The Securities and Exchange Commission (SEC) has said that BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.
SEC in a notice posted on its website said, “This is to inform the general public that on September 17, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on May 27, 2015.
“In view of the Court’s ruling, BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.”
The notice added that “The Nigerian Stock Exchange (NSE), Central Securities Clearing System CSCS, Financial Market Dealers Quotation (FMDQ) Plc, Nigeria Association of Securities Dealers (NASD) Plc and the general public should further note that the directives of the Commission in its public notice dated the 21st of May 2015 still subsists.”
SEC is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of its Rules and Regulation to protect the integrity of the capital market against all forms of abuses by investigating and sanctioning persons who violate the Provisions of the Act and rules and Regulation thereto.
The Commission wishes to assure all stakeholders and the general public that it is committed to protecting investors and the capital market and to this end will ensure that persons who violate the provisions of the Investment and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately.
However, in what appears as a renewed move by the SEC to cleanse the market and instil discipline as part of efforts to restore investor confidence, the commission in May, 2015, suspended BGL Group and all sponsored individuals from all market operations following complaints by its clients and investors.
Source : Leadership