The Securities and Exchange Commission, SEC has banned the duo- Mr. Taofik Lawal and Mrs. Iyabode Lawal from all capital markets activities “for life”
In statement released by the SEC on its website, the commission said:
“The Securities and Exchange Commission (SEC) in the exercise of its powers under Section 13 of the ISA, 2007 investigated complaints against WT Securities Ltd. and its Directors (Mr. Taofik Lawal and Mrs. Iyabode Lawal) and found them culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorized sale of the Nigerian Breweries Plc. shares belonging to Ngozi Onyekwere Nwachukwu”.
“The actions of WT Securities Ltd. and the aforementioned Directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the Commission’s Consolidated Rules and Regulations 2013”.
“Consequently, in accordance with Section 13 (bb) of the ISA 2007, Mr. Taofik Lawal and Mrs. Iyabode Lawal have been banned and blacklisted from operating in the Nigerian Capital market for life”.
“In view of this, the investing public is hereby advised to desist from dealing with the named persons in any capital market related capacity”.
It would be recalled that in July, the SEC had announced its investigation into an unlawful sales of shares.