BGL/Subsidiaries Still Under Suspension- SEC

Yemisi Izuora
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Nigeria’s Securities and Exchange Commission,(SEC), says BGL, its subsidiaries and sponsored individuals are still under suspension and are not qualified  to operate at the Nigerian capital market.

The exchange in a notice on its website said “This is to inform the general public that on September 17th, 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 the 27th of May 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 therefore assured all stakeholders and the general public that it is committed to protecting investors and the capital market.

The  agency said it 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.

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