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Togolese sues SEC over firm’s shut down

By Jimitota Onoyume

PORT HARCOURT—A Togolese, Tsomenefa Kounougna and his firm, Flexus Global Solutions and Investment Limited, have dragged the Securities and Exchange Commission, SEC, before a Federal High Court sitting in Port Harcourt, Rivers State, over the shutting down of the company.

They are asking the court to determine, whether in line with the laws of the Federation and Rivers State, his company’s operation as a cooperative society was subject to the control of SEC.

They are also asking  the court to determine whether SEC was empowered by law to arrest, confiscate property of defaulting companies, cooperative organisations and also freeze their accounts.

Kounougna, before heading to court, had cried out against alleged attempts by SEC to cripple his investment, Flexus Global Solutions and Investment Limited in Port Harcourt.

Addressing newsmen, yesterday, in Port Harcourt, Kounougna, who is Managing Director of the firm, said men from SEC allegedly invaded his investment on Aba Road, Port Harcourt, without any prior notice, carting away seven laptops and other office equipment.

He said he was arrested alongside other staff of the firm and detained for several hours at a Police station in Port Harcourt without being told the reason for the invasion of his business premises.

Continuing, he said his firm operated as a cooperative society, registered under the law of the federal and the Rivers State Government, adding that by law, the firm was not obliged to be registered with SEC.

He said he could not understand why SEC would suddenly shut down his business premises for several days without any prior notice.

Kounoungna said he had lived in the country for over a decade with all his immigration papers intact.



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