Unauthorized share sales: SEC bans WT Securities directors

The Securities and Exchange Commission (SEC) in its efforts to improve investors’ confidence and strengthen Nigerian capital market has banned two WT Securities Limited directors.

SEC banned Mr. Taofik Lawal and Mrs. Iyabode Lawal from operating in the Nigeria capital market for life for unauthorized sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.

According to information from SEC, “The SEC in the exercise of its powers under Section 13 of the ISA, 2007 investigated complaints against WT Securities Ltd. and its Directors (Mr. Taofik Lawal and Mrs. Iyabode Lawal) and found them culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorized sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.”

SEC said, actions of WT Securities Ltd. and the two directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the commission’s Consolidated Rules and Regulations 2013.

Consequently, in accordance with Section 13 (bb) of the ISA 2007, Mr. Taofik Lawal and Mrs. Iyabode Lawal have been banned and blacklisted from operating in the Nigerian Capital market for life, SEC said.

SEC however advised investing public to desist from dealing with the named persons in any capital market related capacity.

In the same vein, SEC said it has been drawn to the activities of an illegal operator (Converged Dynamic International Limited).

The company embarked on a product tagged “Resources Investment Account” which offers interest rates on a short and medium term period to lure the investing public, SEC said.

The commission notified the investing public that the operation of the investment scheme is not registered by the commission and has no tangible business model and classified it as a Ponzi-Scheme where returns are paid from other people invested sum.

“The general public is hereby advised to desist from investing in products marketed by the company. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”