Shares Scam: WT Securities Accused of Fraudulent Sales Of Stocks Worth Over N300 Million

It seems the era of shares scam are gradually surfacing in the financial markets.

The Securities and Exchange Commission is currently investigating  WT Securities fraudulent allegations against the stock broking company over the “mismanagement of Chief Opral Mason Benson’s stocks valued at N185,203,360.00 and unauthorized sale of 500,000 units of NB Plc shares belonging to Ngozi Oyekwere Nwachuku.

In a statement released by the SEC, “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.”

The SEC has summoned WT Securities and affected parties to appear before its committee over the matter.

See the statement below:

“The Securities and Exchange Commission is investigating complaints relating to the mismanagement of Chief Opral Mason Benson’s stocks valued at N185,203,360.00 and unauthorized sale of 500,000 units of NB Plc shares belonging to Ngozi Oyekwere Nwachuku.

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.

Directors:

  1. Aisha I. Lawal
  2. Taofik A. O. Lawal
  3. Barrister Ajinamo Umma Hanni

 

Sponsored Individuals:

  1. Lawal Taofiq Ayorinde O
  2. Amakude Cosmas Madu
  3. Lawal Aisha Iyabo – Compliance Officer

 

The aforementioned meeting is scheduled to hold as follows:

Date:                         June 7, 2016

Venue:                    Board Room (6th floor)

                                   Securities & Exchange commission

                                   Plot 272, Samuel Ademulegun Adesujo Street

                                    Central Business District, Abuja

Time:                        11.00 a.m. prompt

Please endeavour to come along with all the relevant documents in relation with the complaints to facilitate the resolution of the matter.”

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