Investor recovers N1.5m from illegal sale of shares

Investor recovers N1.5m from illegal sale of shares

Sunday, January 29, 2017 8:52 pm

Mounir Gwarzo, DG SEC

The Securities and Exchange Commission (SEC), said its Investor Protection Initiative had received a boost as one investor had recovered N1.5million shares that were illegally sold.

This is conveyed in a statement by Mr Naif Abdulsalam, the Head of Corporate Communication of SEC, in Abuja on Sunday.

Abdulsalam said the investor, Rev. Fr. Samuel Ikechukwu, received a cheque leaf of the said sum last weekend.

“Ikechukwu, who is resident in Italy, bought the Guaranty Trust Bank shares eight years ago through Cashville Investment and Securities.

“Ikechukwu was surprised to learn that the shares had been sold by the company without his knowledge.

“He became suspicious when he was not receiving any dividend warrant nor bonuses and upon further investigation, realised that the shares had been sold without his knowledge’’, Abdulsalam stated.

According to him, Ikechukwu lodged a complaint with SEC in January 2015.
He said after thorough investigation by the commission, the money was recovered and Ikechukwu was called by the SEC Police Unit on Jan. 4 to pick up his cheque.

Abdulsalam said although the complainant was happy with SEC’s effort, he wants the company to be further penalised to serve as deterrent to others. (NAN)

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