SEC summons WT Securities over Opral Benson’s stocks worth N185m, others

The Securities and Exchange Commission (SEC) is investigating complaints relating to the mismanagement of Opral Mason Benson’s stocks valued at N185, 203,360 and unauthorised sale of 500,000 units of Nigerian Breweries plc shares belonging to Ngozi Oyekwere Nwachuku.

The SEC in a recent circular said a preliminary investigation carried out by the Commission revealed that WT Securities Limited sold the complainants shares without authority “and management of the Commission has directed that the firm, its directors and sponsored individuals be invited to a meeting to explain their roles in the transaction.”

The SEC in a recent circular “Notice of Meeting on Complaints of Chief Opral Mason Benson and Ngozi Oyewere Nwachuku Against WT Securities Limited” dated June 3, 2016 invited to a meeting the directors and sponsored individuals of the company to show cause “why they should not be sanctioned for violating the provisions of Rules 43 and 182A (1), (3) and (5) of the SEC Rules and Regulations.”

The invited directors according to SEC are: Aisha I. Lawal, Taofik A. O. Lawal, and Ajinamo Umma Hanni; while the sponsored individuals are:    Lawal Taofiq Ayorinde O, Amakude Cosmas Madu, and Lawal Aisha Iyabo – Compliance Officer.

The meeting was scheduled to hold last Tuesday (June 7, 2016) in the Board Room (6th floor) of the Securities and Exchange Commission head office in Abuja. The parties involved were asked to provide relevant documents in relation with the complaints to facilitate the resolution of the matter.