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Adeosun defends suspension of SEC DG

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Kemi Adeosun, minister of finance, has defended the decision to suspend Mounir Gwarzo as director-general of the Security and Exchange Commission (SEC).

Adeosun had set up an administrative panel to look into some allegations levelled against Gwarzo.

The panel had recommended his suspension, which the minister upheld.

But Gwarzo attributed the action to his refusal to stop the forensic audit of Oando in line with the directive of the minister.

“The minister asked me to stop the forensic audit of Oando and that I should constitute a committee comprising the head of legal of SEC, that of the ministry and that of Oando,” Gwarzo had said at a public hearing organised by the house committee on capital market.

Describing Gwarzo’s allegation as “laughable”, Adeosun said he was punished because he acted outside the public service rules.

“As we speak, the forensic audit is still going on. So, it is mischievous to even suggest that, that led to his suspension,” she said.

“Mr Mounir was called and given a right of audience. We believe that our decision to suspend Mr Mounir was just. We cannot have somebody at the helm of affairs and it is only when the EFCC arrest them that they can be removed. That’s not fair.

“Such is not good for Nigeria. We don’t have to wait for officials to be paraded in handcuffs before we take action.

“Mounir should face the allegations against him which were the only reasons why he was suspended.”

Adeosun said the allegations against Mounir were “very serious” and contrary to the principle “fit and proper” in the capital market.

She added: “Mounir said he resigned from Medusah Investments in 2012, we obtained documents from CAC showing him to still be a major shareholder and a director in the company, which contradicts public service rules, as well as the Securities and Exchange Commission Act.

“In the second company, Outband Investments, where he claimed that he was representing his wife, that it is his wife’s family’s company. The public service rules does not provide for that and more importantly, that company has transacted with us. So there is a conflict of interest.”

The minister said the standard in the capital market is “very high” and “when we are taking disciplinary actions, we must be seen to be above reproach or else those actions will be questioned.”

She also said: “The company in contention (Oando) was alleging that the person investigating them was not a fit and proper person and felt that his actions were coloured. That suspicion needed to be removed.

“At the same time, we were receiving information from the staff of SEC that documents were being removed. And we knew we needed to do a thorough investigation which cannot be done with Mounir still at the helm of affairs.

“Mounir has not been removed, he was suspended. And he is not the first DG of SEC to be suspended.”

The hearing chaired by Tajudeen Yusuf, chairman of the committee, was attended by both staff of the finance ministry and SEC.

MUSIC

Social Media Reacts As Wizkid’s “Dance” Disappears From Apple Music Top 100

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'Kese (Dance)' disappears from Apple Music Top 100 | fab.ng

On November 18, 2024, fans woke up to the shocking news that Wizkid’s latest single, “Kese (Dance)”, had suddenly vanished from the Apple Music Nigeria Top 100.

Just days ago, the song had been proudly sitting at the number one spot. This abrupt drop sparked widespread speculation, with many fans and industry insiders suspecting that Apple Music had penalized the track for streaming manipulation.

Such drastic deductions often indicate stream deductions or “chart-drinking,” which are common penalties that Apple Music enforces against artificial streaming boosts.

Adding fuel to the controversy is Wizkid’s “Kese (Dance)”, released on November 15, 2024, as the second lead track from his forthcoming album “Morayo”.

Within hours of its release, “Kese” soared to the top of the Apple Music Nigeria Top 100, demonstrating Wizkid’s enduring popularity and dominance on the charts.

However, the unexpected removal of the song from the charts sent shockwaves through social media, leaving fans divided. Some believe Apple Music may have acted to curb stream farming, while others argue it might simply be a technical glitch.

Historically, Apple Music has taken stringent measures to crack down on streaming manipulation, especially against high-profile artists.

This latest move, if confirmed as a penalty, would be one of their strongest actions yet against stream farming. However, the possibility of a glitch cannot be entirely dismissed, as similar occurrences have happened before.

Fans now eagerly watch to see if “Kese (Dance)” will rebound to its previous chart-topping position. A quick recovery would lend credence to the glitch theory.

Meanwhile, a continued absence would suggest that Apple Music has indeed taken a firm stance against streaming irregularities—even against a major act like Wizkid. For now, all eyes remain on the charts to see how this drama unfolds.

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ENTERTAINMENT

AFRIFF 2024: Check Out The Complete List Of Winners

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2024 AFRIFF: The Complete List Of Winners | fab.ng

The 2024 AFRIFF celebrated exceptional African cinema through a vibrant week-long showcase of talent, creativity, and storytelling excellence.

Filmmakers, actors, and cinema enthusiasts gathered from across the continent to participate in screenings, masterclasses, and engaging panel discussions at the 2024 AFRIFF.

This 13th edition of AFRIFF demonstrated unprecedented diversity in African storytelling, featuring compelling narratives that captivated audiences through multiple genres and languages.

In the 2024 AFRIFF, carefully curated selections sparked meaningful conversations about contemporary African experiences while highlighting the continent’s rich cultural heritage.

Also, at the 2024 AFRIFF Globe Awards ceremony, outstanding films earned recognition for their artistic merit, technical excellence, and powerful storytelling.

These winning productions represented various African perspectives, from intimate personal narratives to broader social commentaries.

Let’s explore the complete list of winners who made their mark at this prestigious celebration of African cinema.

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MOVIES

Queen Lateefah Earns N333.7 Million, Ascends To Nollywood’s Top Box Office Rankings

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'Queen Lateefah' earns ₦333.7 million | fab.ng

First and foremost, Wumi Toriola’s film ‘Queen Lateefah‘ has achieved remarkable success, surpassing ₦300 million at the box office and securing its position among Nollywood’s top-performing films.

Subsequently, the film joins other blockbuster successes such as ‘Ajosepo’ (₦257.2 million) and ‘Ajakaju’ (₦252.8 million). Moreover, ‘Queen Lateefah’ now stands as the seventh highest-grossing Nollywood movie to date.

Additionally, it holds the distinction of achieving the highest earnings for a non-December release, a period typically known for peak box office performance.

Throughout its theatrical run, the film has consistently broken records. Initially, it garnered ₦57 million in its opening weekend.

Furthermore, within just three weeks of its premiere, the film exceeded the ₦200 million milestone. By mid-October, consequently, the box office receipts had accumulated to ₦216 million.

Queen Lateefah' grosses enters Nollywood's top box office rankings | Pulse  Nigeria

Under the distribution of Cinemax and the direction of Adeoluwa Owu, the film presents a compelling narrative. Specifically, it follows Lateefah Adeleke, a 30-year-old businesswoman who portrays herself as a world traveller with high social status.

However, her encounter with Jide Rhodes, a 35-year-old businessman, eventually exposes her carefully constructed facade.

In contrast to her claims, Lateefah emerges from a background of extreme poverty as the only child of an illiterate mother.

Finally, the film features a stellar ensemble cast including Kunle Remi, Femi Adebayo, Nancy Isime, Bimbo Manuel, Elvina Ibru, Enioluwa, and Gbugbemi Ejeye.

As a result of these combined elements – compelling storyline, strong performances, and strategic release timing – ‘Queen Lateefah’ continues to demonstrate the growing commercial potential of Nollywood productions.

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