LAGOS (Sundiata Post) – Securities and Exchange Commission (SEC) has said it is investigating complaints received against five Capital Market Operators (CMOs).
According to SEC, they are Bytofel Securities and Trust Limited, Jenkens Investment Limited, Securities Solutions Limited, Wizetrade Capital & Asset Management Limited and Elyon Assets Management Limited.
Consequently, SEC invited 24 directors and 11 sponsored individuals from the above mentioned firms to a meeting with the Commission on November 15 to 17, 2016.
The SEC in expression of its commitment towards investors’ protection, had earlier banned the managing director of BGL Securities Limited, Mr. Albert Okumagba along with Mr. Peter Adebola, from further participation in capital market activities in the country for 20 years for market rules infractions, breach of the code of conduct for capital market operators and their employees.
The SEC employs stringent disciplinary actions against capital market offenders, as was the case for investigations following the receipt of several complaints against Okumagba and BGL Securities, and the discovery of indebtedness to petitioners that stood at about N2.185 billion.
SEC has declared zero tolerance to all forms of abuse of rules in the capital market. It warned that appropriate sanctions would be meted to any institution or individual found culpable.
The commission has also strengthen its inspection and investigation units so that any operators found erring will be suspended, issued a warming or fined depending on the gravity and nature of violation.