The Securities & Exchange Commission’s Administrative Proceedings Committee (SEC APC) will this morning (10am on Thursday, December 8, 2016), in Abuja, begin hearing in the case brought by the Rivers State Ministry of Finance and 32 others against BGL Plc, a capital market operator and 30 others.
The matter initially slated for hearing on August 5 and 6, 2015 was postponed, following an order of the Federal High Court.
According to a notice for the hearing slated for the commission’s Abuja head office, BGL, its subsidiaries and officials are to respond to allegations of violating SEC rule that requires tha they separate clients funds from those of the company. They are also allegedly performed capital market function without registration; non-compliance with code of corporate governance of the commission; carrying on business with negative shareholders funds; and promoting/marketing products not registered with the commission.
They are also accused of non-compliance with SEC’s rules on assets mix ratio; unauthorised sale of shares; failure/refusal to resolve clients complaints; and other violations of the Investments and Securities Act, 2007 and SEC rules and regulations.
Besides the Rivers Ministry and other individuals, the complainants also include: Modotels Nigeria Ltd; the Church of Nigeria Anglican Communion; and UN Staff Thrift & Credit Cooperative Society; Nigerian Shippers’ Council; Superannuation Fund of the Niger Anglican Churches ; G&B Marine Services; Abbey Mortgage Bank Plc; Kano State Investment & Properties Ltd (KSIP); Rosehill Limited & Alhaji Yahyah Suleiman; and Himma Merchants Limited.
BGL Plc is to appear along with its subsidiaries: BGL Capital Ltd; BGL Assets Management Ltd; and BGL Securities Ltd as respondents.
Individual respondents include: Dafe Akpedeye; Mallam Ahmadu Musa Kida; Fatima Wali Abdurrahman; Adekunle Alli; Mohan Lalchandani; and Albert E. Okumagba, BGL Plc’s Group Chief executive; along with Chibundu N. Edozie, his deputy.
Others are: Teddy Okumakube; Loraine Awoonor-Renner; Dafe Oraka; Dipo Wintoki; Ekpungu George Abang; Adetiloye S. Joshua; Victor Inyang; Hilary Eledu; Ehime Evelyn Alofoje; Odum Bili Andrew, the group’s company secretary. There also: Ofem Mbui Omni; Ms. Mshelia Clara Bittinger; Ms. Nnite Chinwe Ogochukwu; Peter Adebola; Joseph Ashley-Osuzoka; Andre Ewubare; Victor Obire; Nkechi Azubuike; Anthony Nwozor; Oluwo Oluwale, who is now Lagos State’s Commissioner for Energy and Mineral Resources; as well as Joshua Sesan Adetiloye.
The various parties, according to the SEC statement are expected “to appear before the Committee to explain their roles in the matter.”
Should any of them failure “to appear before the committee a decision will be taken on the basis of facts available to the committee,” the commission warned.
The resumed hearing followed a judgement by the Lagos division of the Federal High Court sitting on the three cases filed against the Commission by BGL Plc, its sponsored individuals and subsidiaries.
The court in its ruling, dismissed all the cases “for being incompetent”, handing a major victory to the regulatory and investor protection mandates of the Commission.