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   Market Date: 23-01-2015   
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Wealthgate Multibiz International Ltd VS SEC & CBN

Category: Regulators

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Wealthgate Multibiz International Ltd VS SEC & CBN


The Plaintiff filed this action at the Federal High Court Minna, Niger State, against the Commission and the Central Bank of Nigeria (CBN) by an originating summons dated April 30, 2008. The Plaintiff is one of the respondents amongst the 37 illegal Fund managers sued by the Commission at the Investments and Securities Tribunal (IST) in SEC VS ALLGREEN & 37 ORS In the originating summons, the Plaintiff is claiming the following reliefs: 
1. A declaration that in so far as the Commission’s requirement for registration as fund/portfolio manager includes submission of applicant’s latest audited accounts/statements of affairs of the Plaintiff’s business preceeding the said registration is not illegal.
2. An order of court restraining the Commission from interfering with the business activities of the Plaintiff as a fund/portfolio manager on the ground of non-registration.
3. An order directing the Commission to retract its earlier publication in a daily newspaper that the Plaintiff is an illegal operator in the capital market.
In support of the originating summons, the Plaintiff sworn to a 17 paragraphs affidavit and exhibited their MEMART and further deposed that they have taken all necessary steps of registration as fund managers and it was the Commission that required them to carry on pre-registration business activities as a fund manager for the purpose of fulfillment and submission of Audited accounts/statement of affairs in order to ascertain profit of the company. The Plaintiff further filed a Motion on Notice dated May 13, 2008 which is slated for hearing on Wednesday 21st June 2008.
In the Motion on Notice the Applicant is praying the court for the following reliefs:
1. An order of interlocutory injunction restraining the Commission and the other respondents from harassing or arresting the Plaintiff’s staff or directors in the course of carrying on its activities as fund/portfolio managers or in any way interfering with the said business as to cause same to cease or to be suspended until the determination of the substantive suit.
 Source: Securities & Exchange Commission Nigeria (SEC)

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