SEC postpones committee sitting till further notice

Posted by News Express | 3 August 2015 | 2,767 times

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The Securities and Exchange Commission (SEC) has postponed its Administrative Proceeding Committee (APC) hearing scheduled to hold on Aug. 4 and 5, until further notice.

This is contained in a statement signed by Head of Media, SEC, Mr. Yakubu Oluleye, in Abuja on Sunday.

It stated that the commission’s attention was drawn to an ex-parte order obtained by the Plaintiffs in suit no: FHC/L/CS/1050/2015 BGL PLC and 12 ORS VS SEC and 2 ORS directing that parties maintain the status quo.

“In view of the said order, the general public, concerned parties and stakeholders in the Nigerian Capital market are hereby informed of the notice. The SEC committee hearing in SEC APC/01//2015 Rivers State Ministry of Finance and 31 others VS BGL PLC and 31 others scheduled to hold on the Aug. 4 to 5, 2015, at its office, has been postponed to a date to be announced later,” Oluleye said.

The commission apologised for inconveniences caused by the postponement.

It explained that SEC was 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.

“The sections empower SEC to protect the market against all forms of abuses.

“It will do this by investigating and sanctioning violators of the provisions of the Act and the Rules and Regulations made pursuant thereto,” it said.

The statement added that the committee was set up to hear complaints on alleged violations of securities laws governing the market.

SEC said that section 310(1) of the ISA and Rule 599(1) of the SEC rules and regulation empowered the commission to set up the SEC committee.

According to the statement, the commission assured all stakeholders and the general public of its commitment to protecting investors and the capital market.

It added that SEC would ensure that persons who violate the provisions of the Investments and Securities Act and the Rules and Regulations made pursuant thereto would be sanctioned appropriately. (NAN)

Source: News Express

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