Aggregated News From Investment Management Regulators

Summary of the Decision of the SEC Administrative Proceedings Committee (Apc) in the Matter of APC/1/2015: Rivers State Ministry of Finance & 31 Others V. BGL Plc & 31 Others

Report/Flag

Please complete the required fields.



The Commission received 32 complaints between 2012 and 2015 against the 1st to 4th respondents over certain conducts in relation to operations of their Guaranteed Consolidated Notes (GCN) and Guaranteed Premium Notes (GPN). Investigations revealed that the 1st to the 4th respondents had through the 5th to 32nd breached some provisions of the Investment and Securities Act (ISA) 2007 as well as the SEC Rules and Regulations, which resulted to a loss of about N5,769,993,553.67 for 32 innocent investors.

To ensure the innocent investors obtain justice; while also granting all parties fair hearing, the Commission invited all parties before its Administrative Proceedings Committee (APC).  Having properly issued hearing notices, the APC sat on December 8, 2016 to hear the matter. In the course of the hearing, testimonies and documentary evidence were tendered by various parties.

Upon conclusion of the hearing, the SEC APC has reached a final decision which has been approved by the relevant authority. Consequently, the Committee has passed the following sanctions on the under-listed persons:

Source link

Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

Recent Articles

Proposed Rule Change to Amend FINRA Rule 2231 (Customer Account Statements)

Financial Industry Regulatory Authority, Inc.

Revision of Recommendation 25 – White Paper for Public Consultation

The Financial Action Task Force (FATF) is conducting a review of Recommendation 25 (R.25) on the transparency and beneficial ownership (BO) of legal arrangements....

ASIC warns super trustees to be transparent in their underperformance communications to members

ASIC today released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products. The...

EBA replies to European  Commission’s call for advice on the Mortgage Credit Directive review

The European Banking Authority (EBA) published today an Opinion and Report in response to the European Commission’s Call for Advice (CfA) on the review of the Mortgage Credit Directive (MCD) .

Get the latest from Regulatory.News in your inbox!

×