Cases Before The Administrative Proceedings Committee (as at March 2011)

Title Of Case Case Number Nature Of Violations Remarks
1 Longterm Global Capital Ltd & 9 ors. vs. Stanbic IBTC Management Ltd APC/01/2010 Unauthorised purchase of GTBANK/GDR and conversion of pounds components of funds transfer to dollars without recourse to the complainant Parties were reprimanded, penalised and discharged on some charges.
2 SEC vs. Proforte Securities Ltd & 9 ors APC/66-194/2010 Failure to file quarterly returns and remitting of capital & Interest invested by client Yet to be concluded
3 SEC vs Empire Securities Ltd & 7 Ors APC/6-42/2009 Unauthorised sale of clients shares, non-purchase of shares and various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended Yet to be concluded
4 SEC vs Davandy Securities Limited & 11 Ors APC/2-64/2010 Non purchase of client’s shares, Failure to file quarterly returns, failure to remit capital and interest on client’s investment and various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended. Yet to be concluded
5 SEC vs MTECH Communications Plc APC/65/2010 It was alleged that directors of the 1st Respondent pledged

the assets of the 1st Respondent as collateral for loans taken from Bank PHB to buy shares of the 1st Respondent in its private placement before the 1st Respondent became a Plc

Yet to be concluded
6 SEC vs Alliance Capital Management Cio.ltd & Nine Ors APC/2-245/08 Non purchase of shares paid for by client, Non verification of share certificates and sale of clients shares without mandate, non rendition of periodic returns, non remittance of proceeds of sale to investor various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended. Yet to be concluded
7 SEC vs. Afribank Plc & 32 Ors APC/5/2009 Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. Case was discontinued and suit instituted at the IST
8 SEC vs. Fin Bank Plc & 43 Ors APC/2/2009 Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. Case was discontinued and suit instituted at the IST
9 SEC vs. Intercontinental Bank Plc & 42 Ors APC/1/2009 Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. Case was discontinued and suit instituted at the IST
10 SEC vs. Oceanic Bank Plc & 37 Ors APC/4/2009 Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. Case was discontinued and suit instituted at the IST
11 SEC vs. Union Bank Plc & 26 Ors. APC/3/2009 Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria Case was discontinued and suit instituted at the IST