In the Matter of the ISA 2007: Before the SEC APC: Rivers State Min. of Fin. & 32 Others V. BGL Plc


Thursday, November 10, 2016 9:24 AM / SEC

In The Matter Of the Investment and Securities Act 2007: Before the Securities and Exchange Commission Administrative Proceedings Committee (SEC APC)                                                                        

APC/1/2015: rivers state ministry of finance & 32 others v. BGL Plc & 30 others    
In re:

  • Violation of sec rules on separation of clients funds from company’s funds;
  • Performance of a capital market function without registration;
  • Non- compliance with the code of corporate governance of the commission;
  • Carrying on business with negative shareholders’ funds;
  • Promoting/ marketing products not registered by the commission;
  • Non – compliance with the commission’s rules relating to assets mix ratio;
  • Unauthorised sale of shares;
  • Failure/ refusal to resolve clients complaints;
  • Other violations of the investments and securities Act, 2007 and sec rules and regulations. 



Ministry of Finance, Rivers State

1st Complainant

Modotels Nigeria Ltd

2nd Complainant

The Church of Nigeria Anglican Communion

3rd Complainant

Professor Emmanuel Gbadebo Kolawole

4th Complainant

Adokiye Dappa

5th Complainant

Ekeng Effanga

6th Complainant

Ukpeh Louisa

7th Complainant

Dr. Ikenga-Metuh A.I

8th Complainant

Ayodele and Mobolaji Orisadipe

9th Complainant

Essien Etiese (Ejumax Ventures)

10th Complainant

UN Staff Thrift & Credit Cooperative Society

11th Complainant

Engr. Gbesimi Akperi

12th Complainant

Addeh John Ebeireme

13th Complainant

Michael Abayomi Solaja

14th Complainant

Elder Ogban Ekpei Ogban

15th Complainant

Nigerian Shippers’ Council

16th Complainant

Superannuation Fund of the Niger Anglican Churches

17th Complainant

G&B Marine Services

18th Complainant

Abbey Mortgage Bank Plc

19th Complainant

Hartlite Energy Ltd

20th Complainant

Ugochukwu Oladipo Asobie Esq.

21st Complainant

Dr. Usanga Esien Archibong

22nd Complainant

Erediuwa Kehinde

23rd Complainant

Adeleke Oladapo Adedipe

24th Complainant

Maxwell Olubode Thorpe

25th Complainant

Norma Ahimie & Norma Lee Ahimie

26th Complainant

Capt. Patrick Nnamdi & Mrs. Rose Chinyere Agetue

27th Complainant

Mrs. Rosemary Osarogiagbon

28th Complainant

Kano State Investment & Properties Ltd (KSIP)

29th Complainant

Rosehill Limited & Alhaji Yahyah Suleiman

30th Complainant

Himma Merchants Limited

31st Complainant

Michael Alasa Adedio

32nd Complainant




1st Respondent

BGL Capital Ltd

2nd Respondent

BGL Assets Management Ltd

3rd Respondent

BGL Securities Ltd

4th Respondent

Dafe Akpedeye

5th Respondent

Mallam Ahmadu Musa Kida

6th Respondent

Fatima Wali Abdurrahman

7th Respondent

Adekunle Alli

8th Respondent

Mohan Lalchandani

9th Respondent

Albert E. Okumagba

10th Respondent

Chibundu N. Edozie

11th Respondent

Teddy Okumakube

12th Respondent

Loraine Awoonor-Renner

13th Respondent

Dafe Oraka

14th Respondent

Dipo Wintoki

15th Respondent

Ekpungu George Abang

16th Respondent

Adetiloye S. Joshua

17th Respondent

Victor Inyang

18th Respondent

Hilary Eledu

19th Respondent

Ehime Evelyn Alofoje

20th Respondent

Odum Bili Andrew

21st Respondent

Ofem Mbui Omni

22nd Respondent

Ms. Mshelia Clara Bittinger

23rd Respondent

Ms. Nnite Chinwe Ogochukwu

24th Respondent

Peter Adebola

25th Respondent

Joseph Ashley-Osuzoka

26th Respondent

Andre Ewubare

27th Respondent

Victor Obire

28th Respondent

Nkechi Azubuike

29th Respondent

Anthony Nwozor

30th Respondent

Oluwo Oluwale W.

31st Respondent

Joshua Sesan Adetiloye

32nd Respondent

Take Notice that the above captioned matter which was slated for hearing on the 5th and 6th of August, 2015 but postponed as a result of an order of the Federal High Court has now been rescheduled as follows;

DATE:    Thursday 8th December, 2016

VENUE:  SEC’s Head Office, Multi-media Auditorium (Ground Floor)


Plot 272 Samuel Adesujo Ademulegun Street, Central Business District, Abuja

TIME:     10.00 am

Consequently, all named parties are hereby invited to appear before the Committee to explain their roles in the matter.

Take Notice that if you fail to appear before the Committee a decision will be taken on the basis of facts available to the Committee.

Please note that the Memorandum of facts as published on 30th June, 2015 in The Nation and Thisday Newspapers remains valid.

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