BUSY YEAR END FOR SEC NIGERIA

It looks like quite a busy end to 2016 for Securities and Exchange Commission of Nigeria (SEC Nigeria).

This Monday and Tuesday, it shall be holding registration interview for  capital market operators at its zonal office, Lagos.

The session is for companies seeking fresh registration; additional sponsored individuals for existing companies and existing companies seeking registration of additional capital market functions.

On Wednesday, November 24, will be time for third Capital market committee meeting at Federal Palace hotel Victoria island starting from 10 am.

The next day, that is 25th November it will be time for interactive session with the media at Lagos zonal office, 3, Idejo street, Victoria island.

Both the media chat and the committee meeting, says SEC Nigeria, shall be strictly by invitation.

On December 8, SEC administrative proceedings committee will meet at SEC Headquarters multimedia auditorium, plot 272, Samuel Adesujo Ademulegun street, Central Business district Abuja from 10am.

It will be meeting to consider allegation by Rivers state Ministry of Finance and 32 others against BGL and 30 others.

The complainants, says SEC Nigeria, complained that BGL and others violated SEC rules on separation of clients funds from corporate funds; performed capital market function they were not registered for; failed to comply with the code of corporate governance issued by SEC for CMOs and that they promoted and marketed products not registered by SEC.

According to the notice on the matter issued by SEC Nigeria, lodging these complaints were Rivers State ministry of finance, Kano state investment and properties ltd, Superannuation Fund of Niger Anglican church. Abbey Mortgage bank, modotels Nigeria ltd and Church of Nigeria, Anglican communion amongst others.

Their complaint was against BGL PLC, BGL capital ltd, BGL Asset management ltd and BGL Securities ltd.

Earlier, from 15 to 17 November, complaints against Bytofel Securities & Trust ltd; Jenkens Investment ltd, securities solutions ltd, Size trade capital and asset management ltd and Elton assets management ltd had been investigated one after the other.

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