Administrative Proceedings Commitee Matters
Cases Before The Administrative Proceedings Committee (as at March 2011)
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|
Title Of Case |
Case Number |
Nature Of Violations |
Remarks |
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1 |
Longterm Global Capital Ltd & 9 ors. vs. Stanbic IBTC Management Ltd |
APC/01/2010 |
Unauthorised purchase of GTBANK/GDR and conversion of pounds components of funds transfer to dollars without recourse to the complainant |
Parties were reprimanded, penalised and discharged on some charges. |
|
2 |
SEC vs. Proforte Securities Ltd & 9 ors |
APC/66-194/2010 |
Failure to file quarterly returns and remitting of capital & Interest invested by client |
Yet to be concluded |
|
3 |
SEC vs Empire Securities Ltd & 7 Ors |
APC/6-42/2009 |
Unauthorised sale of clients shares, non-purchase of shares and various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended |
Yet to be concluded |
|
4 |
SEC vs Davandy Securities Limited & 11 Ors |
APC/2-64/2010 |
Non purchase of client’s shares, Failure to file quarterly returns, failure to remit capital and interest on client’s investment and various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended. |
Yet to be concluded |
|
5 |
SEC vs MTECH Communications Plc |
APC/65/2010 |
It was alleged that directors of the 1st Respondent pledged the assets of the 1st Respondent as collateral for loans taken from Bank PHB to buy shares of the 1st Respondent in its private placement before the 1st Respondent became a Plc |
Yet to be concluded |
|
6 |
SEC vs Alliance Capital Management Cio.ltd & Nine Ors |
APC/2-245/08 |
Non purchase of shares paid for by client, Non verification of share certificates and sale of clients shares without mandate, non rendition of periodic returns, non remittance of proceeds of sale to investor various violations under the ISA 2007 and SEC Rules and Regulations 2000 as amended. |
Yet to be concluded |
|
7 |
SEC vs. Afribank Plc & 32 Ors |
APC/5/2009 |
Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. |
Case was discontinued and suit instituted at the IST |
|
8 |
SEC vs. Fin Bank Plc & 43 Ors |
APC/2/2009 |
Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. |
Case was discontinued and suit instituted at the IST |
|
9 |
SEC vs. Intercontinental Bank Plc & 42 Ors |
APC/1/2009 |
Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. |
Case was discontinued and suit instituted at the IST |
|
10 |
SEC vs. Oceanic Bank Plc & 37 Ors |
APC/4/2009 |
Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria. |
Case was discontinued and suit instituted at the IST |
|
11 |
SEC vs. Union Bank Plc & 26 Ors. |
APC/3/2009 |
Violations of the Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code of conduct for capital market operators and their employees and the code of corporate governance in Nigeria |
Case was discontinued and suit instituted at the IST |