Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

SEC in discussions on refunds to investors

Category: Frauds & Scandals

  Read (2053)
SEC in discussions on refunds to investors



August 1, 2011
The Securities and Exchange Commission has announced plans to refund investors who lost money in the defunct All States Trust Bank - Investors lost funds in the bank’s public offer that was floated shortly before its liquidation.
The SEC Commissioner for Operations, Ms. Daisy Ekinne, gave this assurance to shareholders during a seminar organised by SEC on Investors/Issuer Education Outreach programme on Friday.
She said that discussions were ongoing with the Nigerian Deposit Insurance Corporation, adding that the outcome of the talk would lead to a refund to all investors, who participated in the public offer of the bank.
She noted that the bank sent its public offer application to SEC for approval before allotment of its shares to the investors that subscribed to the offer.
She added that it was during the process that the state of insolvency of the bank was announced by the Central Bank of Nigeria, which subsequently resulted in the bank’s liquidation.”
According to her, in order to recover investors’ money in the bank, SEC stepped in immediately the announcement was made by the CBN, by getting in touch with the receiving banks.
She said, “I remember when All States Trust Bank came to the market. They sent their application to us, and we had actually approved the application before allotments, when the CBN announced the banks liquidation; but the offer had already opened”
“We have been in discussion with NDIC so that investors, who subscribed to the offer, can have their funds back. However, the discussion is still ongoing. SEC is working seriously in trying to resolve that problem. It is an issue we need to resolve, and we are going to resolve it.”
The Rivers State Director of Commerce, Mr. Nelson Brown, had tasked the capacity of the market regulators to protect investors from swindlers in the market, when companies that usually defrauded investors are usually certified by the regulators.
He said such a certification was given to the public offer by the Standard Trust Bank, which got liquidated while the offer was in progress, thereby resulting in huge losses by all investors that took part in the offer.
Source: Punch/ Udeme Ekwere

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Frauds & Scandals

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014