SEC investigates Fittco Securities over unauthorised sale of shares

The Securities and Exchange Commission (SEC) is investigating complaints relating to the unauthorized sale of shares belonging to Alhaji Abass Bolatitio O. and 35 Ors by Fittco Securities Limited.
SEC in a recent notice said a preliminary investigation carried out by the Commission revealed that Fittco Securities Limited sold the complainants shares without authority.
The Management of the Commission had directed that the Firm (Fittco Securities Limited), its Directors and Sponsored Individuals be invited to a meeting to explain their roles in the transaction.
The meeting with Directors of the firm and its Sponsored Individuals held yesterday at the “4th Floor Committee Room” of the Securities & Exchange commission.
Consequent upon the above, the under-listed Directors and Sponsored Individuals of Fittco Securities Limited were asked 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.