Unprofessionalism: SEC Slams Life Ban On Ogiemwonyi, Withdraws Operating License

By Nse Anthony-Uko
(Sundiata Post) – The Securities and Exchange Commission (SEC) has banned the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr Victor Ogiemwonyi for life from holding directorship positions in any public company in Nigeria for his unprofessional conduct in the Nigerian capital market.
The SEC has also withdrawn the operating license of the companies. The Chairman of the companies, Mr Henry Omoragbon was also suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market.

According to a statement by the SEC, “…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 Partnership Investment Company Plc is hereby cancelled without prejudice to the recovery of all existing liabilities due to the Complainants and penalties payable to the Commission.

Mr Victor Ogiemwonyi is hereby banned for life 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 an Securities Act 2007. He is also banned for life from holding directorship position in any public company in Nigeria for his unprofessional conduct in respect of the activities of the both companies.

Related Story:  Peugeot launches joint venture to build cars in Algeria

Mr Henry Omoragbon 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 an Securities Act 2007.”

The Decision also stated that pursuant to Section 304 of the Investments and Securities Act 2007 all information on possible criminality in the matter would be referred to the appropriate law enforcement agencies.

Some Directors of the company, Mr Ojetunde Taiwo, Mrs Ogiemwonyi Olufunke, Mr Ogiamien Frank, Mr Adeusi Aladejola Alexander, Mrs Arese Ugwu, were also suspended for a period of 5 (Five) years from engaging in capital market activities in the Nigerian Capital Market, banned from holding directorship positions in any public company in Nigeria for the said period and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) each 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.

Related Story:  Egypt's Oct annual urban consumer inflation slows slightly to 30.8%

Mr Eseha Augustine Enejeta, a Manager in the company was suspended for a period of One (1) year 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 an Securities Act 2007.

Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations states that
“All Operators—
Shall ensure that any dispute among themselves will initially be referred to the relevant SRO or other organisation established for the resolution of dispute between members. If this body is not able to settle a dispute to the satisfaction of the parties involved, such dispute will then be referred to the Administrative Proceedings Committee of SEC. Under normal circumstances, it is only where the APC is also unable to resolve such dispute to the satisfaction of all the parties involved that a court action can be instituted in respect of such dispute.”

 

MTN News Alert
DMON
To receive our mobile newspaper on MTN delivered on your phone, text SAWD to 4900 at N50 per week or SAMD to 4900 at N150 per month.
For information on press releases, photos, promotional events and adverts, call or send text to 08173460599 or 08094208271or send email to: info@sundiatapost.com

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838
https://twitter.com/sundiatapost/

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate