Officer, DCC Obafemi Elvis
Arresting Officer, CSC Annas Shitto Lamino
HOD INT/INV, DCC Philip Ajayi
O/C Legal, ACC Barr. Stephen Tsado
Day/Night Duty Officer, ASCI Alhassan Mohammed
Guard Duty, IC Abdullahi Sale
Guard Duty, IC Mohammed Sonfada
Guard Duty, CAI Liman Abubakar
Guard Duty, CAI Bala Usman
Guard Duty, IC Mohammed Jiya
Guard Duty, DSC Isah Suleiman
Guard Duty, CAI Ahmed Wushishi
Guard Duty, IC Sale Adamu
Guard Duty, IC Haruna Mohammed
Guard Duty, ASCI Aliyu Sallah
Guard Duty, CAI Isah Sanusi
The Minister extended his condolences to the families of the deceased and appealed for calm while the investigation continues.
NEWS
JUST IN: Atiku Set to Address World Press Conference in Abuja
Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, is set to address a world press conference at his residence in Abuja on Friday.
The specific reason for the media briefing has not been disclosed as of the time of filing this report.
SEE ALSO: Mambilla: ICC Orders Sunrise Power to Pay Nigeria $11.8m After 9-Year Battle
Atiku’s planned engagement comes amid several developments attracting public attention, including a recent report from TheCable concerning a $500,000 payment allegedly transferred in 2003 to his former wife, Jennifer Douglas, by Leno Adesanya, promoter of Sunrise Power and Transmission Company Limited.
TheCable reported that Adesanya told an international arbitration tribunal that the payment was part of a foreign-exchange transaction carried out for Atiku.
The report further stated that the payment was made through China Castle Investments Limited, an offshore company controlled by Adesanya.
The development comes shortly after an International Chamber of Commerce (ICC) tribunal ruled in favour of Nigeria in the $2.35 billion arbitration dispute brought by Sunrise Power over the Mambilla hydropower project.
The tribunal also ordered Sunrise Power and its promoter to reimburse Nigeria for a portion of its legal fees and expenses.
However, there is currently no official indication that Atiku’s scheduled press conference is connected to the Sunrise Power report, the arbitration ruling or any other specific issue.
NEWS
‘No One Will Be Shielded’ — FG Vows Justice Over Death of 37 Miners
The Federal Government has assured Nigerians that no one found culpable in the deaths of 37 suspected illegal miners who died in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Niger State will be shielded.
Minister of Information and National Orientation, Mohammed Idris, gave the assurance in a statement released on Friday while expressing the Federal Government’s condolences to the Niger State Government, the families of the deceased and the people of the Wushishi community.
The deaths occurred following the arrest of the suspected illegal miners during enforcement operations against illegal mining activities in the Wushishi/Lukoto axis of Niger State.
ALSO READ: 37 Miners’ Deaths: Interior Minister Arrives Minna, Set to Inspect Detention Centre
Idris said the circumstances surrounding the deaths require a thorough, transparent and impartial investigation, stressing that the government’s responsibility is to establish the facts and ensure justice is served.
The Minister of Interior, Olubunmi Tunji-Ojo, had ordered the suspension of the Niger State Commandant of the NSCDC, Suberu Siyaka Aniviye, and directed a full investigation into the incident.
“The swift action taken by the Honourable Minister of Interior underscores the seriousness with which the Federal Government views this matter,” Idris said.
He added that the investigation would be allowed to establish exactly what happened and that appropriate action would be taken based on its findings.
“There will be no attempt to shield anyone found culpable. At the same time, we mustn’t prejudge the outcome of the investigation. The Government’s responsibility is to ensure that the facts are established and that justice is served,” the minister said.
Idris stressed that while the Federal Government remains committed to combating illegal mining and other unlawful activities, enforcement operations must be conducted within the law and with respect for human life and dignity.
He appealed for calm in Wushishi and across Niger State, urging residents and other concerned parties to allow the investigation to proceed without interference.
The minister also assured the families of the deceased and the people of Niger State that the Federal Government shares in their grief and remains committed to fully establishing the circumstances surrounding the tragedy.





