BGL Reacts to SEC’s Decision and Landmark SANCTIONS

Proshare

 Friday, May 27, 2016 7.11PM / BGL  

BGL Plc (BGL or the company)  has been made aware of the purported decision by the Securities and Exchange Commission (SEC) to withdraw the operating license of two of our Capital Market Subsidiaries BGL Securities Limited and BGL Asset Management Limited, in respect of the Securities and Exchange Commission’s Administrative Proceedings Committee (APC) case No. APC/1/2016, which is the subject of current litigation at the Federal High Court in Suit Nos: FHC/L/CS/121/16; BGL ASSET MANAGEMENT LTD v. SEC & Anor and FHC/L/CS/1050/15 BGL PLC & Ors v SEC & 2 Ors which challenge the legality and constitution of the APC for which a stay of proceedings and an order to maintain status quo are currently subsisting. 

SEC had during the subsistence of the aforesaid suits forwarded an ill-advised and baseless petition to the National Judicial Council (NJC) against the Judges before whom the suits were pending. This was done to intimidate and pressurize BGL into succumbing to the illegal and unconstitutional proceedings of the APC being challenged in court. The petition was however recently dismissed by the NJC as being baseless, worthless and ill advised. The NJC also directed that the lawyer who advised such petition to be orchestrated should be disciplined by the Legal Practitioners Disciplinary Committee. 

Notwithstanding the above, SEC has proceeded on another ill-advised and clearly contemptuous action rather than await the outcome of the aforesaid suits challenging the legality and constitution of the APC. We are therefore shocked by this action, as this is a clear violation and contempt of the powers of the Court. 

We regret any inconvenience this action would have caused our clients and we want to assure our loyal clients that we remain confident and steadfast in resolving all issues. 

Be assured that as an organization, BGL Plc would at this time more than ever, stay committed to ensuring that all business operations resume promptly. 

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