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SEC Triumphs as Federal High Court Dismisses BGL Cases against the Commission

Proshare

Tuesday, November 01, 2016 5.49AM / SEC Release  

The Federal High Court sitting in Lagos has delivered its judgments on the three cases filed against the Commission by BGL Plc, its sponsored individuals and subsidiaries.  

The cases BGL had brought before the Lagos High Court against the Commission are:

       I. FHC/L/CS/767/2015 BGL PLC & 4 ORS VS SECURITIES AND EXCHANGE COMMISSION
 

    II. FHC/L/CS/1050/2015 BGL PLC & 12 ORS VS SECURITIES AND EXCHANGE COMMISSION & 2 ORS
 

 III.   FHC/L/121/2016 BGL ASSETS MANAGEMENT LIMITED & 22 ORS VS SECURITIES AND EXCHANGE COMMISSION & ANOR 

In its rulings, the Court dismissed all the above cases “for being incompetent”, handing a major victory to the regulatory and investor protection mandates of the Commission. 

Now the market can learn more about how investor protection works. 

In an unrelated development, market sources indicate that a Nigerian bank may have been instructed by the banking regulator to make provisions of up to N9bn for ‘bad loans’ related to principals and entities associated with or on account of BGL. This is a developing story.  

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