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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

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

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Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

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FOREIGN

Beyoncé Achieves Historic Milestone As Most Certified Female Artist

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Beyoncé is most RIAA certified female artist of all time | fab.ng

Renowned singer Beyoncé has solidified her position as the most certified female artist of all time, a distinction bestowed upon her by the Recording Industry Association of America (RIAA).

Her recent surge in song certifications has propelled her to an impressive total of 103 RIAA-certified titles, surpassing all other female artists in this category.

The RIAA celebrated this monumental achievement in a post on X on Tuesday.

“Crowning achievement! Congratulations to @Beyonce, who now holds the record for the most certified titles for a female artist in RIAA history, including her first two Diamond singles! @parkwood @columbiarecords,” RIAA announced in a post on X on Tuesday.

Among her numerous accolades are Diamond certifications for two iconic singles: “Halo” and “Single Ladies (Put a Ring on It).” These certifications signify extraordinary sales and streaming figures.

Additionally, Beyoncé boasts a string of impressive certifications for her albums. “Renaissance” has achieved 2x Platinum status, “Lemonade” has attained 4x Platinum, and both “Sasha Fierce” and “Dangerously In Love” have earned 7x Platinum certifications.

This latest milestone further solidifies Beyoncé’s legacy as one of the most influential and successful artists of all time.

Her ability to consistently deliver groundbreaking music that resonates with audiences worldwide has undoubtedly contributed to her unparalleled success.

Check out more music updates here.

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