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.

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BY NKECHI NAECHE-ESEZOBOR—Ahead of ongoing recapitalization in the financial sectors, the  Federal Competition and Consumer Protection Commission, FCCPC, has warned firms, legal advisers, transaction parties and other stakeholders against non-compliance with statutory obligations relating to mergers, acquisitions and other business combinations under the Federal Competition and Consumer Protection Act, 2018.

The Commission reiterated that, under the FCCPA, it has the power to review, approve, approve subject to conditions, or prohibit mergers and qualifying business combinations once they are notified.

It explained that this framework is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in the Nigerian economy.

FCCPC noted that any transaction meeting the thresholds set out in the applicable Notice of Threshold for Merger Notification, issued pursuant to Section 93(4) of the FCCPA, must be notified to the Commission for prior review and approval before implementation.

The Commission stated that this requirement applies to a broad range of transactions, including share acquisitions, asset acquisitions, joint ventures, and other arrangements that fall within the legal definition of a merger under the Act and relevant regulations.

It added that the notification process enables the Commission to assess whether a proposed transaction is likely to substantially prevent or lessen competition in any relevant market in Nigeria, or raise public interest concerns. The process also supports the Commission’s responsibility to monitor market developments and maintain an informed understanding of competitive dynamics across sectors.

FCCPC further encouraged parties and their advisers to engage with the Commission at an early stage where a contemplated transaction may be notifiable.

It noted that early engagement, including pre-notification consultations, where necessary, can provide regulatory clarity, support efficient review timelines, and assist parties in meeting applicable compliance requirements.

The Commission emphasised that failure to notify a notifiable transaction constitutes a contravention of the FCCPA and may attract administrative penalties or other enforcement action in accordance with the law.

Accordingly, the Commission advised firms and transaction parties to take all necessary steps to ensure compliance before implementing any transaction that may fall within its merger review jurisdiction.

It added that stakeholders seeking further enquiries or clarification may contact the Commission or visit the FCCPC website.

The Commission reaffirmed its commitment to promoting fair competition, protecting consumers, and supporting a transparent, efficient and competitive business environment in Nigeria.

Following the signing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025),   insurance firms were mandated to shore up their operating capital.

Life   insurance firms are mandated to shore up their operating capital from N2 billion to N10 billion. General insurance firms are to raise theirs from N3 billion to N15 billion. Reinsurance firms are to shore up their capital from N10 billion to N35 billion.

NIIRA has given July 31 deadline for insurance companies to meet the recapitalisation requirement

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