SEC Referes 11 Capital Market Operators To NPF & EFCC

The Securities and Exchange Commission (SEC) has referred 11 capital market operators to the police and the Economic and Financial Crimes Commission (EFCC) over alleged criminal transactions.

According to SEC, the police will prosecute nine of the cases while EFCC is expected to handle two others.

Presenting details on SEC’s ongoing efforts to reform the capital market at the weekend in Kenya, t...he Director-General of the commission, Arunma Oteh, assured local and international investors of adequate protection.

She also pledged the resolve of the commission to investigate all complaints and apply sanctions or facilitate prosecution where necessary. .

The SEC boss disclosed that in 2011, 1,393 complaints were handled, adding that 729 or 52 per cent were new complaints and 664 or 48 per cent were complaints brought forward from 2010. .

She added that a total of 709 complaints or 51 per cent were resolved and closed from the 1,393 complaints while 156 complaints or 11 per cent were transferred to the enforcement action leaving an outstanding of 528 complaints or 38 per cent as at December 31, 2011.

Within the period under review, 20 operators, according to the commission were suspended from the capital market for misconduct such as unauthorised sale of shares, non-payment of proceeds of sale, non-licensing as a dealing member of the Nigerian Stock Exchange (NSE) and non-payment of dividend bonuses.

Culled from Guardian Newspape

SSS, FRSC to monitor oil trucks

The Federal Road Safety Corps is to monitor the movement of fuel tank trucks on the highways in collaboration with the Departments of State Security (DSS).

The Corps Public Education Officer Nseobong Charlse Akpabio said in a statement that the Corps Marshal Osita Chidoka gave this indication during a visit to the Director General of the DSS Ekpeyong Ita. The Corps Marshal sought for partnership between FRSC and DSS to monitor the movement of oil trucks throughout the country.

The effort is to stem security breach on the ongoing number plate registration and drivers’ license processing across the country. Chidoka said he will allow DSS to interconnect with the Corps ICT devices to enable enquiries on drivers’ licence.

He said the Corps has commenced monitoring of motor parks across the country and that 1,396 motor parks are presently being monitored for enhancing safety on the highways.

He suggested the need for a primary registration of government vehicles before issuance of security number plate while vehicle dealers will also be registered to obtain vehicles’ history. The DG said the Service will continue to work together with the FRSC and asked the FRSC to beam searchlight on vehicles with tinted glasses.

FG Writes To All States To Comply With Provision of ECA

 The Federal Government has written all the 36 states of the federation to comply with the provision of the Employee Compensation Act.

The Minister of Labour and Productivity, Chief Emeka Wogu, who represented the President at the inauguration of the Lagos corporate office of the Nigeria Social Insurance Trust Fund on Friday, disclosed this.

Wogu said, “I have written and specially signed letters... to 36 states of the federation on full compliance with the ECA. This compliance will also apply to Lagos state.”

The minister said that now that the board of the fund had been inaugurated, the stage was set for the full implementation of the Act nationwide.

According to him, the implementation will not only complement similar social protection schemes of the transformation agenda of the President, but will also improve and promote social equity and sustainable growth of human development index, necessary to stimulate more employment in all sectors of the economy.

He pointed that in the ministry, the principle of social protection had already been ingrained as part of fundamental human rights in line with Article 25 of the UDHR.

According to him, the article says, “Everyone has a right to a standard of living adequate for the health and well- being of himself and his family, including food, clothing, housing and medical care, and necessary social services and the right to security in the event of unemployment, sickness, disability, widowhood, old age, or other lack of livelihood in circumstances beyond his control.”

Wogu said that this administration aimed at a zero tolerance on workplace accidents, injuries and fatalities, and was determined to collaborate with all social partners and other stakeholders to guarantee a cleaner, safer and healthier work environment for all Nigerian workers.

In view of this, he added that the ministry was strengthening its internal units and deepening its intelligence network to ensure that workplace rights of Nigerian workers were not violated or exploited.

The Chairperson, NSITF, Mrs. Ngozi Olejeme, expressed gratitude to the Federal Government for introducing the scheme.

She said, “Mr. President did not waste time in accenting to the Employee Compensation Scheme law soon after its passage by the National Assembly. Mr. President needs to be praised further for approving a take-off grant that will enable NSITF implement the scheme and for directing that the grant be immediately released .”

According to her, the scheme is a silent revolution that is carefully thought out and executed by the Federal Government in order to ensure that the welfare of Nigerian workers is given top priority in the scheme of things.