The SEC APC is about to get involved in major hearing. Since dust has not settled over the collapse and demise of BGL Securities, investors are still trying to get their money.
This time around, the Rivers State Ministry of Finance in cooperation with 32 other parties (banks, institutional investors, individuals and other non-governmental organisations) have dragged BGL Securities before the Securities and Exchange Commission Administrative and Proceeding Committee, (SEC APC) over the role of the company and other parties linked to it in the mismanagement of investor funds.
According to a statement released by the SEC, complaints against BGL Securities and 30 other parties includes:
- Violation of SEC rules on separation of clients funds from company’s funds;
- Performance of a capital market function without registration;
- Non- compliance with the code of corporate governance of the commission;
- Carrying on business with negative shareholders funds;
- Promoting/ marketing products not registered by the commission;
- Non – compliance with the commission’s rules relating to assets mix ratio;
- Unauthorised sale of shares;
- Failure/ refusal to resolve clients complaints;
- Other violations of the investments and securities act, 2007 and sec rules and regulations.
The complainants include:
| Ministry of Finance, Rivers State | 1st Complainant |
| Modotels Nigeria Ltd | 2nd Complainant |
| The Church of Nigeria Anglican Communion | 3rd Complainant |
| Professor Emmanuel Gbadebo Kolawole | 4th Complainant |
| Adokiye Dappa | 5th Complainant |
| Ekeng Effanga | 6th Complainant |
| Ukpeh Louisa | 7th Complainant |
| Dr. Ikenga-Metuh A.I | 8th Complainant |
| Ayodele and Mobolaji Orisadipe | 9th Complainant |
| Essien Etiese (Ejumax Ventures) | 10th Complainant |
| UN Staff Thrift & Credit Cooperative Society | 11th Complainant |
| Engr. Gbesimi Akperi | 12th Complainant |
| Addeh John Ebeireme | 13th Complainant |
| Michael Abayomi Solaja | 14th Complainant |
| Elder Ogban Ekpei Ogban | 15th Complainant |
| Nigerian Shippers’ Council | 16th Complainant |
| Superannuation Fund of the Niger Anglican Churches | 17th Complainant |
| G&B Marine Services | 18th Complainant |
| Abbey Mortgage Bank Plc | 19th Complainant |
| Hartlite Energy Ltd | 20th Complainant |
| Ugochukwu Oladipo Asobie Esq. | 21st Complainant |
| Dr. Usanga Esien Archibong | 22nd Complainant |
| Erediuwa Kehinde | 23rd Complainant |
| Adeleke Oladapo Adedipe | 24th Complainant |
| Maxwell Olubode Thorpe | 25th Complainant |
| Norma Ahimie & Norma Lee Ahimie | 26th Complainant |
| Capt. Patrick Nnamdi & Mrs. Rose Chinyere Agetue | 27th Complainant |
| Mrs. Rosemary Osarogiagbon | 28th Complainant |
| Kano State Investment & Properties Ltd (KSIP) | 29th Complainant |
| Rosehill Limited & Alhaji Yahyah Suleiman | 30th Complainant |
| Himma Merchants Limited | 31st Complainant |
| Michael Alasa Adedio | 32nd Complainant |
Apart from BGL Securities, the following parties are respondents on the matter:
| BGL PLC | 1st Respondent |
| BGL Capital Ltd | 2nd Respondent |
| BGL Assets Management Ltd | 3rd Respondent |
| BGL Securities Ltd | 4th Respondent |
| Dafe Akpedeye | 5th Respondent |
| Mallam Ahmadu Musa Kida | 6th Respondent |
| Fatima Wali Abdurrahman | 7th Respondent |
| Adekunle Alli | 8th Respondent |
| Mohan Lalchandani | 9th Respondent |
| Albert E. Okumagba | 10th Respondent |
| Chibundu N. Edozie | 11th Respondent |
| Teddy Okumakube | 12th Respondent |
| Loraine Awoonor-Renner | 13th Respondent |
| Dafe Oraka | 14th Respondent |
| Dipo Wintoki | 15th Respondent |
| Ekpungu George Abang | 16th Respondent |
| Adetiloye S. Joshua | 17th Respondent |
| Victor Inyang | 18th Respondent |
| Hilary Eledu | 19th Respondent |
| Ehime Evelyn Alofoje | 20th Respondent |
| Odum Bili Andrew | 21st Respondent |
| Ofem Mbui Omni | 22nd Respondent |
| Ms. Mshelia Clara Bittinger | 23rd Respondent |
| Ms. Nnite Chinwe Ogochukwu | 24th Respondent |
| Peter Adebola | 25th Respondent |
| Joseph Ashley-Osuzoka | 26th Respondent |
| Andre Ewubare | 27th Respondent |
| Victor Obire | 28th Respondent |
| Nkechi Azubuike | 29th Respondent |
| Anthony Nwozor | 30th Respondent |
| Oluwo Oluwale W. | 31st Respondent |
| Joshua Sesan Adetiloye | 32nd Respondent |
The SEC will be hearing all parties on the matter. The commission stated that anyone who failed to show up “decision will be taken on the basis of facts available to the Committee”.
The hearing will take place as stated below:
DATE: Thursday 8th December, 2016
VENUE: SEC’s Head Office, Multi-media Auditorium (Ground Floor)
Plot 272 Samuel Adesujo Ademulegun Street, Central Business District, Abuja
TIME: 10.00 am
It would be recalled that BGL Securities and its management were banned from all capital markets activities after the SEC APC found the company and its directors culpable on allegations of securities fraud, insider trading and funds mismanagement.
We the investors need our monies. Protecting our interest should be the focus of SEC by now. We have been asking for this and nothing has been done so far. Let them sell BGL’s assets and give us part if not all of our funds.