New Telegraph Nigerian Newspaper
The Federal High Court sitting in Lagos has delivered its judgments on the three cases filed against The Securities and Exchange Commission (SEC) by BGL Plc, its sponsored individuals and subsidiaries. The cases BGL had brought before the Lagos High Court against the Commission are:
FHC/L/CS/767/2015 BGL Plc & 4 ORS VS Securities and Exchange Commission FHC/L/ CS/1050/2015, BGL Plc & 12 ORS VS Securities and Exchange Commission & 2 ORS and FHC/L/121/2016 BGL Assets Management Limited & 22 ORS VS Securities and Exchange Commission & Anor.
A statement made available yesterday to New Telegraph by SEC, said the Court dismissed all the above cases for” being incompetent”, handing a major victory to the regulatory and investor protection mandates of the Commission.
SEC had banned the Managing Director of BGL Plc, Mr. Albert Okumagba and his deputy, Chibundu Edozie, from carrying out capital market activities for 20 years and ordered his companies to restitute investors over N2 billion.
The ban also followed complaints from investors against Okumagba and his company over failure, refusal and or/ neglect to liquidate their investments in both the Guaranteed Consolidated dated Notes and Guaranteed Premium Notes, two investment products run by the company.
SEC had suspended Okumagba and BGL from operating in the market a year ago and had since been investigating the complaints. He was also removed as the President of Chartered Institute of Stockbrokers (CIS).
According to SEC, in a bid to obtain justice for the complainants and grant all parties fair hearing, the matter was presented before the Administrative Proceedings Committee (APC) of the commission, which sat on February 6, 2016. During the proceedings various parties tendered testimonies and documentary evidence.