PRESIDENT OF THE SENATE COMMENDS RESILIENCE OF NIGERIAN WORKERS.(PHOTO).

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 PRESIDENT OF THE SENATE COMMENDS RESILIENCE OF NIGERIAN WORKERS President of the Senate Godswill Akpabio has congratulated Nigerian workers on International Labour Day 2026, praising their resilience, hard work, and patriotism despite economic challenges. In his May Day message, Akpabio described workers as the true heroes of Nigeria’s democracy and the engine of the economy. He said the 10th National Assembly remains committed to improving worker welfare through a living wage, safer workplaces, pension reforms, and job creation and pointed to the passage of the new National Minimum Wage Act and ongoing welfare packages as evidence of that commitment.  The Senate President also urged both public and private employers to prioritize worker welfare, stating that a motivated workforce is key to national productivity and prosperity pledging that the Senate will continue partnering with labour unions to ensure workers’ voices are heard in policymaking, vowing not to relent until ev...
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COURT WINDS UP ILLEGAL CAPITAL MARKET FIRM IN LAGOS. (PHOTO). #PRESS RELEASE.

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 Court Winds Up Illegal Capital Market Firm in Lagos


Justice C.J. Aneke of the Federal  High Court sitting in Ikoyi , Lagos, on Thursday, May 22, 2025, ordered the winding up of a fraudulent collective investment scheme firm, CJC Markets Limited, over failure to register with the Securities and Exchange Commission, SEC.


  He gave the order, following the arraignment of the company  by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC,  on a one-count charge bordering on investment fraud on Thursday, May 22, 2025.


 A petitioner alleged that CJC Markets Limited, sometime in January, collected the sum of N30m( Thirty Million Naira) from one Wamyil Mangna, with a promise of a 30% Return on Investment, ROI.


Investigation revealed that CJC Markets Limited is not registered with the Central Bank of Nigeria, CBN, or the Security and Exchange  Commission, SEC, to carry out capital market operations or collect investments. 


 


The count reads: That you, CJC MARKETS LIMITED,  being a company incorporated in Nigeria, Aihua Chen (at large) and Okungbeni Dickson (at large), being the Directors respectively, sometime in 2021 in Nigeria, within the Judicial Division of this Honourable court, while carrying on your scheme of Collective Investment, failed to register with the Securities and Exchange Commission, and thereby committed an offence contrary to Section 54(1) of the Investment and Securities Act 2007 and punishable under Section 54(6) of the same Act.”


 


A guilty plea was entered for the Company. 


 


In view of this,  prosecution counsel, Abdulhamid .L. Tukur, called on Christian Chukwu, an operative of the EFCC, to  review the facts of the case.


Chukwu, in his testimony, told the court that the  Commission received  a petition from Matthew Burkaa and Co. Legal Practitioners on behalf of the petitioner, Mangna


He also told the court that the Commission, during investigations, subsequently wrote letters to the United Bank of Africa, UBA, the CBN and SEC, and that they all responded.


He added that the finance officer of the company, Mr Kolawole Josiah, volunteered his  statement , regarding the involvement of the company in the capital market.


Thereafter, he identified the petition received, the letters written by the Commission to the SEC, CBN and UBA as well as the statement from the Finance Officer of the company .


 Tukur then sought to tender, in evidence, the documents, which were all admitted and marked  as exhibits by the court . The prosecution, thereafter, prayed the court to convict and sentence the company accordingly. 


Counsel to the defendant, Adeniyi Komolafe,   asked the court to wind up the said company. 


Justice Aneke convicted CJC Markets Limited  as charged and ordered that it be wound up and delisted from the Corporate Affairs Commission, CAC. 


 


The company was wound up for running a fraudulent collective investment scheme firm, CJC Markets Limited, without registering with the Securities and Exchange Commission, SEC.

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