SEC NIGERIA WIELDS THE BIG STICK

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has come down with sledge hammer on more stockbrokers and brokerage houses for breaching the Investment and Securities Act 2007 and SEC Nigeria's rules and regulations.

According to two posts on its website this week, on broker, George Nchedo Okafor acted in ways that breached the laws and rules just like BGL, stockbroking firm and 31 others did.

The petition against Okafor, says SEC was by Ideal Securities and Investment ltd and received way back on September 12 2008 but the Administrative Proceeding Committee (APC) of SEC only finally met to hear both sides to the dispute on December 7, 2016 and found that code of conduct and laws were breached.

The APC then banned Okafor from being employed in the capital market and being a director in any market operator for life. The complainant was also given go ahead to take legal means to recover all it lost as a result of the misconduct while law enforcement agencies were invited to take over the issue of forgery found to be involved.

In the other case, Rivers state ministry of finance and 31 others had complained against BGL and 31 others over operations of their guaranteed consolidated notes and guaranteed premium notes.

The APC sat over the matter on December 8, 2016 and found that respondents one to four through respondents five to 32 were in breach of ISA 2007 and SEC Nigeria rules resulting in about N5770bn loss by 32 investors.

Consequently, first and third respondents were fined N5m and N10m respectively along with additional N1.2m fine for the third respondent for breach of laws and SEC rules.

The registration of the third respondent was also cancelled just like for the 4th respondent with accompanying N10.1m total fine.

Life ban was also handed out to 10th, and 11th respondents plus N100,000 fine each.

Banned for five years was the 23rd respondent plus N100,000 fine while 2 year ban was imposed on 18th. 19th and 29th respondents with N100,000 fine each.

Finally, 21st and 32nd respondents were banned for one year.

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