The Managing Director of BGL Securities Limited, Albert Okumagba, has been banned by the Securities and Exchange Commission (SEC) for 20 years, from further participation in capital market activities for market rules infraction.
The order was announced Thursday.
Mr, Okumagba was banned along with Peter Adebola, both of whom were in addition fined N100,000 each, for breach of the code of conduct for capital market operators and their employees.
Also banned for various terms are 22 others found culpable for different capital market infractions.
The registration and operational licenses of BGL Securities Limited and BGL Assets Management Limited, were also revoked, while N27 million was imposed as fine for a similar offence.
In addition,BGL Securities was ordered to refund about N855.54 million to the complainants.
The SEC upheld the decision of its administrative proceedings committee on the matter brought against them by Afolabi Gabriel Oluwaseyi and nine others over alleged failure to liquidate their investments in both the Guaranteed Consolidated Notes (GCN) and Guaranteed Premium Notes (GPN).
The Commission said that following investigations of the several complaints received against Mr. Okumagba and BGL Securities, it was discovered that their indebtedness to petitioners stood at about ₦2.185 billion.
The Committee said by their actions and/or omissions, Mr. Okumagba and BGL used the other convicted persons to engage in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market.
Three of the accused persons were however discharged, as the allegations against them were not substantiated.
The various sanctions have been confirmed by the relevant regulatory authority in the capital market, SEC said in statement by its spokesperson, Habu Abdussalam, on Friday.
Mr. Abdussalam said in line with the provisions of Section 304 of the Investments and Securities Act 2007 all affected persons have been referred to the enforcement department of the
commission as well as all appropriate law enforcement agencies, including the Economic and Financial Crimes Commission.
The Committee said Joseph Ashley-Osuzoka would to serve four years ban from engaging in capital market activities, in addition to a N100,000 fine, while Victor Obire banned for three years, would pay a fine of N100,000.
Also sanctioned were Ande Ewubare, Victor Inyang, Hilary Eludu, Ehime Alofoje, and Ofem Omni were banned for two years and fined N100,000 each, while Nkechi Azubike, Adekunle Alli, Mohan Lalchandani, Anthony Nwozor and Oluwo Oluwale, who were banned for one year and fined N100,000 each.
Joshua Adetiloye got only two years ban for his offence.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...