Business
ICPC Secures 24-Year Jail Term for Dismissed NECO Staff Over Certificate Forgery
BY SUNDAY SAMUEL—The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured the conviction of a dismissed staff member of the National Examinations Council (NECO), Abdulwahab Sule, for offences bordering on certificate forgery and related corrupt practices.
The conviction was delivered by the High Court of Niger State sitting in Minna, presided over by Honourable Justice Abdullahi Mikailu, in Charge No: NSHC/ICPC/1C/2023.
Mr. Sule, who was dismissed from NECO in 2020 following the discovery of irregularities in his credentials, was found guilty on a three-count charge of dishonestly using a forged document as genuine, possession of a forged document, and making false statements.
Investigations by the ICPC revealed that the convict fraudulently used a forged Diploma certificate purportedly issued by the Federal University of Technology, Yola (now Modibbo Adama University, Yola) to secure employment with NECO in January 2009, where he remained until his dismissal in September 2020.
Further findings showed that the certificate, dated March 18, 2008, did not emanate from the institution, as confirmed by the university during verification.
The Commission also established that the convict had not completed his studies and still had outstanding courses at the time he claimed to have graduated.
In addition, Mr. Sule was found to have knowingly made false representations to NECO’s Director of Human Resource Management in August 2020, falsely claiming that he had obtained the Diploma certificate.
During ICPC’s investigation, the convict admitted that he did not complete his studies and disclosed that he paid the sum of N30,000 to procure the forged certificate from an individual.
Upon conviction, the Court sentenced him to twelve (12) years imprisonment on Count One, ten (10) years on Count Two, and two (2) years on Count Three. The sentences are to run concurrently, meaning he will effectively spend twelve (12) years in prison.
The ICPC reiterates its commitment to sanitising public institutions and warns that individuals who engage in forgery, falsification of records, and other corrupt practices will be brought to justice.
The Commission also urges organisations to sustain regular verification of staff credentials to prevent similar occurrences and strengthen institutional integrity.
The post ICPC Secures 24-Year Jail Term for Dismissed NECO Staff Over Certificate Forgery appeared first on Business Today NG.
FTSE Russell has confirmed, in a market notice published on Thursday, that Nigeria’s reclassification from Unclassified to Frontier Market status will proceed effective from the open of trading on 21 September.
The decision marks Nigeria’s return to the global Frontier Market universe and represents an important milestone for the country’s capital market.
The announcement follows a process that began in October 2025, when FTSE Russell placed Nigeria on its Watch List for potential reclassification, following improvements in foreign exchange liquidity, capital repatriation and market accessibility.
In April 2026, FTSE Russell subsequently announced Nigeria’s return to Frontier Market status, with an effective date of 21 September.
Following Nigeria’s transition from a T+2 to T+1 settlement cycle on 1 June, FTSE Russell undertook an additional assessment after market participants raised concerns that the new settlement framework could effectively result in a de facto prefunding requirement for international institutional investors.
The review led to an extensive period of engagement between NGX Group, the Securities and Exchange Commission (SEC), FTSE Russell and international market participants.
In its reaction, NGX Group said its delegation engaged directly with global custodians and institutional investors in July. The discussions provided an opportunity for NGX Group to present evidence on the operation of the T+1 settlement cycle, address questions raised by international investors and custodians, and outline ongoing efforts to ensure that Nigeria’s market infrastructure remains aligned with evolving international best practice.
Following the assessment, FTSE Russell, supported by feedback from the FTSE Equity Country Classification Advisory Committee, confirmed that “no material settlement, operational or funding issues had been observed since the implementation of the T+1 settlement cycle”. On this basis, the FTSE Russell Index Governance Board confirmed that Nigeria’s reclassification will proceed as scheduled from the market open on Monday, 21 September 2026.
The announcement comes amid broader efforts to strengthen the Nigerian capital market and position it as an increasingly important engine of investment and economic growth.
On 6 August, the NGX Group Board met with President Bola Ahmed Tinubu at the Presidential Villa in Abuja to brief him on developments and reforms across the Nigerian capital market and discuss the market’s role in mobilising long-term capital to support Nigeria’s economic transformation agenda.
The engagement underscored the importance of continued collaboration between government and the capital-market ecosystem in creating an enabling environment for investment, capital formation and sustainable economic growth.
Nigeria’s return to Frontier Market status provides further international recognition of the progress being made across the market and creates a platform for the next phase of its development.
Commenting on the development, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, said, “This is an important moment for Nigeria’s capital market. But the real significance of returning to Frontier Market status is the opportunity it creates for the next phase of our market’s development.
We have to turn greater international visibility into broader participation, deeper liquidity and more capital for Nigerian businesses. Our ambition is to build a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth. We are encouraged by the continued support of the Federal Government and the commitment of stakeholders across the market as we work towards that ambition.”
The next milestone will be the publication of the FTSE Frontier Index Series annual indicative review files for September 2026, which will reflect Nigeria’s reclassification and are scheduled to begin publication on Wednesday, 2 September 2026. The reclassification will take effect from the market open on Monday, 21 September 2026.
Nigeria’s return to Frontier Market status is expected to enhance the visibility of Nigerian equities within the global investment community and create further opportunities to broaden engagement with international institutional investors and deepen participation in the Nigerian market.
The development follows S&P Dow Jones Indices’ placement of Nigeria on its Watch List for potential reclassification to Frontier Market status as part of its 2027 Country Classification Annual Review, providing a further indication of growing international attention to improvements in Nigeria’s market accessibility.
NGX Group reaffirms its commitment to continued collaboration with the Federal Government, SEC, market operators, investors, global index providers and other stakeholders to strengthen Nigeria’s position within the international financial ecosystem and ensure that the capital market plays an increasingly important role in sustainable economic growth and capital formation.
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