The Managing Director of Brentonwoods Limited, Samuel Adebanjo and his company have been charged before Justice M.S. Hassan of the Federal High Court 12, Ikoyi Lagos on a two count charge of fraud relating to illegal sale of shares of a client.
Recall that Mary Uduk, Acting Director General of the Securities and Exchange Commission (SEC) had severally assured investors that the Commission will not hesitate to invoke the full weight of the law on any capital market operator that is involved in fraudulent activities.
Uduk, therefore, urged investors to take advantage of the various initiatives put in place by the Commission to ensure that proceeds from sale of shares go directly into the investors’ accounts to avoid mismanagement by Operators.
According to her, “We are doing a lot to boost investors confidence and ensure their funds are not mismanaged. We have a number of initiatives that we have put in place to boost investors’ confidence.
“We have the electronic -Dividend Mandate System (EDMS), the Direct Cash Settlement (DCS)as well as multiple subscriptions in place.
“We also protect them through the National Investors Protection Fund (NIPF), risk based supervision that enables us to supervise the operators to ensure that they do not do what they are not supposed to do. And again the Complaints Management Framework (CMF) enables investors to know where to complain to and how long it takes for such complaints to be resolved.
Uduk however urged investors to ensure they only patronise Fund Managers that are registered with the SEC as this is one of the steps in safeguarding their investments.
“We are steadfast and committed in our responsibilities as the Apex regulator of the Nigerian capital market in ensuring that only fit and proper people are allowed to operate in the market. We are committed to protecting investors in the work we do and that is why we have zero tolerance on infractions” Uduk added.