Administrative Proceedings Committee Matters

SEC

Vs

1.    Amyn Investments Limited

2.    Hauwa Audu Macjad

3.    Abbas Momoh Jega

4.    Hafiz Shuaibu

5.    Ohiare Anita Ayuimoh

6.    Onwujiogu Godwin I.

7.    Abiodun Jones Alebiowu

8.    Ikhelowa Philomena

Upon investigation of the complaints, it was discovered that the 1^st Respondent conceived, marketed and operated unauthorized investment schemes called SHARE PORTFOLIO GUARANTEED INVESTMENT (SPG), AMYN YOUTH INVESTMENT CLUB (AYIC) and TRADING IN SHARES: BUY LOW – SELL HIGH (BL-SH) through which it lured its clients to authorize it to trade in their blue chip stocks with a promise of 10% guaranteed annual return on their investments as well as payment of any corporate action declared by any of the shares traded upon.

Following preliminary investigations conducted by the Commission on the complaints and the alleged violations of the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees

·       Performing a Capital Market function without registration;

·       Non remittance of proceeds of sale of clients’ shares;

·       Failure/refusal to resolve clients’ complaints;

·       Involving in acts that are capable of adversely affecting the investing publics’ image and confidence of the Nigeria Capital Market;

·       Non filing of statutory returns.

·       Additionally, other clients who invested in the unregistered schemes operated by the Respondents are also to be paid.

·       The 1^st – 6^th Respondents shall pay monetary penalties for violating the provisions of the ISA & Rules and Regulations made thereunder.

·       The 2^nd – 6^th Respondents were banned from participating in all capital market activities and from holding directorship positions in any public company in Nigeria for a period of ten (10) years commencing from March 25, 2021.

·       The 7^th & 8^th Respondents werebanned from participating in all capital market activities and from holding directorship positions in any public company in Nigeria for a period of three months from November 10, 2020.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 5^th and 6^th Respondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing the decision.

SEC

Vs

1.    Cashcraft Assets Management Limited

2.    Cashcraft Securities Limited

3.    Cashcraft Capital Limited

4.    Mr. Ogunfuwa Joseph

5.    Mr. Idris Adamu Idris

6.    Ms. Iyasere Awhotu-Mary

7.    Dr. Ireyomi Adeolu

8.    Mr. Otunba O. A. Ogunfuwa

9.    Mr. Anthony Ikpea

10.    Mr. Abolade Agbola

11.    Mr. Balogun Ayodele

12.    Mr. Ukogu Clement Ikechukwu

13.    Mr. Hassan Anuoluwapo Joshua

14.    Mr. Gabriel Tope Olujobi

15.    Mrs. Modupe Folashade Kelani

16.    Mr. Solomon Adewole Felix

17.    Mr. Aigbiniode Barnabas Babatunde

18.    Mr. Philips OlorunsanSunday

19.    Mr. Oduola Ademola Kamoru

Following preliminary investigations conducted by the Commission on the complaints and the alleged violations of the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission, to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees.

·       Carrying out, promoting and marketing “Personal Earning Annuity Scheme” (PEAS) which is an unregistered investment scheme;

·       Non-remittance of proceeds of sale of clients’ shares;

·       Unauthorised Sale of clients’ shares;

·       Failure/refusal to resolve clients’ complaints;

·       Involvement in acts capable of adversely affecting the image and confidence of investors in the Nigerian capital market.

·       The 2^nd, 3^rd, 4^th – 11^thRespondents were also directed to jointly and severally restitute all other clients in the list furnished by the 2^nd & 3^rdRespondents that invested in the unregistered scheme (PEAS) operated by 1^st, 2^ndand 3^rd Respondents (in addition to payment of interest (at CBN MPR +2%) and accruals thereto.

·       The 2^nd Respondent was directed to restore the 19,800 units of ABC Transport Plc shares belonging to one ShettimaKachalla valued at N179,700.00 and that of Barrister Adetayo Adewale valued at N1,344,000.00 respectively, being shares sold by it without authorization.

·       The 2^nd – 11^th Respondents were directed to, jointly and severally, pay monetary penalties for violating the provisions of the ISA and Rules & Regulations made thereunder.

·       The 2^nd & 3^rd Respondents were suspended indefinitely, from all capital market operations and placed a lien prohibiting the sale/assignment of the 2^ndRespondent’s dealing license issued by the Nigerian Stock Exchange pending its full compliance with the decision.

·       The 4^th – 11^th Respondents were banned from participating in all capital market activities and from holding any directorship positions in any public company in Nigeria for a period of ten (10) years commencing from March 25, 2021.

·       The 12^th – 17^th Respondents were suspended from operating in the capital market for a period of three months commencing from November 11, 2020.

·       The 18^th and 19^thRespondents were suspended from operating in the capital market for a period of six months commencing from November 11, 2020.

·       Pursuant to the provision of Section 304 of the ISA 2007, the 1^st Respondent and its Directors were referred to the appropriate criminal prosecuting authorities for investigation and possible prosecution for engaging in illegal capital market activities.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 8^th, 9^th 10^th and 11^thRespondents to comply with the decision, the Commission reserved the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

SEC

Vs

1.    Mutual Alliance Investments and Securities Limited

2.    Chief A. O. Badejo

3.    Otunba Thomas B. Adebayo

4.    Arc. Amarachukwu Nwokeji

5.    Dr. (Mrs.) Olajumoke Ibidapo

6.    Mr. Bernard Ilori

7.    Dr. Olakunle Ologun

8.    Mr. Chidi Ajaegbu

9.    Otunba Thomas Bamidele Adebayo

10. Rtd. Gen Sebastian Owuama

11. Mr. Chidi Adabanya

12. Mr. Sunday Oyekale Olusegun

13. Mr. Umoh Marshall

Upon preliminary investigations conducted by the Commission on the complaints and the alleged violations of the ISA and the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission, to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees.

·       Non-remittance of proceeds of sale of shares

·       Failure/Refusal to resolve clients’ complaints

·       Non filing of statutory returns

·       Non-compliance with the Code of Conduct for Capital Market Operators and their Employees

·       The 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, and 10^thRespondents were further directed to jointly and severally restitute any investor with subsequent complaints against the 1^stRespondent in the operation of its stock broking business (including all interest and accruals thereto).

·       The 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, & 10^th Respondents were directed to jointly and severally pay monetary penalties for violating the provisions of the ISA and Rules and Regulations made thereunder.

·       The 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, & 10^th Respondents were banned from all capital market operations and from holding directorship positions in any public company in Nigeria for a period of ten (10) years from March 25, 2021.

·       The 8^th Respondent was directed to restore the 3,400 units of Nigerian Breweries Plc shares including all corporate actions thereto belonging to Mr. FasasiAbolaji which was illegally sold by the 1^st Respondent on the 26^th of October 2007.

·       The 8^th Respondent was reprimanded and warned to desist from violating the provisions of any legislation governing activities in the capital market.

·       The 11^th Respondent was discharged from the allegations against him.

·       The 12^th Respondent was suspended from operating in the capital market for a period of 3 months from March 25, 2021.

·       The 13^th Respondent was referred to the relevant criminal prosecuting authorities for further investigation and possible prosecution.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 8^th, 9^th and 10^th Respondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

SEC

Vs

1.    Quantum Securities Limited

2.    Barrister Tom Awhana

3.    Chief Jonathan Arausi

4.    Dr. Andrews Elueni

5.    Prof. Austine Obasohan

6.    Chief Joseph Onoyemeakpo

7.    Andrew Uwuilekhue

8.    Joel Okafor

9.    Philomena Omovo

10. Patrick Brownson Ikporo

11. Jimmy Okugbere

12. Cynthia Adeyemi

13. Ayodeji Solaja

14. Oladele Odusanya Philip

15. Andrew Osugo

Upon investigation of the complaints received, it was discovered that the 1^st Respondent conceived, marketed, carried out and operated two unregistered investment schemes called Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account (FAD) through which it lured its clients to authorize it to trade in their blue chip stocks with a promise of 16% to 17% guaranteed annual return on their investments and a further promise to buy back the shares after maturity period, but failed to do so upon maturity.

Consequent on the above, the 1^st-15^th Respondents were invited to the Administrative Proceedings Committee (APC) of the Commission to show cause why sanctions should not be imposed on them for violations of the Investments & Securities Act, 2007, SEC Rules & Regulations 2013 (as amended) and Code of Conduct for Capital Market Operators and their Employees

·       Carrying out, promoting and marketing unregistered investment schemes (Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account Scheme (FAD));

·       Unauthorized sale of clients’ shares and non-remittance of proceeds of sale of shares;

·       Failure/refusal to resolve clients’ complaints;

·       Non-filing of statutory returns;

·       Involving in acts that are capable of adversely affecting the general investing public’s  image of, and confidence in, the capital market.

·       The 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th and 14^th Respondents were directed to jointly and severally restitute all other clients/investors that invested in the unregistered schemes (Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account (FAD)) operated by the 1^st Respondent (including interests at CBN’s MPR and accruals thereof)

·       The 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th & 14^th Respondents were directed to jointly and severally, pay monetary penalties for violating the provisions of the ISA and the Rules & Regulations made thereunder.

·       The 2^nd, 3^rd, 4^th, 7^th, 10^th & 14^thRespondents were banned from all capital market operations and from holding directorship positions in any public company in Nigeria for a period of ten (10) years from March 25, 2021.

·       The 15^th Respondent was suspended from operating in the capital market for a period of three months from March 25, 2021.

·       All the allegations against the 5^th, 6^th, 8^th, 9^th, 11^th, 12^th and 13^thRespondents were not substantiated hence they were discharged.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th, & 14^thRespondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

SEC

Vs

1.    Amyn Investments Limited

2.    Hauwa Audu Macjad

3.    Abbas Momoh Jega

4.    Hafiz Shuaibu

5.    Ohiare Anita Ayuimoh

6.    Onwujiogu Godwin I.

7.    Abiodun Jones Alebiowu

8.    Ikhelowa Philomena

Upon investigation of the complaints, it was discovered that the 1^st Respondent conceived, marketed and operated unauthorized investment schemes called SHARE PORTFOLIO GUARANTEED INVESTMENT (SPG), AMYN YOUTH INVESTMENT CLUB (AYIC) and TRADING IN SHARES: BUY LOW – SELL HIGH (BL-SH) through which it lured its clients to authorize it to trade in their blue chip stocks with a promise of 10% guaranteed annual return on their investments as well as payment of any corporate action declared by any of the shares traded upon.

Following preliminary investigations conducted by the Commission on the complaints and the alleged violations of the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees

·       Performing a Capital Market function without registration;

·       Non remittance of proceeds of sale of clients’ shares;

·       Failure/refusal to resolve clients’ complaints;

·       Involving in acts that are capable of adversely affecting the investing publics’ image and confidence of the Nigeria Capital Market;

·       Non filing of statutory returns.

·       Additionally, other clients who invested in the unregistered schemes operated by the Respondents are also to be paid.

·       The 1^st – 6^th Respondents shall pay monetary penalties for violating the provisions of the ISA & Rules and Regulations made thereunder.

·       The 2^nd – 6^th Respondents were banned from participating in all capital market activities and from holding directorship positions in any public company in Nigeria for a period of ten (10) years commencing from March 25, 2021.

·       The 7^th & 8^th Respondents werebanned from participating in all capital market activities and from holding directorship positions in any public company in Nigeria for a period of three months from November 10, 2020.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 5^th and 6^th Respondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing the decision.

SEC

Vs

1.    Cashcraft Assets Management Limited

2.    Cashcraft Securities Limited

3.    Cashcraft Capital Limited

4.    Mr. Ogunfuwa Joseph

5.    Mr. Idris Adamu Idris

6.    Ms. Iyasere Awhotu-Mary

7.    Dr. Ireyomi Adeolu

8.    Mr. Otunba O. A. Ogunfuwa

9.    Mr. Anthony Ikpea

10.    Mr. Abolade Agbola

11.    Mr. Balogun Ayodele

12.    Mr. Ukogu Clement Ikechukwu

13.    Mr. Hassan Anuoluwapo Joshua

14.    Mr. Gabriel Tope Olujobi

15.    Mrs. Modupe Folashade Kelani

16.    Mr. Solomon Adewole Felix

17.    Mr. Aigbiniode Barnabas Babatunde

18.    Mr. Philips OlorunsanSunday

19.    Mr. Oduola Ademola Kamoru

Following preliminary investigations conducted by the Commission on the complaints and the alleged violations of the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission, to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees.

·       Carrying out, promoting and marketing “Personal Earning Annuity Scheme” (PEAS) which is an unregistered investment scheme;

·       Non-remittance of proceeds of sale of clients’ shares;

·       Unauthorised Sale of clients’ shares;

·       Failure/refusal to resolve clients’ complaints;

·       Involvement in acts capable of adversely affecting the image and confidence of investors in the Nigerian capital market.

·       The 2^nd, 3^rd, 4^th – 11^thRespondents were also directed to jointly and severally restitute all other clients in the list furnished by the 2^nd & 3^rdRespondents that invested in the unregistered scheme (PEAS) operated by 1^st, 2^ndand 3^rd Respondents (in addition to payment of interest (at CBN MPR +2%) and accruals thereto.

·       The 2^nd Respondent was directed to restore the 19,800 units of ABC Transport Plc shares belonging to one ShettimaKachalla valued at N179,700.00 and that of Barrister Adetayo Adewale valued at N1,344,000.00 respectively, being shares sold by it without authorization.

·       The 2^nd – 11^th Respondents were directed to, jointly and severally, pay monetary penalties for violating the provisions of the ISA and Rules & Regulations made thereunder.

·       The 2^nd & 3^rd Respondents were suspended indefinitely, from all capital market operations and placed a lien prohibiting the sale/assignment of the 2^ndRespondent’s dealing license issued by the Nigerian Stock Exchange pending its full compliance with the decision.

·       The 4^th – 11^th Respondents were banned from participating in all capital market activities and from holding any directorship positions in any public company in Nigeria for a period of ten (10) years commencing from March 25, 2021.

·       The 12^th – 17^th Respondents were suspended from operating in the capital market for a period of three months commencing from November 11, 2020.

·       The 18^th and 19^thRespondents were suspended from operating in the capital market for a period of six months commencing from November 11, 2020.

·       Pursuant to the provision of Section 304 of the ISA 2007, the 1^st Respondent and its Directors were referred to the appropriate criminal prosecuting authorities for investigation and possible prosecution for engaging in illegal capital market activities.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 8^th, 9^th 10^th and 11^thRespondents to comply with the decision, the Commission reserved the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

SEC

Vs

1.    Mutual Alliance Investments and Securities Limited

2.    Chief A. O. Badejo

3.    Otunba Thomas B. Adebayo

4.    Arc. Amarachukwu Nwokeji

5.    Dr. (Mrs.) Olajumoke Ibidapo

6.    Mr. Bernard Ilori

7.    Dr. Olakunle Ologun

8.    Mr. Chidi Ajaegbu

9.    Otunba Thomas Bamidele Adebayo

10. Rtd. Gen Sebastian Owuama

11. Mr. Chidi Adabanya

12. Mr. Sunday Oyekale Olusegun

13. Mr. Umoh Marshall

Upon preliminary investigations conducted by the Commission on the complaints and the alleged violations of the ISA and the SEC Rules and Regulations made pursuant thereto, the Respondents were invited before the Administrative Proceedings Committee (APC) of the Commission, to explain why sanctions should not be imposed on them for violating the provisions of the ISA 2007, the SEC Rules and Regulations 2013 (as amended) and the Code of Conduct for Capital Market Operators and their Employees.

·       Non-remittance of proceeds of sale of shares

·       Failure/Refusal to resolve clients’ complaints

·       Non filing of statutory returns

·       Non-compliance with the Code of Conduct for Capital Market Operators and their Employees

·       The 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, and 10^thRespondents were further directed to jointly and severally restitute any investor with subsequent complaints against the 1^stRespondent in the operation of its stock broking business (including all interest and accruals thereto).

·       The 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, & 10^th Respondents were directed to jointly and severally pay monetary penalties for violating the provisions of the ISA and Rules and Regulations made thereunder.

·       The 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 9^th, & 10^th Respondents were banned from all capital market operations and from holding directorship positions in any public company in Nigeria for a period of ten (10) years from March 25, 2021.

·       The 8^th Respondent was directed to restore the 3,400 units of Nigerian Breweries Plc shares including all corporate actions thereto belonging to Mr. FasasiAbolaji which was illegally sold by the 1^st Respondent on the 26^th of October 2007.

·       The 8^th Respondent was reprimanded and warned to desist from violating the provisions of any legislation governing activities in the capital market.

·       The 11^th Respondent was discharged from the allegations against him.

·       The 12^th Respondent was suspended from operating in the capital market for a period of 3 months from March 25, 2021.

·       The 13^th Respondent was referred to the relevant criminal prosecuting authorities for further investigation and possible prosecution.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 5^th, 6^th, 7^th, 8^th, 9^th and 10^th Respondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

SEC

Vs

1.    Quantum Securities Limited

2.    Barrister Tom Awhana

3.    Chief Jonathan Arausi

4.    Dr. Andrews Elueni

5.    Prof. Austine Obasohan

6.    Chief Joseph Onoyemeakpo

7.    Andrew Uwuilekhue

8.    Joel Okafor

9.    Philomena Omovo

10. Patrick Brownson Ikporo

11. Jimmy Okugbere

12. Cynthia Adeyemi

13. Ayodeji Solaja

14. Oladele Odusanya Philip

15. Andrew Osugo

Upon investigation of the complaints received, it was discovered that the 1^st Respondent conceived, marketed, carried out and operated two unregistered investment schemes called Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account (FAD) through which it lured its clients to authorize it to trade in their blue chip stocks with a promise of 16% to 17% guaranteed annual return on their investments and a further promise to buy back the shares after maturity period, but failed to do so upon maturity.

Consequent on the above, the 1^st-15^th Respondents were invited to the Administrative Proceedings Committee (APC) of the Commission to show cause why sanctions should not be imposed on them for violations of the Investments & Securities Act, 2007, SEC Rules & Regulations 2013 (as amended) and Code of Conduct for Capital Market Operators and their Employees

·       Carrying out, promoting and marketing unregistered investment schemes (Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account Scheme (FAD));

·       Unauthorized sale of clients’ shares and non-remittance of proceeds of sale of shares;

·       Failure/refusal to resolve clients’ complaints;

·       Non-filing of statutory returns;

·       Involving in acts that are capable of adversely affecting the general investing public’s  image of, and confidence in, the capital market.

·       The 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th and 14^th Respondents were directed to jointly and severally restitute all other clients/investors that invested in the unregistered schemes (Quantum Securities Limited High Yield Cash Deposit Note (QSLHYCDN) and Financial Asset Deposit Account (FAD)) operated by the 1^st Respondent (including interests at CBN’s MPR and accruals thereof)

·       The 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th & 14^th Respondents were directed to jointly and severally, pay monetary penalties for violating the provisions of the ISA and the Rules & Regulations made thereunder.

·       The 2^nd, 3^rd, 4^th, 7^th, 10^th & 14^thRespondents were banned from all capital market operations and from holding directorship positions in any public company in Nigeria for a period of ten (10) years from March 25, 2021.

·       The 15^th Respondent was suspended from operating in the capital market for a period of three months from March 25, 2021.

·       All the allegations against the 5^th, 6^th, 8^th, 9^th, 11^th, 12^th and 13^thRespondents were not substantiated hence they were discharged.

·       The Respondents shall be required to comply with the decision within a period of 90 days from the date the decision was made.

·

·       In the event of failure by the 1^st, 2^nd, 3^rd, 4^th, 7^th, 10^th, & 14^thRespondents to comply with the decision, the Commission reserves the right to seek an Order of forfeiture and sale of any assets traceable to them for the purpose of enforcing  the decision.

S/No

Title of
Case

Case
Number

Nature
of Violations

Remarks

1.

2. First Registrars & Investor Services Ltd

3. NOUN Staff Cooperative Multipurpose Society Ltd

4. Dr. Rufus Chika Okoro

5. Ministry of Finance, Delta State

6. Azort Nigeria Ltd

7. Estate of Late Chief John Chuks Adigwe

8. Chief Professor Marcellus Umunnakwe Ojua

9. Orsule Ann Awase

10. Mahmoud Usman

Vs

1. BGL Securities Ltd.

2. BGL Assets Management Ltd.

3. Albert E. Okumagba

4. Peter Adebola

5. Joseph Ashley-Osuzoka

6. Victor Obire

7. Nkechi Azubuike

8. Adekunle Alli

9. Ande Ewubare

10. Chibundu N. Edozie

11. Mohan Lalchandani

12. Anthony Nwozor

13. Oluwo Oluwale
W.

14. Joshua Sesan Adetiloye

15. Victor Inyang

16. Hilary Eludu

17. Musa Kida

18. Hajia Fatima Abdurrahman

19. Ehime Alofoje

20. Adum Bili Andrew

21. Ofem Mbui Omni

22. Ms. Mshelia Clara Bittinger 23. Nnite
Chinwe Ogochukwu

APC/1/2016

Performance of a capital market
function without registration

Promoting/Marketing products not
registered by the Commission

Failure/Refusal to resolve clients’
complaints

Failure to file statutory returns

Furnishing the Commission with false
and misleading information

Other violations of the Investments
and Securities Act, 2007, SEC Rules and Regulations, the Code of Conduct for Capital
Market Operators and their Employees and Code of Corporate Governance for
Public Companies.

The Respondents except 20^th, 22^nd & 23^rd
Respondents engaged in acts adversely affecting the investing public’s image
of and confidence in the capital market.

The 1^st Respondent was ordered to restitute
the 1^st, 4^th & 7^th Complainants.

The 2^nd Respondent was ordered to restitute
the 3^rd, 5^th, 6^th, 8^th, 9^th
& 10^th Complainants.

The 1^st Respondent to refund stated amount to the 2^nd
Complainant.

The affected Respondents were banned from capital market
activities for specified periods in addition to payment of penalties.

1^st & 2^nd Respondents’ Certificates of
Registration were cancelled without prejudice to recovery of all existing
liabilities.