SEC bans Ogiemwonyi for life, operating license withdrawn

THE Securities and Exchange Commission (SEC) has banned the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi for life from holding directorship positions in any public company in Nigeria for his unprofessional conduct in the Nigerian capital market. The SEC has also withdrawn the operating license of the companies. The Chairman of the companies, Mr. Henry Omoragbon was also suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market.
According to a statement by the SEC, “…pursuant to Section 38 (4) of the Investments and Securities Act 2007 and Rules 34 (1), (a) of the SEC Rules and Regulations made pursuant thereto, the certificate of registration of Partnership Investment Company Plc is hereby cancelled without prejudice to the recovery of all existing liabilities due to the Complainants and penalties payable to the Commission.
Mr. Victor Ogiemwonyi is hereby banned for life from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007. He is also banned for life from holding directorship position in any public company in Nigeria for his unprofessional conduct in respect of the activities of the both companies.
Mr. Henry Omoragbon is hereby suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007.”
The Decision also stated that pursuant to Section 304 of the Investments and Securities Act 2007 all information on possible criminality in the matter would be referred to the appropriate law enforcement agencies.
Some Directors of the company, Mr. Ojetunde Taiwo, Mrs. Ogiemwonyi Olufunke, Mr. Ogiamien Frank, Mr. Adeusi Aladejola Alexander, Mrs Arese Ugwu, were also suspended for a period of 5 (Five) years from engaging in capital market activities in the Nigerian Capital Market, banned from holding directorship positions in any public company in Nigeria for the said period and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) each for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments and Securities Act 2007.
Mr. Eseha Augustine Enejeta, a Manager in the company was suspended for a period of One (1) year from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007.