The Securities and Exchange Commission (SEC), the apex regulator of the Nigerian capital market, Tuesday, imposed a life ban on the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi, from holding directorship position in any public company in Nigeria for his unprofessional conduct in the capital market.
The Commission has also withdrawn the operating licences of the two companies associated with Ogiemwonyi. The Chairman of the companies, Mr. Henry Omoragbon, was also not spared, as he was suspended for five years from engaging in capital market activities in the country.
A statement from the Commission said: “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.
“That Mr. Victor Ogiemwonyi is hereby banned for life from engaging in capital market activities in the Nigerian capital market and is hereby 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 both companies.
“While Mr. Henry Omoragbon was suspended for a period of five years from engaging in capital market activities in the Nigerian capital market and is hereby 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.
“Partnership Securities Ltd was, by the decision, ordered to restore to Cletus Mbaji Uchendu 48,200 units of Forte Oil Plc shares which were sold without his authority cum accrued benefits , that is, bonuses and dividends from May 23, 1997 to date, stating further that pursuant to Section 304 of the Investments and Securities Act 2007, all information on possible criminality in this matter be and is hereby referred to the appropriate law enforcement agencies and the Enforcement Department of the Commission shall follow up and ensure that the matter is brought to a logical conclusion.
The chairman of the two market firms, Mr. Henry Omoragbon, was banned for five years, alongside five other directors of the two financial services companies. All the directors of Partnership Investments and Partnership Securities are to pay sundry penalties for breaking the capital market rules contained in the investment and securities act of 2007.
Directors of the company, Mr. Ojetunde Taiwo , Mrs. Ogiemwonyi Olufunke, Mr. Ogiamien Frank, Mr. Adeusi Aladejola Alexander, Mrs. Arese Ugwu, were suspended for a period of five years from engaging in capital market activities in the Nigerian capital market and banned from holding directorship positions in any public company in Nigeria for the said period and hereby 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.
While Mr. Eseha Augustine Enejeta, a Manager in the company was suspended for a period of one year from engaging in capital market activities in the Nigerian capital market and is hereby 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.”
Meanwhile, the Securities Commission has withdrawn the operating license of the two institutions and ordered to restore 48,200 units of Forte Oil PLC shares belonging to Mr. Cletus Mbaji Uchendu, which were illegally sold, including all accruing benefits of bonuses and dividends.
Last February, the Commission also slammed a life ban on Mr. Albert Okumagba, the Group Managing Director of BGL Group and his deputy, Mr Chibundu Edozie, for breaching extant capital market laws and rules that led to a loss of N5.77 billion to 32 innocent investors.
The Commission also cancelled the licences of Assets Management Limited and BGL Securities Ltd belonging to Okumagba. The duo were also banned from ever holding office in any public company in the country.
In the same vein, the former Managing Director of Ideal Securities & Investment Limited, Mr. George Nchedo Okafor, was equally hammered by SEC for engaging in acts capable of eroding public confidence in the capital market, by obtaining bank loans of N500 million with forged Board resolution; conversion of his company’s funds for personal business; refusal to carry out client’s instructions; supply and paying fictitious clients as creditors of the company, among others.
