The Securities and Exchange Commission of Nigeria (SEC) has signed a bilateral Memorandum of understanding (MoU) with Financial Services Commission of Mauritius (FEC), a statement from the commission said on Wednesday.

3.3 Allegation of irregular payment of estacode and DTA from PPO account(s) by Maina

During our fieldwork, it was brought to our attention that Maina had authorised payment of estacode and DTA from the police pension account to various individuals in connection with the monitoring of the biometric data capturing exercise for police pensioners within and outside Nigeria, some of whom might not have been aware of the payment or did not perform the assignment for which the estacode or DTA was paid. We therefore sought to ascertain the veracity or otherwise of this allegation.

Hewlett-Packard, Samsung, LG and other foreign Original Equipment Manufacturers (OEMs) will lose their grip on Nigeria’s Personal Computer (PC) market as the Federal Government yesterday finally moved to enforce a comprehensive ban on foreign computers and technology products in public institutions, including schools.

Sterling Bank, on Tuesday, announced a Profit After Tax (PAT) of N4.6 billion for its financial year ended Dec. 31, 2011. Its Managing Director, Yemi Adeola, disclosed this at the 50th Annual General Meeting of the bank in Lagos.

The volume of shares traded Tuesday on the Nigerian Stock Exchange (NSE) increased by 53.4 per cent.

Investors’ staked N4.13 billion on 449.21 million shares exchanged in 4,428 deals.

Ms Arunma Oteh, the Director General of the Securities and Exchange Commission on Tuesday returned un-opposed as chairperson of the African/Middle East Regional Committee (AMERC) at the annual conference of the International Organisation of Securities Commissions (IOSCO) which is ongoing in Beijing, China.

The nation’s inflation rate rose to 12.9 percent in April, year on year, driven largely by non-food items and a very price stable comparative month in April last year, data from the National Bureau of Statistics showed on Tuesday.

The revelations on the amassing of the pension funds continue as this installment details how Abdul Rashid Maina opened and maintained irregular bank accounts with pensioners money.