Home Business Illegal sale of shares: Investor seeks sanctions against Cashville Securities, gets N1.5m

Illegal sale of shares: Investor seeks sanctions against Cashville Securities, gets N1.5m


Nse Anthony-Uko,

ABUJA, (Sundiata Post) – An investor, Rev. Fr. Samuel Ukeje Ikechukwu, has called for stiffer sanctions against Cashville Investment and Securities for illegal sale of his shares in Guaranty Trust Bank which he bought eight years ago.

Fr. Ukeje, who last weekend, received a cheque for the sum of N1.5m for shares, a boost to the investor protection initiatives of the Securities and Exchange Commission (SEC), said though he is happy over the refund, Cashville Securities should be sanctioned to serve as a deterrent to others.

He said “I believe the company should be penalized further because the value of my money when I bought the shares and what it is today is not the same thing as the nation’s currency has greatly depreciated”.

He expressed his gratitude to the Commission for how the matter was investigated and a solution reached.

According to Ukeje who is resident in Italy, he bought the Guaranty Trust Bank shares eight years ago through Cashville Investment and Securities but was surprised to learn that the shares had been sold by the company without his knowledge.

Ukeje said he became suspicious when he was not receiving any dividend warrant or bonuses like others who invested in the shares adding that upon further investigation, he realised that the shares had been sold without his knowledge.

The complainant said he lodged a complaint with SEC in January 2015 and after thorough investigation by the Commission, the money was recovered and he was called by the SEC police Unit on January 4th to pick up his cheque.


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