LAGOS, JANUARY 5, 2017 – The Security and Exchange Commission (SEC) has ordered directors of Transglobe Investment and Finance Company Limited to appear before the commission over Investors’ N300 million.
The directors-Osita Ignatius Odili, Obasola Alao, Bariu Abdul Gaffar, Sunny Obidiegwu, Clement Obineze Maduako, and Alex Ekwueme were accused of failing to resolve various complaints of over N300 million filed by investors against the company.
SEC in a circular said the directors and their sponsors are expected to meet with the commission yesterday. The circular title: ‘Notice of Meeting with the Directors and Sponsored Individuals of TransGlobe Investment and Finance Company Limited’ said the commission was investigating the allegations.
“In a bid to resolve the complaints, the Commission had exchanged several correspondences with your company through the managing director, but your company has failed to resolve the complaints,” the commission said.
Capital market community has commended the leadership of the Securities and Exchange Commission on their efforts to abolish infractions from capital market. They said SEC decision countermand investors fear from capital market, saying the only way to grow the Nigerian capital market is for regulator to take a positive position to protect investors’ interest.
They stressed that investors would not have interest in market where there is infraction, saying SEC of today is playing its primary role as apex regulator in the Nigeria’s capital market. “If SEC refuses to protect our investment in the market, there is no way we will invest there,” they said.
The managing director of InvestDate Limited, Mr. Ambrose Omodion said what investors need at this critical period is regulator’s support. He noted that, “This is clear from the manner in which SEC’s management under Mounir Gwarzo has approached the institution’s core mandates: the regulation and development of the Nigerian capital market.
“The approach is to strengthen the legal constructs that govern the capital market while ensuring strict compliance to the rules and guidelines without fear or favour and, most importantly to achieve these in an environment of firmness and fairness in which there is a level playing ground for all players and other stakeholders.”
