Nigeria Securities and Exchange Commission,(SEC), has said that BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.
The Commission in a notice it posted on its website dated September 19, 2015 thus read: This is to inform the general public that on September 17th, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on the 27th of May 2015.
In view of the Court ruling, BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.
The notice added that the Nigerian Stock Exchange (NSE), Central Securities Clearing System CSCS, Financial Market Dealers Quotation (FMDQ) Plc, Nigeria Association of Securities Dealers (NASD) Plc and the general public should further note that the directives of the Commission in its public notice dated the 21st of May 2015 still subsists.
SEC is empowered under Sections 13(n), 45, 303 of the Investments and Securities Act (ISA) 2007 and Rule 598 of its Rules and Regulation to protect the integrity of the capital market against all forms of abuses by investigating and sanctioning persons who violate the Provisions of the Act and rules and Regulation thereto.
The Commission wishes to assure all stakeholders and the general public that it is committed to protecting investors and the capital market and to this end will ensure that persons who violate the provisions of the Investment and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately.