Fraud & Scandals Subscribe to Fraud & Scandals

Capital Market scam: Okumagba absent as Case adjourned to January 25

Albert Okumagba, Managing Director, BGL Group November 6, 2017/SEC Chief Magistrate Chinyere  Elewe Nwecheonwu of Chief Magistrate Court Zone 6, Abuja on Monday adjourned till January 25, 2018, further hearing on… Read more »

Rogue CEO Ogiemwonyi, Jassey-Jabbar, Others to Appear Before NSE Disciplinary Committee November 14’17

By Abdulquddus OKELE InvestAdvocate Lagos (INVESTADVOCATE)-Rogue CEO of Partnership Investment Company Plc,  Victor Ogiemwonyi, Fisayo Jassey-Jabarr,  Mathew Ojo, Alex Adeusi and Partnership Securities Limited are to appear before the  Disciplinary Committee… Read more »

SEC arraigns Man over Capital Market Identity scam

October 31, 2017/SEC The zero tolerance stance on market infractions and fraud of the Securities and Exchange Commission (SEC), received yet another major boost Tuesday when Mr. Oyekun Akinsemoyin was arraigned before… Read more »

Two banks drop McKinsey in fallout from South Africa scandal

30/10/2017/Reuters TJ Strydom Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery… Read more »

Benedict Peters, Aiteo Executive Vice Chairman, Assembles Legal Team to Address Unfounded Allegations

October 27, 2017/Aiteo Group Benedict Peters, Executive Vice Chairman of Aiteo Group (, has instructed London law firm Mishcon de Reya and Washington’s Covington & Burling to lead ongoing efforts… Read more »

How SEC Director-General Illegally Paid Self Severance Benefit, Awarded Contracts To His Companies

October 25, 2017/Sahara Reporters Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Haliru Gwarzo, SaharaReporters can exclusively reveal, has perpetrated a variety of fraudulent activities since his appointment… Read more »

SEC Says Oando Presented False Dividend, Financial Statements

October 24, 2017/NSE The Securities and Exchange Commission’s (“SEC” or “The Commission”)’s alleged findings as outlined in their correspondence to the Company’s (“the Company” or “Oando”) Group Chief Executive (GCE)… Read more »

Oando Secures Court Injunction, restraining SEC, NSE

Culled—Proshare 24/10/2017/NSE Following the directive by the Securities and Exchange Commission of Nigeria, that the Nigeria Stock Exchange should effect a full/technical suspension on the trading of the shares of… Read more »

Senate Passed a Motion on the Need for Intervention in the Etisalat NG $1.2bn Debt Crisis

Culled—Proshare October 24, 2017/Senate  Today, the Senate passed a Motion on the need for intervention in the recent Etisalat Nigeria $1.2 billion debt crisis. In 2013, Etisalat Nigeria acquired a… Read more »

President Buhari Fires Maina from Service

October 23, 2017/State House President Muhammadu Buhari has directed the immediate disengagement from service of Mr Abdullahi Abdulrasheed Maina, former chairman of the Presidential Task Force on Pension Reforms. In… Read more »