The Securities and Exchange Commission (SEC) has handed life bans to Mr. Taofik Lawal and Mrs. Iyabode Lawal from operating in the Nigeria capital market for mismanagement of stocks and unauthorised sale of shares.
In a statement obtained from SEC’s website, the Commission noted that in the exercise of its powers under Section 13 of the ISA, 2007, it investigated complaints against WT Securities Limited 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 unauthorised sale of the Nigerian Breweries Plc. shares belonging to Ngozi Onyekwere Nwachukwu.
“The actions of WT Securities Limited 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,” the commission said.
SEC had recently 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 has 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. SEC said upon the conclusion of the proceedings, its APC arrived at a decision, which has been approved by the relevant authority.
The APC decided that by their actions and/or omissions BGL Securities Limited, BGL Asset Management Limited, Okumagba, Edozie, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 21st and 22nd respondents engaged in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market.
