Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has banned a capital market operator, Mr. George Nchedo Okafor, from being employed anywhere in the capital market.
Okafor was also banned from holding the position of director in any corporate entity operating in the Nigerian capital market.
These were the decisions of the SEC Administrative Proceedings Committee (APC) in the matter of APC/2/2016: Ideal Securities & Investment Limited V. Mr. George Nchedo Okafor.
Recall that the capital market regulator had earlier in the week also announced a ban on Albert Okumagba, and his company, BGL for alleged fraud running into billions of naira.
SEC has also referred the case of Okafor to the anti-corruption agencies for further action.
“That pursuant to Section 304 of the Investments and Securities Act 2007 all information on the issues of forgery of board resolution and issuance of dud cheques be and is hereby referred to the appropriate law enforcement agencies,” SEC stated in a circular announcing the decisions.
According to SEC, the Commission on September 12, 2008 received a petition from the complainant alleging various misconducts against the respondent. Pursuant to this complaint, the Commission conducted investigations and observed that the respondent had carried out actions which were in breach of the provisions of the Investment and Securities Act 2007, as well as the SEC Rules and Regulations.
To afford all parties fair hearing, the Commission on December 7, 2016 convened an Administrative Proceedings Committee (APC) sitting to hear the matter. During the hearing, testimonies and documentary evidence were tendered by the parties.
Upon conclusion of the hearing, the SEC APC reached final decision that Okafor “engaged in acts capable of adversely affecting the investing public’s image of, and confidence in the capital market”.
SEC also directed the complainant to take appropriate steps to recover whatever monies it lost as a result of Okafor’s conduct.
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