• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

20 Year Ban: BGL Accuses SEC Of Illegality In This Open Letter To Its Clients

Nairametrics by Nairametrics
May 27, 2016
in Business News, Company News, Spotlight
20 Year Ban: BGL Accuses SEC Of Illegality In This Open Letter To Its Clients
Share on FacebookShare on TwitterShare on Linkedin

RelatedStories

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

July 6, 2025
Top MD/CEOs of Asset Management Companies in Nigeria 

Top MD/CEOs of Asset Management Companies in Nigeria 

July 6, 2025

Nigerian Investment and Security firm, BGL Security has responded to the 20 year ban imposed on some of its directors by the Securities and Exchange Commission, SEC on Thursday. The Commission had on Thursday issued a pronouncement canceling the Registration of BGL as well as banning several of its executives including banning Albert Okumagba and Chibundu Edozie for 20 years respectively.

In response BGL has explained that SEC’s decision disregarded a legal proceeding that was ongoing and that the decision was therefore illegal.  Here is the full press release from BGL

Dear Valued Clients,

We refer to our ongoing issues with the Securities and Exchange Commission (SEC) and the matter of the Investment and Securities Act 2007 between Afolabi Gabriel Oluwaseyi & 8 Others and BGL Securities Limited & 22 others which the SEC placed before its Administrative Proceedings Committee (APC) with case number APC/1/2016.

Although the case is subject to a current litigation at the Federal High Court and therefore subjudice, we have been made aware that the SEC in disregard of judicial process went ahead to hold the APC meeting. As law abiding citizens, BGL and its executives in obedience to the arising judicial process did not attend the meeting and were not represented. We are therefore quite shocked the APC could reach a decision on a case that is subjudice and without giving us a fair hearing. The SEC, through the APC decided to withdraw the operating licence of two of our capital market subsidiaries, BGL Securities Limited and BGL Asset Management Limited and also placed fines and various suspension sentences on our directors and staff members.

Since we have been putting a lot of efforts towards the speedy resolution of the issues through the raising of capital and selling of assets to settle all outstanding obligations, we are surprised by this latest action from the regulator. However, our legal advisers has advised that the decision is illegal in the eyes of the law and would therefore be overturned hence we would do all that is lawfully possible to resolve the issues with the SEC, settle our obligations and resume capital market activities very shortly.

We are aware of the inconveniences that our continuous delay in commencement of trading is causing you; however we will like to assure you that we are putting together significant efforts in ensuring that we start to trade very soon. We are also very ready to work with you to achieve your immediate trading objectives without much negative impact to you.

We thank you for usual cooperation as we assure you of our highest regards always.

Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  
Agriculture

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

July 6, 2025
Top MD/CEOs of Asset Management Companies in Nigeria 
Equities

Top MD/CEOs of Asset Management Companies in Nigeria 

July 6, 2025
President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  
Business News

Nigeria Immigration opens visa amnesty for foreigners with expired documents, sets September 30 deadline 

July 6, 2025
FG inaugurates 25-member committee to establish Nigerian Education Data Initiative 
Education

FG partners Amazon Web Services to provide free digital skills training in Nigerian tertiary institutions 

July 6, 2025
Equities

Nigeria’s top 10 stockbrokers by value of transactions in second quarter 2025 

July 5, 2025
Champion Breweries Plc
Equities

Champion Breweries shares up 246.46% — How other beer companies are performing in 2025 

July 5, 2025
Next Post
Bulls or Bears? These Charts Explain What Could Happen To Nigerian Stocks Next Week

Bulls or Bears? These Charts Explain What Could Happen To Nigerian Stocks Next Week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  
  • Top MD/CEOs of Asset Management Companies in Nigeria 
  • Nigeria Immigration opens visa amnesty for foreigners with expired documents, sets September 30 deadline 

Follow us on social media:

Recent News

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

July 6, 2025
Top MD/CEOs of Asset Management Companies in Nigeria 

Top MD/CEOs of Asset Management Companies in Nigeria 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics