Securities and Exchange Commission (SEC) has banned the Managing Director of BGL Securities Limited, Mr. Albert Okumagba, from further participation in capital market activities in the country for 20 years for market rules infractions.
Okumagba was banned along with Mr Peter Adebola, both of whom were in addition fined N100,000 each, for breach of the code of conduct for capital market operators and their employees.
Also banned for various terms are 22 others found culpable for different capital market infractions.
The registration and operational licenses of BGL Securities Limited and BGL Assets Management Limitedwere also revoked even as N27million fine was imposed for a similar offence. BGL Securities was equally ordered to refund about N855.54 million to the complainants.
SEC upheld the decision of its administrative proceedings committee on the matter brought against them by Afolabi Gabriel Oluwaseyi and nine others over alleged failure to liquidate their investments in both the Guaranteed Consolidated Notes (GCN) and Guaranteed Premium Notes (GPN).
The Commission said that following investigations of the several complaints received against Okumagba and BGL Securities, it was discovered that their indebtedness to petitioners stood at about ₦2.185 billion.
The Committee said by their actions and/or omissions, Okumagba and BGL used the other convicted persons to engage in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market.
Three of the accused persons were however discharged, as the allegations against them were not substantiated.
The various sanctions have been confirmed by the relevant regulatory authority in the capital market, SEC said in statement by its spokesperson, Habu Abdussalam, on Friday.
SEC further said that in line with the provisions of Section 304 of the Investments and Securities Act 2007 all affected persons have been referred to the enforcement department of the commission as well as all appropriate law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC).
The Committee said Joseph Ashley-Osuzoka would serve four years ban from engaging in capital market activities, in addition to a N100,000 fine, while Victor Obire banned for three years, would pay a fine of N100,000.
Others sanctioned includes, Ande Ewubare, Victor Inyang, Hilary Eludu, Ehime Alofoje, and Ofem Omni were banned for two years and fined N100,000 each, while Nkechi Azubike, Adekunle Alli, Mohan Lalchandani, Anthony Nwozor and Oluwo Oluwale, who were banned for one year and fined N100,000 each while Joshua Adetiloye got two years ban for his offence.
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