SEC Nigeria informs the public of its inability to go ahead with its BGL proceedings

Proshare

Saturday, August 1, 2015. 11:45PM / Press Release

The Securities & Exchange Commission is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of its Rules and Regulation to protect the integrity of the capital market against all forms of abuses by investigating and sanctioning persons who violate the provisions of the Act and the Rules and Regulations made pursuant thereto.

Section 310(1) of the ISA and Rule 599(1) of the SEC Rules and Regulation empowers the Commission to set up the SEC Administrative Proceedings Committee (APC) to hear complaints on alleged violations of securities laws governing the market. Pursuant to these powers, the APC was scheduled to hold on the 4th to 5th August 2015 to hear SEC APC/01//2015 RIVERS STATE MINISTRY OF FINANCE & 31 OTHERS VS BGL PLC & 31 OTHERS.

The Commission’s attention has however been drawn to an ex parte order obtained by the Plaintiffs/Applicants in SUIT NO: FHC/L/CS/1050/2015 BGL PLC & 12 ORS VS SEC & 2 ORS directing that parties maintain the status quo. In view of the said order, the general public, concerned parties and stakeholders in the Nigerian Capital market are hereby informed that the Securities and Exchange Commission Administrative Proceedings Committee hearing in SEC APC/01//2015 RIVERS STATE MINISTRY OF FINANCE & 31 OTHERS VS BGL PLC & 31 OTHERS scheduled to hold on the 4th – 5th August 2015 at SEC Head Office, Abuja has been postponed to a date to be announced later.

The Commission wishes to assure all stakeholders and the general public that it is committed to protecting investors and the capital market and to this end will ensure that persons who violate the provisions of the Investments and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately.

The Commission apologizes for any inconveniences caused by this postponement.

 

SIGNED:

MANAGEMENT

 

 

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