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Share scam: SEC quizzes Ebong, Odimegwu, others

By Omoh Gabriel, Business Editor
LAGOS—THE Securi ties and Exchange Commission, SEC, has summoned the former Managing Directors of Union Bank, Nigeria Breweries Plc, some directors of the bank, Peter Ololo and others to face its administrative panel over alleged manipulations of the bank’s shares.

This followed the recommendation of the preliminary investigation into the alleged securities market manipulation and other violation of the Investment and Securities Act 2007 on Union Bank shares. The apex capital market regulators has thus invited 23 capital market operators to appear before its administrative panel on December 14,  at its multi-media auditorium.

Those to face the panel are the bank’s former Managing Director,  Mr. Bart Ebong; Mr.Ado Abdullahi,  Ahmadu  Abubakar, Mr. Kenneth S. Adeyemi, Mr. Mansur Ahmed, now Director-General, Infrastructure Concession Commission, Mr.John O.Akin Jeye,  Mr. Samuel Idowu Ayininuola, Mr. Emmanuel Chukwuma Edozien, Mr. Ebenezer Uzoma Emereum, Mr, Anthony E. Esangbedo, Mr, Ibrahim A Gobir, Mr.Walter C.O Mbah, Mr. Austen I. N. Obigwe,.Mr. Festus B.O. Odimegwu, Mr. Olusegun Olusanya, Mr. Cosmas Paul Udofot, all directors of the  bank.

Others are Union Trustees Ltd, Mr. Henry Onyemem, Union Registrars Ltd , Mr, Soji Olagunju, Falcon Securities Ltd and Mr. Peter Ololo.

SEC, in a notice, said the above-mentioned names violated ‘’the Investment and Securities Act, ISA 2007,  SEC  Rules and Regulations 2000 as amended and Code of Conduct for Capital Market Operators and their Employees and Code of Corporate Governance.

It said: “Following conclusion of preliminary investigations by the Securities and Exchange Commission into the affairs of Union Bank Nigeria PLC, in respect of alleged securities market manipulations and other violations of the Investments & Securities Act 2007, SEC Rules and Regulations 2000 as amended, Code of Conduct for Capital Market Operators and their Employees, and the Code of Corporate Governance, it has become necessary to invite the persons listed above to appear before the Administrative Proceedings Committee (APC) of the Commission to explain their roles in the matter.

“The above listed parties may wish to file sworn statements which shall include the electronic copies of same and/or engage the services of any Legal Practitioner of their choice (if desired) in addition to their physical appearance. Take notice that where a party fails to appear, a decision may be taken in the matter on the basis of facts available to the Committee.

‘’It said that the memorandum of facts containing details on this matter has been forwarded to the last known address of the respondents.’’


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