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Bashir Jamoh, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) has written to the Economic and Financial Crimes Commission (EFCC) to investigate an allegation of N1.5tn fraud levelled against him. One Ude Jackson, in a tweet on Saturday, had traced N1.5tn fraud to Jamoh. He wrote: “Fraud in Buhari govt as N1.5tn, $9bn traced to NIMASA boss, Bashir Jamoh’s personal accounts. “Bashir Jamoh, DG of NIMASA has told his friends he doesn’t know anything about N1.5tn in any account. And that all the story is a lie and fake news. When I wake up, I will drop his receipt. He just ate the bait”, he added. Bashir Jamoh, however, in a letter referenced NIMASA2020/DG/EFCC/VOL1/09, asked the EFCC to thoroughly investigate the allegation in order to put the record in the public space. “I write to bring to your attention the attached online publications and tweets that have gone viral since Friday 21 of May 2021. “The publications emanated from a series of tweets o...

Both front-running and insider trading impact mutual fund unitholders, as well as stock market investors. Axis Mutual Fund, the country’s seventh-largest fund house, has suspended two of its fund managers (one of whom was also its chief dealer), and is investigating irregularities in the funds handled by them. While the investigation is yet to reveal the exact nature of these violations, domestic mutual funds have come under scrutiny for instances of front-running. Front-running is a bit different from insider trading, although in both the cases, the perpetrators aim to make money on the stock market by trading in a company’s shares. In front-running, a dealer within an institutional money manager like a mutual fund or even a share broker takes advantage of his knowledge of the orders that the mutual fund has lined up for the day and tries to profit from them. Let’s look at the subtle differences between these two practices. Once the fund manager decides what he wants to buy or sell, h...