Aggregated News From Investment Management Regulators

SEC Administrative Proceedings Committee Decision in Respect of Partnership Investment Company Plc

Report/Flag

Please complete the required fields.



SEC ADMINISTRATIVE PROCEEDINGS COMMITTEE DECISION IN RESPECT OF PARTNERSHIP INVESTMENT COMPANY PLC AND OTHERS.

In the matter of the Investments and Securities Act, 2007, before the Administrative Proceedings Committee of the Securities and Exchange Commission
In Re:

  • Violation of SEC Rules on separation of clients’ funds from company’s funds
  • Unauthorized sale of clients’ shares
  •  Failure/Refusal to resolve clients’ complaints
  • Performance of a capital market function without registration
  • Non-compliance with the Code of Corporate Governance of the Commission
  • Filing of false/misleading information
  • Non-compliance with the Commission’s Rules relating to assets-mix ratio
  • Non-compliance with the Commission’s Rules on disclosure of transactions valued at N50 million (and above) executed in a single day
  • Soliciting deposits from the public
  • Other violations of the Investments and Securities Act, 2007, SEC Rules and Regulations, the Code of Conduct for Capital Market Operators and their Employees   and Code of Corporate Governance for Public Companies
Between
Head, Enforcement Department

Securities & Exchange Commission

(The Complainant)

And
Partnership Investment Company Plc     1st Respondent

Partnership Securities Limited                 2nd Respondent

Mr. Henry Omoragbon                            3rd Respondent

Mr. Victor Ogiemwonyi                           4th Respondent

Mr. Allan Omorogba                                5th Respondent

Mr. Ojetunde Taiwo                                 6th Respondent

Mrs. Ogiemwonyi Olufunke                    7th Respondent

Mr. Ogiamien Frank                                 8th Respondent

Mr. Adeusi Aladejola Alexander              9th Respondent

Mr. Eseha Augustine Enejeta                   10th Respondent

Mr. Odihi-Ogiemien Frank                      11th Respondent

Dr. Bello Aliyu Gusau                               12th Respondent

Mr. Olafisika Akinkugbe                          13th Respondent

Mrs Arese Ugwu                                      14th Respondent

Mrs. Yinka Omoragbe                             15th Respondent

Mr. Justus Olu Paul                                 16th Respondent

Mr. Clem Baiye                                       17th Respondent

Mr. S.C. Irune                                          18th Respondent

APPROVED DECISION
Pursuant to the powers conferred on the Commission by the Investments and Securities Act, (ISA) 2007, the SEC Rules and Regulations made pursuant thereto, and for the maintenance of integrity in the Capital Market, the decision of the Administrative Proceedings Committee as approved by the Honorable Minister of Finance, Kemi Adeosun are as follows;

  1. That by their actions and/or omissions the 1st, 2nd, 3rd, 4th, 6th, 7th, 8th, 9th, 10th, 11th, and 14th Respondents engaged in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market.
  1. That pursuant to Section 38 (4) of the Investments and Securities Act 2007 and Rules 34 (1), (a) of the SEC Rules and Regulations made pursuant thereto the certificate of registration of the 1st Respondent is hereby cancelled without prejudice to the recovery of all existing liabilities due to the Complainants and penalties payable to the Commission.
  1. That pursuant to Section 38 (4) of the Investments and Securities Act 2007 and Rules 34 (1), (a) of the SEC Rules and Regulations made pursuant thereto the certificate of registration of the 2nd Respondent is hereby cancelled without prejudice to the recovery of all existing liabilities due to the Complainants and penalties payable to the Commission.
  1. That the 2nd Respondent is hereby ordered to pay the sum of N1, 000,000 (One Million Naira) only as penalty for the breach of Rule 65 (5) of the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007
  1. That the 1st Respondent is hereby ordered to pay the sum of N3, 000,000 (Three Million Naira) only as penalty for the breach of Section 61 (1) of the Investments and Securities Act 2007 and punishable under Section 65 (1) of the Investments and Securities Act 2007.
  1. That the 3rd, 4th, 7th & 14th Respondent are hereby jointly and severally ordered to pay the sum of N3, 000,000 (Three Million Naira) only as penalty for the breach of Section 61 (1) of the Investments and Securities Act 2007 and punishable under Section 66 (1) of the Investments and Securities Act 2007.
  1. That the 2nd Respondent is hereby ordered to pay the sum of N100, 000 (One Hundred Thousand Naira) only as penalty for the breach of Section 40(2) of the Investments and Securities Act 2007.
  1. That the 2nd Respondent is hereby ordered to pay the sum of N5, 000,000 (Five Million Naira) only as penalty for the breach of Rule 56 (1) (c) of the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007 and punishable under Rule 7.
  1. That the 3rd Respondent is hereby suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 4th Respondent is hereby banned for life from engaging in capital market activities in the Nigerian Capital Market and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 4th Respondent is hereby banned for life from holding directorship position in any public company in Nigeria for his unprofessional conduct in respect of the activities of the 1st and 2nd Respondents.
  1. That the 6th Respondent is hereby suspended for a period of 5 (Five) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 7th Respondent is hereby suspended for a period of five (5) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 8th Respondent is hereby suspended for a period of five (5) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 9th Respondent is hereby suspended for a period of five (5) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 10th Respondent is hereby suspended for a period of One (1) year from engaging in capital market activities in the Nigerian Capital Market and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 14th Respondent is hereby suspended for a period of five (5) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
  1. That the 2nd Respondent is hereby ordered to restore to Cletus Mbaji Uchendu 48,200 units of Forte Oil Plc shares which were sold without his authority cum accrued benefits i.e. bonuses and dividends from 23rd May, 1997 to date.
  1. That pursuant to Section 304 of the Investments and Securities Act 2007 all information on possible criminality in this matter be and is hereby referred to the appropriate law enforcement agencies.

SIGNED:

MANAGEMENT

SEPTEMBER 25, 2017

Source link

Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

Recent Articles

FCA publishes Decision Notices against three bond traders for market manipulation

The FCA has published Decision Notices given to Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth, three bond traders, for market abuse. The FCA has...

Guidelines On policies and procedures in relation to compliance management

You have the option below to allow a unique web analytics cookie to be stored on your browser, enabling the operator of the website to collect and analyse various types of statistical data.

Release Order – IFL Promoters Ltd., Anjana Gupta and Kishan Gupta in the matter of IFL Promoters Ltd. : Certificate No. 5003 of 2022.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×