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Summary of the Decision of the SEC Administrative Proceedings Committee (APC) in the Matter of APC/2/2016: Ideal Securities & Investment Limited V. Mr. George Nchedo Okafor


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The Commission on September 12, 2008 received a petition from the complainant alleging various misconducts against the Respondent. Pursuant to this complaint, the Commission conducted investigations and observed that the respondent had carried out actions which were in breach of the provisions of the Investment and Securities Act 2007, as well as the SEC Rules and Regulations.

To afford all parties fair hearing, the Commission on December 7, 2016 convened an Administrative Proceedings Committee (APC) sitting to hear the matter. During the hearing, testimonies and documentary evidence were tendered by the parties.

Upon conclusion of the hearing, the SEC APC has reached a final decision which has been approved by the relevant authority. The decisions of the Committee are as follows:

  1. That the Respondent engaged in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market.
  2. That the Complainant should take appropriate steps to recover whatever monies it lost as a result of the Respondent’s conduct.
  3. That the Respondent is hereby banned from being employed anywhere in the Nigerian Capital Market and from holding the position of a Director in any corporate entity operating in the Nigerian Capital Market.
  4. That pursuant to Section 304 of the Investments and Securities Act 2007 all information on the issues of forgery of board resolution and issuance of dud cheques be and is hereby referred to the appropriate law enforcement agencies.

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Regulator Information

Abbreviation: SEC NG
Jurisdiction: Nigeria

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