February 3, 2025/US SEC On January 21, 2025, the Securities and Exchange Commission obtained a final judgment against defendant Joseph A. Padilla in an action filed in 2023 alleging a fraudulent microcap stock selling scheme. According to the Commission’s complaint, filed in the United States District Court for the District […]
Frauds & Scandals
Over N2.4 Billion Disbursed for 2023 FG Projects, Yet No Contractor on Site
January 30, 2025/BudgIT Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track and give feedback on public projects in their communities, has uncovered payments worth N2.4 billion to seventeen contractors for fifteen projects across nine states—yet no contractor has commenced work on these sites. Some of these […]
SEC Says Stecs (Alausa) Multipurpose Cooperative Society is an Unregistered Operator
January 24, 2025/SEC Nigeria The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to the activities of Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series […]
