Dipo Olowookere
By Modupe Gbadeyanka
Two operators of the capital market have received life ban from the Securities and Exchange Commission (SEC), the market’s regulator, for alleged misconduct.
SEC announced on Wednesday that the two operators, Mr Taofik Lawal and Mrs Iyabode Lawal, both directors of WT Securities Limited, were barred from operating in the Nigerian Capital market for life after they were found culpable of mismanaging stocks belonging to Mrs Opral Mason Benson.
The industry’s regulator further said Mr Lawal and Mrs Lawal have also been blacklisted.
Members of the public have therefore been warned not to transact any business with them relating to the market.
In a statement issued on Wednesday on its website, the SEC explained that its action was in exercise of its powers under Section 13 of the ISA, 2007, following the unauthorized sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.
SEC said, “The actions of WT Securities Limited and the aforementioned Directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the Commission’s Consolidated Rules and Regulations 2013.”
