Nigeria: Shareholders Laud Suspension of BGL AML, Subsidiaries By SEC

Capital market shareholders have lauded the Securities and Exchange Commission (SEC) decision to suspend BGL Asset Management Limited (AML) and its subsidiaries from capital market activities, saying the development is a indications that the new regime would operate with zero tolerance to market infractions.

SEC, at its meeting held on May 19, 2015 considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group and directed that the firm and its subsidiaries be suspended from all market activities.

The Shareholders, therefore, urged the apex regulator to make the outcome of the investigations and findings public so that it would act as a deterrent to others and help build a more robust market.

Specifically, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, described the decision as a welcome development but however, urged SEC to disclose the details of the investigations in full.

“SEC should not give room to speculation. They should tell us the outcome of their investigation, otherwise there may be sympathy for Okumagba and BGL and this may not be good for the sector. We also want to know what will be the fate of investors of these […]

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