November 10, 2016/SEC
In The Matter Of the Investment and Securities Act 2007: Before the Securities and Exchange Commission Administrative Proceedings Committee (SEC APC)
APC/1/2015: rivers state ministry of finance & 32 others v. BGL Plc & 30 others
In re:
- 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.
| BETWEEN | |
| 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 |
| And | |
| 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 |
Take Notice that the above captioned matter which was slated for hearing on the 5th and 6th of August, 2015 but postponed as a result of an order of the Federal High Court has now been rescheduled as follows;
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
Consequently, all named parties are hereby invited to appear before the Committee to explain their roles in the matter.
Take Notice that if you fail to appear before the Committee a decision will be taken on the basis of facts available to the Committee.
Please note that the Memorandum of facts as published on 30th June, 2015 in The Nation and Thisday Newspapers remains valid.
