Rivers State, 32 Others Drag BGL Securities And 30 Other Parties Before SEC APC

apc

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.