SEC NIGERIA BANS CAPITAL MARKET OPERATOR FOR LIFE.

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has banned two directors of WT Securities Ltd for life from the capital market.

They are Mr Taofik Lawal and Mrs Iyabode Lawal.

According to a notice dated September 28 and posted on its website, the ban is with immediate effect and for proven breach of section 110 of the Investment and Securities Act 2007 (ISA 2007).

The notice explained:

"The SEC in it's exercise of its powers under section 13 of the ISA 2007, investigated complaints against WT Securities ltd and its directors (Mr Taofik Lawal and Mrs Iyabode Lawal) and found them culpable of mismanaging the stocks of Mrs Opral Mason Benson and in unauthorised sale of the Nigerian Breweries PLC shares of Ngozi Onyekwere Nwachukwu"

"The actions of WT Securities ltd and its aforementioned directors" it added " are in violation of section 110 of the ISA 2007 and rule 65(1) of the commission's consolidated rules and regulations 2013".

"Consequently" it said " in accordance with section 13 (bb) of the ISA 2007, Mr Taofik Lawal and Mrs Iyabode Lawal have been banned and blacklisted from operating in the Nigerian capital market for life."

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