Sunday, October 19, 2025
25.1 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Seplat: Fabian Ajogwu Exits Board, Decries External Influence

Apparently displeased by the concerted efforts by some forces outside Seplat Energy Plc to derail the company’s steady progress, a non-executive director of the Company Prof. Fabian Ajogwu has resigned from the Board of the leading indigenous oil and gas firm.

Ajogwu; a foremost Professor of Corporate Governance and Senior Advocate of Nigeria (SAN), cited unwholesome conduct by some people external to Seplat, but nonetheless resolved to negatively distract the Board of Seplat, thereby militating against the smooth operations of the company.

His arrival on the Board in July 2021 saw him bring the benefit of corporate governance experience from his works and teachings, including the benefit of having drafted Nigeria’s pioneer code of corporate governance, chaired NCC telecoms Code and assisted with the National Code of Corporate Governance as a member. It is understood that he will remain a Board member until October 2023.

Reacting to this development, some oil and gas industry watchers are of the view that the exit of Nigeria’s first Professor of Corporate Governance is a negative for the company, and for Nigeria’s oil and gas industry, which relies so heavily on expatriate workers and foreign investment.

To some industry watchers, the framing of the Chief Executive Officer (CEO) Roger Brown, as a ‘racist’ without any due process of court or fair hearing, and “the unwarranted charge was filed against Seplat and its Directors by the Nigeria Immigration Service on April 6, 2023, and withdrawn hours later on the same date by a notice of discontinuance of the same dated April 6, 2023 was an ugly development.

According to them, “efforts by these same forces to mislead agencies of the federal government and the courts, to frustrate the lawful business of Seplat, destroy shareholders’ investments and harass and intimidate independent non-executive directors on baseless allegations were a great set back.

On April 20, 2023, reports officially came out that the Nigerian government, through its Immigration Service, discontinued the case filed against the company and its directors.

It is gathered that a “notice of withdrawal/discontinuance of the action” dated and filed in part on 6th April 2023, was issued by the Director Legal Services of the Nigeria Immigration Service and stated in part that “the claimant hereby discontinues all the proceedings in this charge against the above-named defendants,” Seplat Energy said.

Analysts expect the civil suits pending against the company to also end sooner than later without any doubt. The unnecessary battle waged against Seplat and its board could derail its enormous gains over the past with a stellar operational and financial performance in the last financial year.

The attacks against Seplat and its Board have been designed to intimidate them for doing the right thing and upholding corporate governance. Since the attacks on independent non-executive directors, the company’s shares have sharply declined.

Analysts believe that over one-sixth of the market cap of this dual-listed entity has been wiped off over the past month of these concerted attacks. The share price dropped from GBP1.25 to GBP0.98.

For Nigeria’s first Professor of Corporate Governance, his resignation would appear to signify that there should be no adulteration of goods with any sprinkling of ethical compromises.

It is hoped that the forces behind these attacks would realise that the company has multiple stakeholders, including shareholders, creditors, employees, communities, etc, that would also suffer the consequences of their actions.

Nigeria’s reputation will suffer too. The latest analysis by the Nigerian Exchange Limited (NGX) finds that foreign investors inflow into Nigeria’s stock market dropped dramatically to N53.71billion in the first quarter of (Q1) 2023 from N128.91 billion reported in Q1 2022.

The report, entitled “Domestic & Foreign Portfolio Participation in Equity Trading”, pointed to political tension, high inflationary pressure and scarcity of foreign exchange as reasons for the fall in investment in Nigerian companies’ shares.

We should not be adding weaponisation of the courts and baseless claims of racism to the reasons that foreign investors stay away from Nigeria.

 

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Osoba, Others for Azuh Arinze’s 50th Birthday, Books’ Presentation

The Publisher/Editor-in-Chief of YES INTERNATIONAL! Magazine, Azuh Arinze, will...

Guild of Editors Condemns Nigerian Press Council Bill

The Standing Committee discussed the state of the nation...

NLNG: No Flood Impact on Operations Nationwide

The attention of Nigeria LNG Limited (NLNG) has been...

NCC Fine Impacts MTN Result Ending June 2016

MTN, a leading emerging markets mobile operator, connecting 233...

Akinwumi Adesina: Leading Agricultural Innovation and Economic Growth of Africa

As an agricultural economist, Dr. Akinwumi Adesina has been...

Stanbic IBTC Bank Unveils Savings Challenge for @ease Wallet Holders

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings...

Linkage Assurance: N36bn Total Assets, N2.4bn Claims in 8 Months

Daniel Braie Managing Director/CEO Linkage Assurance Plc Linkage Assurance Plc has paid...
Exit mobile version