20 September 2017

Nigeria: SEC Bans Ogiemwonyi for Life, Operating Licence Withdrawn

Lagos — The Securities and Exchange Commission, SEC, yesterday, banned 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 unprofessional conduct in the capital market.

SEC also withdrew the operating licence of the companies, even as chairman of the company, Mr. Henry Omoragbon, was also suspended for a period of five years from engaging in capital market activities.

The agency said in a statement: "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 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.

"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 both companies.

"Mr. Henry Omoragbon is, hereby, suspended for a period of five years from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100,000 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."

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, including Mr. Ojetunde Taiwo, Mrs. Ogiemwonyi Olufunke, Mr. Ogiamien Frank, Mr. Adeusi Aladejola Alexander, Mrs Arese Ugwu were also suspended for a period of five years from engaging in capital market activities in the Nigerian Capital Market.

They were also banned from holding directorship positions in any public company in Nigeria for the said period and ordered to pay a penalty of N100,000 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 year from engaging in capital market activities in the Nigerian Capital Market and ordered to pay a penalty of N100,000 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.

Nigeria

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