Human Right Writers Association Of Nigeria (HURIWA) has accused the Niger Delta Development Commission (NDDC) and the National Assembly of unmitigated corruption.
In a press statement made available to Independent onThursday, the Human Rights group lamented that the stench of corruption massively felt in the National Assembly and the Niger Delta Development Commission (NDDC) is so staggering that Nigeria may need to set up an independent Judicial commission of Inquiry to investigate allegations and counter allegations of large scale heist of public fund.
According to HURIWA “Until the so called investigators at the National Assembly and the Interim Management Committee of the Niger Delta Development Commission are investigated to ascertain the veracity and validity of the accusations of huge scale corruptions levelled by both against each other, it will be time wasting to allow neither of the tainted and heavily discredited bodies to proceed to investigate each other.
“It is ethically unjust for someone to be a judge and a prosecutor in his own case and the legal maxim that to go to equity it is imperative to do so with clean hands applies here.”
*Onwubiko HURIWA Chairman
HURIWA called for the disbandment of both the Interim Management Committee of the Niger Delta Development Commission and the Committees overseeing the NDDC in both chambers of the National Assembly to enable any form of forensic audits of the interventionist commission in the heavily neglected crude oil producing States of the Niger Delta Region (NDDC) and the accusations of bribery and financial inducements levelled against the National Assembly by the Interim Management Committee of the Niger Delta Development Commission (NDDC) to be holistically investigated.
In the statement, the group said “Indicted persons should be arrested, prosecuted and punished by the competent court of law whilst every Naira siphoned away from the Niger Delta Development Commission by either the Interim Management Committee of the Niger Delta Development Commission or the Committees on Niger Delta Development Commission at the two chambers of the National Assembly should be retrieved and returned to the coffers of the Niger Delta Development Commission for the purpose of infrastructural development and transformations of the marginalized Crude oil producing States belonging to the NDDC catchment areas.
National Assembly Complex Citadel of Corruption?
The statement signed by its national Coordinator Comrade Emmanuel Onwubiko and the National Media Affairs Director Miss Zainab Yusuf said “As it is at the moment, the media warfare going on by both the Interim Management Committee of the Niger Delta Development Commission and the National Assembly’s Committees on Niger Delta Development Commission has made it imperative that all parties in the show of shame must be suspended pending an outcome of a wholly independent INVESTIGATION by a credible platform such as a high profile Judicial commission of Inquiry to be headed by a respected Jurist of the Supreme Court of Nigeria and other representatives of the civil society, the academia, the security/Defence Sector and from the Supreme court of Nigeria.
“A situation whereby there is a free for all full scale media battles by these warring parties drawn from the Interim Management Committee of the Niger Delta Development Commission and the relevant committees of the Niger Delta Development Commission in the National Assembly, there will never be a credible investigation of either the NDDC by the so called Interim Management Committee of the Niger Delta Development Commission put in place by the President for the purposes of carrying out forensic audits of the commission or the relevant committees of the National Assembly which has launched a separate probe of the Interim Management Committee of the Niger Delta Development Commission over allegations of theft of N40 billion,” HURIWA stressed.
HURIWA noted that only this morning, the Acting Managing Director of the Niger Delta Development Commission, Prof. Kemebradikumo Pondei, had accused the committees of the National Assembly responsible for the oversight of the Commission of working against the forensic audit ordered by President Muhammadu Buhari.
The group quoted Mr. Pondei as alleging that the probe being embarked on by the National Assembly was distracting the Commission from focusing on the forensic audit, which all stakeholders, including Governors of the nine Niger Delta States, agreed with President Buhari as the way forward for the Commission.
Operatives of the Economic and Financial Crimes Commission have arrested one Olawole Sunday, a suspected internet fraudster, accused of purchasing bank account details from individuals to perpetrate financial crimes.
According to a statement on Monday by the EFCC’s head of Media and Publicity, Dele Oyewale, Sunday’s fraudulent scheme involved recruiting young individuals to open multiple bank accounts.
Oyewale alleged that Sunday paid them between N25,000 and N50,000 for each account and collected their full banking details, including Automated Teller Machine cards.
He said trouble began when Sunday allegedly used the account details of one Uyi Eghosa to defraud an unsuspecting victim of N2m under the pretence of engaging in forex
Oyewale said Eghosa was arrested and, during interrogation, claimed ignorance of the fraudulent use of his account.
He added that Eghosa told investigators that he handed over his account details and ATM card to Sunday in exchange for a N25,000 payment.
He said, “Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested one Olawole Sunday, a suspected fraudster who specialised in buying bank accounts’ details from individuals with which he defrauds unsuspecting members of the public.
“Sunday’s modus operandi involved encouraging young people to open multiple bank accounts, pay them either N25,000 or N50,000 for each account and collect their bank details, including Automated Teller Machine cards.
“Sunday allegedly employed the account details of one Uyi Eghosa to defraud a petitioner of the sum of N2 million under the guise of trading in forex. The account owner, Eghosa, was arrested, and his disclosure that he was unaware that his account was used in defrauding members of the public led to Sunday’s arrest.”
Oyewale added that Sunday, upon his arrest, he confessed to the crime and would be charged to court as soon as investigations were completed.
* NGX ends the week positive as market capitalization gains N45 billion
The NGX All-Share Index (ASI) posted a modest 2.66% gain in Q1 2025, closing at 105,660.64 points. This marks a sharp contrast to the 39.84% return recorded in the same period last year.
However, despite the broad market’s tepid performance, several listed companies delivered outstanding returns, significantly outperforming the index.
Nairametrics tracked the market and compiled a list of the top 10 best-performing stocks in Q1 2025 based on share price gains among companies with a market capitalization above N50 billion.
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While small- and mid-cap stocks such as SCOA Nigeria, Chellaram Plc, Livestock Feeds, NNFM, SMURFIT, UPDC, Mutual Benefits, and The Initiates led in percentage gains, the list below highlights the top gainers within the N50 billion+ market cap category.
PZ CUSSON +52.67% YtD PZ Cussons posted a 52.67% gain in Q1 2025, ranking it the 5th best-performing stock among companies with a market capitalization above N50 billion.
The company is currently the 40th most valuable stock on the NGX, with a market capitalization of N133 billion. However, it ranks 66th in trading activity over the past three months, indicating it’s not among the most frequently traded stocks on the exchange.
Over the period, it recorded a total volume of 71 million shares, valued at N1.95 billion.
This level of investor activity suggests moderate liquidity, meaning the stock is not extremely active in daily trading but still sees a fair amount of interest.
BETA GLASS + 53.58% YtD Beta Glass Company is currently the 53rd most valuable stock on the NGX, with a market capitalization of N59.9 billion.
Its share price gained 53.58% in Q1 2025, making it the 4th best-performing stock among companies with a market capitalization above N50 billion and the 13th overall on the NGX for the quarter. This is a notable improvement from its 20% year-to-date return in the same period last year.
With a beta of just 0.045, Beta Glass is considered a low-volatility, defensive stock, meaning it tends to remain stable even during turbulent market conditions. In practical terms, if the market moves by 1%, Beta Glass is expected to move by only 0.045%.
Despite its traditionally low volatility, the stock has rallied strongly, suggesting that the price surge is driven by company-specific factors rather than broad market trends.
Its 2024 audited financials showed a clear acceleration in performance, outpacing the company’s 5-year compound annual growth rate (CAGR).
PRESCO 65.25% Presco Plc recorded a 65.25% share price appreciation in the first quarter of 2025, ranking it 3rd among the companies with over N50 billion market capitalization. Presco Plc is currently the 22nd most valuable stock on the NGX, with a market capitalization of N785 billion.
Last year, the share price gained 146%, and 45% has already been achieved in Q1, suggesting that it is on course to sustain or even surpass its 2024 share price performance.
However, this may depend on certain critical success factors. Presco’s share price trading liquidity suggests a moderate but not too strong liquidity. Over the past three months, it has traded a total of 26.6 million shares valued at N17.7 billion and ranked the 86th most traded stock on the NGX.
The company is yet to release its 2024 audited results, but its unaudited results indicate very strong results. Profit before tax grew by more than 156%, while earnings per share grew by 217% fueling expectation of increased dividend, given that the company paid N26.30 from earnings per share of N32.88 in 2023.
UPDC +86.79% YtD UPDC Plc is currently the 55th most valuable stock on the NGX with a market capitalization of N58.3 billion, which is about 0.088% of the Nigerian Stock Exchange equity market.
As of end of Q1 2025, the share price has gained 86.79% ranking it the second best amongst companies with over N50 billion in market capitalization.
It has since then improved, returning 97.5% to close at N3.14, ranking it the fourth best-performing stock on the NGX in terms of share price appreciation.
In the past three months, UPDC has traded a total volume of 354 million shares valued at N953 million, ranking it the 27th most traded stock on the NGX. This suggests good liquidity that can make it easier for investors to enter and exit, which is very important.
Another possible good traction for the stock is the company’s recent impressive financial performance. Profit before tax grew by 378% to N1.82 billion compared to the N380 million in 2023.
HONYFLOUR +96.03% YTD Honeywell Flour Mill began the year at N6.30 and surged 96.03% YTD, closing at N12.35 on March 28, 2025, ranking as the 5th best-performing stock on the NGX.
The stock has shown relatively strong trading liquidity, with 399 million shares traded, valued at N4.35 billion, making it the 25th most traded stock.
With a beta of 0.42, the stock’s rally appears less correlated to the broader market, suggesting that company-specific factors are driving its gains.
The company’s nine-month results (December 2024) showed a strong turnaround, shifting from an N8.8 billion pre-tax loss to a N12.283 billion pre-tax profit, while revenue also surged 123% to N277 billion.
Last year, the stock returned 94.88%, and with its Q1 2025 performance, it remains on course. However, sustaining investor confidence will be key to maintaining the rally.
Others making up the top ten list include
NASCON +46.57%YtD NAHCO +45.28% YTD SKYWAY +39.01% UNILEVER +28.17% YTD NEM +23.29% YTD The NGX has experienced mixed performance in Q1 2025, with the All-Share Index showing a modest increase.
However, several stocks have outperformed the market, showing impressive gains and investor confidence.
Investors will need to assess ongoing performance and market dynamics to determine whether these rallies can be sustained in the long term.
The family of the late Chief Edwin Kiagbodo Clark has announced that the elder statesman will be laid to rest on May 13, 2025.
The announcement was made on Saturday by his eldest son, Penaowei Clark, during a media briefing held at Kiagbodo, their hometown in Burutu Local Government Area of Delta State.
Penaowei, who flew in from the United States, said: “As you all know, our father passed on February 17, exactly 48 days ago. We are here today to announce that his burial will take place on May 13, 2025.” He added that a full burial programme will be shared soon with the public
