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

The Commission received 32 complaints between 2012 and 2015 against the 1^st to 4^th respondents over certain conducts in relation to operations of their Guaranteed Consolidated Notes (GCN) and Guaranteed Premium Notes (GPN). Investigations revealed that the 1^st to the 4^th respondents had through the 5^th to 32^nd 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: