Dealers at the Nigerian Stock Exchange

The Securities and Exchange Commission (SEC) has banned Mr Victor Ogiemwonyi, Managing Director, Partnership Investment Company and Partnership Securities Ltd, from holding directorship positions in any public company in Nigeria.

Mr Naif Abdussalam, Head, Corporate Communications, SEC, who announced this in a statement on Tuesday in Abuja, said SEC also withdrew the operating licence of the companies.

According to Abdussalam, Ogiemwonyi has been banned for some professional reasons in the Nigerian capital market.

He said the Chairman of the companies, Mr. Henry Omoragbon, was also suspended for five years from engaging in capital market activities in the Nigerian Capital Market.

“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.

“Ogiemwonyi is hereby banned for life from engaging in capital market activities in the Nigerian Capital Market.

“He is 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 conduct in respect of the activities of both companies.

“ Omoragbon is also hereby suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market.

“Also, 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,’’ he ssaid.

According to Abdussalam, some Directors of the companies were also suspended for five years from engaging in capital market activities in the Nigerian Capital Market.

He said the directors were also banned from holding directorship positions in any public company in Nigeria for the period and ordered to pay a penalty of N100,000 each.

He named the directors to include Mr Ojetunde Taiwo, Mrs Ogiemwonyi Olufunke, Mr Ogiamien Frank, Mr Adeusi Aladejola-Alexander and Mrs Arese Ugwu.

“ Mr Eseha Enejeta, a Manager in the company, was suspended for one year from engaging in capital market activities  and ordered to pay a penalty of N100,000 .

“He is charged 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. (NAN)