SEC Indefinitely Suspends Heritage Capital

Securities-and-Exchange-Commission, SEC, Heritage Capital MarketsThe Securities and Exchange Commission (SEC) has placed an indefinite suspension on Heritage Capital Markets Limited.

The penalty was issued following allegations of unauthorised sale of shares belonging to an investor and the company’s refusal to comply with the commission’s directives on the matter.

Heritage Capital’s directors and sponsored individuals have also been suspended indefinitely by SEC.

The regulatory body maintained that the suspension would remain in force pending the resolution of the issue against the market operator.

SEC also affirmed that it would not hesitate to take appropriate enforcement action against any person found to be in violation of the provisions of the ISA 2007, as well as its rules and regulations.

Army Chief Says Boko Haram Sponsors Still Unknown

Niger Republic, Boko HaramThe Chief of Army Staff, Lieutenant General Tukur Buratai, says the Army is yet to identify the sponsors of the deadly Islamic Sect, Boko Haram.

He stated that the Nigerian Army is still investigating to know those financing the terror group, but also hinted of possibility of international links.

Addressing reporters in Imo State during after a meeting with the State’s governor, Mr Rochas Okorocha, Lieutenant General Buratai noted that tracking sponsors of terrorist groups was a difficult task.

He said: “Terrorism is a very complex issue. Although we are investigating, it will take years before you reach the sponsors because you must get your facts well “.

However, the COAS said that the Army had contained Boko Haram and reduced the group’s activities to feeble but for unsuccessful attempts at soft targets.

“The Army has contained Boko Haram and the only thing you hear now is failed attempts at soft targets, unlike before when they attack Mosques, Churches and bus stations with high casualties,” the Army Chief said.

While commenting on the outcry over the alleged killing of members of the Indigenous People of Biafra (IPOB) and the Movement for the Actualization of Sovereign State of Biafra (MASSOB), by Soldiers, Buratai, insisted that the pro-Biafra groups were armed during their protests in Onitsha and Anambra State.

He insisted that the Soldiers acted in self defense after the members of the separatist groups opened fire on them during their protest against the continued detention of IPOB leader, Nnamdi Kanu by the Federal Government.

Restating the Army Rule of Engagement, Buratai said that the Army had the responsibility to preserve and protect lives and could only resort to lethal force after it had exhausted all options.

“It is impossible for Soldiers to open fire against unarmed protesters.

“The pro-Biafra protesters in Onitsha were armed and they opened fire on the Soldiers and other security agents. Our Soldiers only opened fire after they were shot at,” he isisted.

The COAS during the session of the ongoing 2016 Chief of army staff conference in Owerri also gave details of their latest operation ‘Operation Python Dance’, saying that the military operation was designed to improve internal security and exercises of Officers and Soldiers in the Southeast part of the country.

Giving a breakdown of the operation of the Nigerian Army in the Northeast, Buratai, disclosed that the Army had rescued 360,000 Nigerians, including women and children who were abducted by Boko Haram insurgents.

Responding, the Imo Governor, commended the Nigerian Army for gallantry in the fight against Boko Haram.

He said that the nation owed them for putting their lives on the line to protect Nigerians.

Governor Okorocha who attributed the growing insecurity in the country to poverty, blamed political leaders for failing to create employment opportunities for the teeming youths.

“We cannot win the war against insecurity with force alone. We should also engage the youths meaningfully through the creation of employment,” the Governor stressed.

The 2016 Chief of Army Staff Conference is tagged “consolidating on the gains of counter-insurgency operations towards achieving national security” and it will end by Saturday December 10, 2016.

3-Year Result Validity: JAMB Boss Asks Reps To Quash Bill

JAMB, NUC, senate, Scratch Card, AmendmentThe Registrar of the Joint Admission Matriculation Board (JAMB) Prof. Ishaq Oloyede has asked the House of Representatives to quash the bill that validates three years JAMB result usage.

The JAMB boss stated this at the University of Ilorin in Kwara State while answering questions from journalists, that the bill when passed will only hurt the students rather than help them.

He noted that JAMB sets achievement tests and not aptitude test, therefore, such system will not work in Nigeria.

Professor Oleyede says the bill is a product of acrimony and if passed would be counter-productive.

While urging President Muhammadu Buhari not to assent to the bill, he further noted that the country does not have a stable curriculum.

He appealed to members of the House of Representatives to critically look at the issues before taking a stand, as it is harmful to the future of the students.

Senate Recommends Three Year Validity

The Nigerian Senate had extended the validity of the Joint Admissions and Matriculation Board (JAMB) examination results for three years from the date of the examination.

Lawmakers of the upper chamber took the decision to amend the JAMB Act during Thursday’s legislative proceedings.

The Chairman of the Senate Committee on Tertiary Institutions and TetFund, Senator Jibrin Barua, read the report of the committee which was mandated to work on the act.

The committee recommended that a candidate who meets the requirements for admission and is duly qualified shall remain so qualified for three years.

The committee also recommended that a candidate awaiting admission shall be given preference in the succeeding year over fresh applicants who shall only become eligible when the backlog has been cleared.

Protesters Urge South Africa’s Zuma, Top ANC Leaders To Quit Party Posts

zumaMembers of South Africa’s ANC chanted slogans outside its headquarters on Monday, demanding that President Jacob Zuma steps down.

The uproar was described as a rare public show of anger in the ruling party after its worst election performance since the end of apartheid in 1994.

The demonstrators argue that Zuma, whose rule has been tainted by scandal, is responsible for the African National Congress (ANC), losing control of three major urban centers in local elections last month. They claimed that the result as a result of the government’s mismanagement of the economy that is now teetering on the edge of recession.

Though the protesters numbered fewer than 100, the demonstration kept political tension high in Africa’s most industrialised country, where markets have been rocked by a police investigation into Finance Minister Pravin Gordhan.

Political analysts say Gordhan is the target of an ANC faction allied to Zuma. The president’s office has denied claims Zuma was warring with Gordhan.

Some of the protesters carried placards, with one emblazoned: “Resign with immediate effect: ANC NEC and Jacob Zuma”, referring to the party’s National Executive Committee of Zuma and five other party leaders.

A placard by rival Zuma supporters read: “Don’t try this at Luthuli House”.

Critics of Zuma say he is also badly compromised by his relationship with the Guptas, a family of wealthy Indian businessmen with interests ranging from media and meining, who the opposition says exerts undue political influence over the president.

Violence Spreads Into South African Capital After ANC Names Mayoral Candidate

ANCProtesters burnt buses and set tires on fire to barricade roads in South Africa’s capital on Tuesday after the ANC named a mayoral candidate not nominated by the ruling party’s regional branches.

The violence spread overnight from the townships and started after a member of the ANC was shot dead on Sunday, as factions clashed at a meeting in Pretoria to decide on the candidates for mayor of Tshwane municipality where Pretoria is located.

The ANC then named senior party member and former cabinet minister, Thoko Didiza, as its candidate for Tshwane, saying that it made the decision after wrangling between members at the party’s headquarters over who should lead the municipality.

Residents want the incumbent mayor, Kgosientso Ramokgopa, to be allowed to run on the ANC ticket, TV station eNCA reported, but in an interview with the 24-hour news channel, Ramokgopa backed Didiza’s selection and called for calm.

The ANC said its members were not to blame for the violence.

“This is not a result of the nomination of the mayor in Tshwane, it’s thuggery,” ANC Secretary General Gwede Mantashe told eNCA.

Local elections in August pose a major test for the ANC as it gears up for a 2019 presidential vote in the face of a slowing economy and a strong challenge from the opposition.

Any defeats could hurt the party which has been in power since the end of white-minority rule in 1994 but is seen as losing its touch in areas – including Pretoria – where it was once unassailable.