NSE to expand product offerings

The Nigerian Stock Exchange (NSE) is to increase its product offerings with plans to list Vetiva Griffin 30 Exchange Traded Fund this month.

According to the NSE, Vetiva Griffin 30 Exchange Traded Fund (VG 30 ETF) is an open-ended fund to be listed on the Exchange.

The NSE 30 Index comprises of the top 30 companies listed on the NSE in terms of market capitalization and liquidity and is a price index weighted by adjusted market capitalisation. The VG 30 ETF is designed to track the performance of the constituent companies of the NSE 30 Index and to replicate the price and yield performance of the Index.

Listing of the VG 30 ETF is anticipated to help advance investor market in Nigeria by further broadening the choice of asset classes open to local investors.

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FG reserves N5billion contracts to wholly owned Nigerian companies

The Federal Government, in line with the Nigerian Content Act,2010, will now award, to only wholly owned Nigerian companies, contracts for projects within the range of N5 billion.

Against this backdrop, 15 wholly owned Nigerian companies were recently awarded the contracts for 21 Category C projects that range from N5 billion and below.

The Minister of Works, Mr Mike Onolememen, made this pledge when he received members of Nigerian Society of Engineers, NSE, led by its president, Engr.  Ademola Olorunfemi.

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CPC lists guidelines to protect telecom subscribers

To improve consumer education and protect subscribers’ from the exploitative activities of some telecommunications operators, the Consumer Protection Council has inaugurated a Compendium of the Rights of Telecommunication Subscribers in Nigeria.

The Minister of Communications Technology inaugurated the compendium in Abuja on Monday at the Consumer Roundtable on Phone Rights put together by the CPC.

She called for the NCC to strengthen its collaboration with the CPC to address subscribers’ complaints bordering on poor telecoms service delivery.

The Director-General, CPC, Mrs. Dupe Atoki, noted that users of telecoms services in Nigeria have not asserted their rights against telecoms operators due to ignorance of these rights and lack of an avenue to complain. Therefore, the CPC has codified the rights of telecommunications subscribers so that they can access, read and understand these rights.

These rights include poor network, unsolicited services, unlawful deductions/non-transparent billing, exploitative automated services, unauthorised SIM swaps/line disconnection, poor internet services and poor customer service.

The Compendium was launched as part of the commemoration of the World Consumer Rights Day.

 

DoJ To Seize Largest Ever Embezzled Assets from Abacha

The Wall Street Journal Law blog posts that as part of a kleptocracy initiative aimed at recovering money looted by foreign dictators from their countries, the U.S  Justice Department is moving to seize more than half a billion dollars from late Nigerian dictator General Sani Abacha, in what U.S officials called the largest such action in U.S. history.

Apparently, in an unsealed federal court filing on Wednesday in Washington, D.C., government lawyers said that the U.S. has already frozen more than $458 million in bank accounts around the world, and seeks to recover at least $100 million more.

The U.S. government has moved to freeze $313 million in accounts in the Bailiwick of Jersey and $145 million in accounts in France. There are also investment portfolios and bank accounts in the United Kingdom worth at least $100 million that the U.S. has targeted, the official said.

Abacha became the president of Nigeria via a military coup in 1993 and remained so until his death in 1998. U.S. authorities allege that Abacha embezzled or misappropriated billions of dollars from the Nigerian government, and laundered the money by buying U.S backed-bonds using U.S. financial institutions.

Under the Kleptocracy Asset Recovery Initiative, the Justice Department seeks to seize the proceeds of foreign officials’ corruption and return the money to the harmed countries.