SEC pushes Edozie out of Transcorp

The crisis rocking BGL Securities Limited has claimed yet another victim as Mr. Chibundu Edozie has resigned his position from the board of Transcorp Plc.

His resignation is coming on the heels of his suspension with Mr. Albert Okumagba, BGL’s Managing Director from participating in capital market activities for 20 years by the Securities and Exchange Commission (SEC).

Chibundu was the Deputy to Mr. Okumagba, both were suspended by the capital market regulator for breaching the market’s regulations.

Business247 Online News  notes that Transcorp Plc, in a circular sent to the Nigerian Stock Exchange over the weekend, announced the resignation Mr Chibundu Edozie from the board of the conglomerate.

It will be recalled that Edozie had served in Non-Executive capacity of Transcorp for five years. His resignation was with effect from September last year.

Business247 News Online learnt that Transcorp notified the Board of Edozie’s resignation through his back dated letter of September 29, 2016.

The company further stressed that the Board of Transcorp Plc has since accepted his resignation and all necessary regulatory notification in this regard has been made

.According to the press release posted on the website of SEC, the decision was taken after its Administrative Proceedings Committee (APC) reached a final decision in the matter of APC/1/2015: Rivers State Ministry of Finance & 31 Others V. BGL Plc & 31 Others.

SEC has also therefore cancelled the licenses of Assets Management Limited and in couple with BGL Securities Ltd.