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SEC begins investigation on mismanagement by WT Securties

The Nigerian Securities and Exchange Commission (SEC) has released a statement indicating the commencement of a formal inquiry in relation with complaints received from Chief Opral Mason Benson and Ngozi Oyewere Nwachuku against WT Securities Limited.

In its statement, SEC noted that WT Securities Limited allegedly mismanaged stocks of Chief Chief Opral Mason Benson, valued at N185.2 million and unauthorized the sale of 500,000 units of NB Plc shares belonging to Ngozi Oyekwere Nwachuku, currently valued at N68.3 million (N136.53 per share). "A preliminary investigation carried out by the Commission revealed that WT Securities Ltd. sold the complainants shares without authority and Management of the Commission has directed that the firm, its Directors and Sponsored Individuals be invited to a meeting to explain their roles in the transaction.

Consequent upon the above, the under-listed Directors and Sponsored individuals of WT Securities Ltd. are hereby invited to a meeting to show cause why they should not be sanctioned for violating the provisions of Rules 43 and 182A (1), (3) and (5) of the SEC Rules and Regulations."

The SEC named Aisha I. Lawal, Taofik A. O. Lawal, Barrister Ajinamo Umma Hanni as Directors to be present at the inquiry, Lawal Taofiq Ayorinde O, Amakude Cosmas Madu as sponsored individuals and Lawal Aisha Iyabo as the Compliance Officer also to be in attendance. The meeting was scheduled to hold yesterday June 7, 2016 at the Abuja Office of the SEC to facilitate the resolution of the matter.

It will be recalled that a couple of weeks ago, Daily Times reported that SEC through its adjudicatory arm, the Administrative Proceedings Committee (APC) withdrew and cancelled the registration of BGL Securities Limited and BGL Asset Management Limited after the APC found the firms and their operators guilty in a N2.2 billion asset management case.  Key executives and management staff of BGL were also banned from the capital market for several number of years and fines of N100,000 each were placed on 14 of those the APC found guilty.

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