The Securities and Exchange Commission, SEC, has ordered suspended BGL Group and their sponsors to appear before the Administrative Proceedings Committee (APC) on February 3.
The capital market regulator said it has invited the BGL Group, which consists of BGL Securities, BGL Assets Management and their sponsors to appear before the APC.
SEC said the summons was prompted by the receipt of 10 new complaints, valued at over N2.9 billion, against the group between May 20 and November 10, 2015 from various investors.
The commission said the investors have alleged several violations of the Investments and Securities Act (2007), SEC Rules and Regulations as well as the Code of Conduct for Capital Market Operators, including performance of a capital market function without due registration, promoting and marketing products not registered by the commission.
Others allegation against BGL are failure/refusal to resolve clients’ complaints, failure to file statutory returns and furnishing the commission with false and misleading information.