Connect with us

NEWS

Why SEC Ordered Immediate Refunds Over Dangote Refinery IPO Promotions

Published

on

The Securities and Exchange Commission (SEC) has explained why it directed capital market operators to immediately refund funds collected from investors in connection with a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.

In a public notice issued on Tuesday, the Commission revealed that it had observed the circulation of advertisements, flyers, digital banners, and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.

ALSO READ: ‘Nigerian Marketers Import Dangote Fuel Via Lome Hub’

According to the SEC, the purported offer has not received regulatory approval, as the Commission has neither received nor approved any application from Dangote Petroleum Refinery & Petrochemicals FZE for a public offering.

The regulator expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.

Explaining the reason for its directive, the SEC stated that the campaign was misleading and amounted to market manipulation capable of creating false expectations among investors and undermining confidence in Nigeria’s capital market.

The Commission noted that invitations encouraging members of the public to open accounts, pre-fund investments, or reserve guaranteed share allocations for the alleged IPO violate provisions of the Investments and Securities Act as well as existing market regulations.

As a result, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately cease all advertising and promotional activities relating to the purported offer.

The Commission further directed operators to remove all related promotional materials from their websites, social media pages, and other communication channels within 24 hours.

In addition, firms were instructed to stop accepting deposits, investment commitments, account registrations, or expressions of interest linked to the alleged public offering.

To protect investors from potential losses, the SEC ordered any operator that had already collected funds in connection with the purported IPO to refund such monies within 24 hours.

The regulator warned that any operator that fails to comply with the directive risks facing sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.

The Commission also advised Nigerians to rely only on information released through approved regulatory channels and to ignore unofficial promotional campaigns or investment solicitations concerning the refinery.

SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually decides to proceed with a public offering and secures regulatory approval, an authorised prospectus will be published in line with the law.

The directive comes amid reports that the Dangote Group is considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African IPO expected in 2026.

NEWS

UNIZIK Professor Suspended as University Investigates Alleged Sexual Assault

Published

on

The management of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, has suspended a professor in the Department of Chinese Studies, Prof. Ifeanyi Odinye, for three months over an alleged sexual assault involving a female student.

The suspension, approved by the Vice-Chancellor, Prof. Ugochukwu Anyaehie, followed the preliminary report of a six-member special investigative panel set up to examine the circumstances surrounding the incident.

SEE ALSO: Horrific Abuse Exposed: London Imam Jailed For 21 Sexual Offenses

The university said Odinye would serve the suspension with half salary in the first instance.

The development follows an August 15 incident in which the professor was allegedly assaulted and stripped by some students after he was accused of attempting to sexually molest a female student in his office.

A video of the incident subsequently went viral on social media. In the footage, the female student was seen leaving the lecturer’s office with his clothes while alleging that he had attempted to sexually assault her.

The lecturer was later seen being pursued and assaulted by individuals believed to be students before leaving the university premises in a tricycle.

According to the university’s Public Relations Officer, Mr. Aloysius Attah, the investigative panel chaired by Prof. Emmanuel Obidimma, Provost of the College of Postgraduate Studies, has so far addressed two of its five terms of reference.

Attah said the panel’s preliminary report indicted Odinye for allegedly violating Section 5.8.3 of the university’s General and Academic Regulations.

He explained that the professor allegedly failed to properly record and submit an examination misconduct case involving the student, Chikamso Favour Okechukwu, using the prescribed examination misconduct report form.

The lecturer was also accused of returning an offending phone recovered during the examination to the student on the same day, allegedly in violation of Section 5.8.1(iv) of the university’s regulations.

Meanwhile, the student involved in the matter has been referred to the university’s Student Examination Misconduct Committee.

The Vice-Chancellor has extended the investigative panel’s assignment by another two weeks to enable it to complete its remaining terms of reference.

According to Attah, the outstanding issues include determining whether sexual harassment occurred, identifying those involved in the assault on Odinye and establishing whether there was any incident of kidnapping.

“The committee members are expected to conclude their findings with recommendations to the Vice Chancellor before a final verdict is initiated, including possible criminal prosecution,” the university spokesman said.

Attah added that the Vice-Chancellor had reiterated his administration’s commitment to the welfare of staff and students, while maintaining a zero-tolerance policy towards unethical practices.

The university also stressed that transparency and fair hearing would be upheld throughout the investigation as the panel works towards its final recommendations.

Continue Reading

NEWS

2027: ‘You Can’t Win by Shrinking Your Support Base’ — Onoh Tells Tinubu

Published

on

Former South-East spokesman of the Tinubu/Shettima Presidential Campaign Council, Denge Josef Onoh, has urged President Bola Tinubu to review the composition of the All Progressives Congress (APC) Presidential Campaign Council ahead of the 2027 election.

Onoh made the call in a memorandum addressed to Tinubu, expressing concerns over the 223-member campaign council and what he described as inadequate representation of key APC stakeholders and loyalists from the South-East.

He warned that the composition of the council could undermine the party’s mobilisation efforts in the region ahead of the presidential election.

ALSO READ: APC Denies Withdrawing Tinubu’s 2027 Campaign Council List

According to Onoh, the structure used for the 2023 presidential campaign was more inclusive and provided opportunities for regional stakeholders and grassroots mobilisers who played roles in the party’s campaign.

He alleged that the latest campaign structure failed to adequately accommodate some longstanding APC supporters in the South-East.

Onoh also questioned the region’s representation in key operational, policy and management directorates of the campaign council, arguing that broader inclusion would give stakeholders a greater sense of ownership of Tinubu’s re-election bid.

The former campaign spokesman further criticised the council’s media structure, saying the campaign required experienced political communicators capable of effectively responding to the opposition.

“With the strict exception of only two persons who possess genuine fire and strategic depth, the current media team completely lacks the political tenacity and intellectual grit to face the opposition’s sophisticated PR machinery,” Onoh said.

He warned that leaving experienced campaigners and media operatives out of the structure could create vulnerabilities for the APC and provide opposition parties with an opportunity to gain political advantage.

Onoh therefore called on Tinubu to order a comprehensive review of the 223-member campaign council, with particular attention to geopolitical balance and the inclusion of established party leaders and grassroots mobilisers.

He also urged the President to strengthen the campaign’s media team by bringing in politically experienced and resilient communicators.

Onoh further appealed to Tinubu to ensure that APC stakeholders across the country felt a sense of ownership of the re-election campaign.

“Mr. President, do not let the short-sighted selfishness of a few handlers ruin the future of your administration. You cannot win a national re-election by shrinking your support base and telling an entire region they have no stake in your campaign,” he said.

He maintained that broader representation and effective coordination would be crucial to the APC’s efforts to retain the presidency in 2027.

Continue Reading

NEWS

C’River: Man Takes Own Life Inside Obudu Market, Community Demands N300,000 Cleansing Fee

Published

on

A 56-year-old shoemaker identified simply as Anthony has reportedly died by suicide inside the Obudu Main Market in Obudu Local Government Area of Cross River State.

The incident occurred in the early hours of Sunday, August 23, 2026.

SEE MORE: Forced Marriage Gone Wrong — Borno Police Investigate Alleged Suicide Case

Anthony, who was said to be from Bekwarra Local Government Area, was found dead inside the market, prompting community leaders to shut down the facility.

The leaders reportedly demanded N300,000 from the deceased’s family for cleansing rites, insisting that the circumstances surrounding his death were considered sacrilegious.

Confirming the incident, the Cross River State Police Public Relations Officer, ASP Sunday Eitokpah, said the deceased was a 56-year-old man simply identified as Anthony.

Eitokpah said the police had commenced an investigation to establish the circumstances surrounding the death and determine whether foul play was involved.

He said, “Police operatives visited the scene, documented the area, and recovered the body to the mortuary. The circumstances surrounding the death are yet to be established.

“Further updates will be provided as the investigation progresses.”

The police spokesman’s statement indicates that the exact circumstances of Anthony’s death remain under investigation.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x