SEC Is Investigating Fittco Securities Limited For Unauthorized Sale Of Shares


The Securities and Exchange Commission, SEC said it is investigating Fittco Securities Limited over allegations of unauthorized sale of shares.

According to a statement released by the commission, the investigation was based on “complaints relating to the unauthorized sale of shares belonging to Alhaji Abass Bolatitio O. and 35 Ors. by Fittco Securities Limited.”

The SEC said after a “A preliminary investigation carried out by the Commission revealed that Fittco Securities Limited sold the complainants’ shares without authorization thereby violating the provisions of Rules 43 and 182A (1), (3) and (5) of the Commission’s Rules and Regulations.

Consequently, the Commission has directed that the Firm, and the under-listed Directors and Sponsored Individuals of the Firm be invited to a meeting to explain their roles in the transactions.


  1. Francis Olusegun Alabi
  2. Ibrahim Ahmed Rufai
  3. Chika Mbonu Casimir

Sponsored Individuals:

  1. George Damiete Mamuzo
  2. Oyebade Patrick Titilayo
  3. Folusho Olusegun Alabi

The Meeting is scheduled to hold as follows:

Date: 4th August, 2016

Time: 11.00 a.m. prompt

Venue: Securities & Exchange Commission (4th Floor Committee Room)

The panel will meet at: Plot 272, Samuel Ademulegun Adesujo Street, Central Business District, Abuja


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