UPDATE OF MATTERS HANDLED BY THE APC (As at September 2020)
S/No |
Title of |
Case |
Nature |
Remarks |
1. |
1. Afolabi Gabriel Oluwaseyi
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 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 |
APC/1/2016 |
Performance of a capital market
Promoting/Marketing products not
Failure/Refusal to resolve clients’
Failure to file statutory returns
Furnishing the Commission with false
Other violations of the Investments
|
The Respondents except 20th, 22nd & 23rd
The 1st Respondent was ordered to restitute
The 2nd Respondent was ordered to restitute
The 1st Respondent to refund stated amount to the 2nd
The affected Respondents were banned from capital market
1st & 2nd Respondents’ Certificates of |
SEC ADMINISTRATIVE PROCEEDINGS COMMITTEE DECISION IN RESPECT OF PARTNERSHIP INVESTMENT COMPANY PLC AND OTHERS.
In the Matter of the Investments and Securities Act, 2007, before the Administrative Proceedings Committee of the Securities and Exchange Commission |
In Re:
· Violation of SEC Rules on separation of clients’ funds from company’s funds · Unauthorized sale of clients’ shares · Failure/Refusal to resolve clients’ complaints · Performance of a capital market function without registration · Non-compliance with the Code of Corporate Governance of the Commission · Filing of false/misleading information · Non-compliance with the Commission’s Rules relating to assets-mix ratio · Non-compliance with the Commission’s Rules on disclosure of transactions valued at N50 million (and above) executed in a single day · Soliciting deposits from the public · 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. |
Between |
Head, Enforcement Department
Securities & Exchange Commission (The Complainant) |
And |
Partnership Investment Company Plc 1st Respondent
Partnership Securities Limited 2nd Respondent Mr. Henry Omoragbon 3rd Respondent Mr. Victor Ogiemwonyi 4th Respondent Mr. Allan Omorogba 5th Respondent Mr. Ojetunde Taiwo 6th Respondent Mrs. Ogiemwonyi Olufunke 7th Respondent Mr. Ogiamien Frank 8th Respondent Mr. Adeusi Aladejola Alexander 9th Respondent Mr. Eseha Augustine Enejeta 10th Respondent Mr. Odihi-Ogiemien Frank 11th Respondent Dr. Bello Aliyu Gusau 12th Respondent Mr. Olafisika Akinkugbe 13th Respondent Mrs Arese Ugwu 14th Respondent Mrs. Yinka Omoragbe 15th Respondent Mr. Justus Olu Paul 16th Respondent Mr. Clem Baiye 17th Respondent Mr. S.C. Irune 18th Respondent |
APPROVED DECISION |
Pursuant to the powers conferred on the Commission by the Investments and Securities Act, (ISA) 2007, the SEC Rules and Regulations made pursuant thereto, and for the maintenance of integrity in the Capital Market, the decision of the Administrative Proceedings Committee as approved by the Honorable Minister of Finance, Kemi Adeosun are as follows;
|
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 | Unauthorized purchase of GTBANK/GDR and conversion of pounds components of funds transfer to dollars without recourse to the complainant | Parties were reprimanded, penalized 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 |