The Securities and Exchange Commission (SEC), in its effort to improve investors’ confidence and strengthen Nigerian capital market, bans two directors of the WT Securities Limited.
Those banned were Mr Taofik Lawal and Mrs Iyabode Lawal.
They were banned from operating in the Nigeria capital market for life for unauthorised sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.
The SEC said: “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 unauthorised sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.”
The SEC said that the actions of WT Securities Ltd. and its two directors violated 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 were banned and blacklisted from operating in the Nigerian capital market for life, the SEC said.
