SEC wields big stick as Ogiemwonyi gets life ban

The Securities and Exchange Commission (SEC) has banned the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited Mr. Victor Ogiemwonyi for life from holding directorship position in any public company in Nigeria.

Also, Mr. Henry Omoragbon Chairman of the companies was suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market.

“That pursuant to Section 38 (4) of the Investments and Securities Act 2007 and Rules 34 (1), (a) of the SEC Rules and Regulations made pursuant thereto the certificate of registration of Partnership Securities Limited is hereby cancelled without prejudice to the recovery of all existing liabilities due to the Complainants and penalties payable to the Commission. 

“That the Mr. Victor Ogiemwonyi is hereby banned for life from engaging in capital market activities in the Nigerian Capital Market and is hereby ordered to pay a penalty of N100, 000 for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and their employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007.”

He was also banned for life from holding directorship position in any public company in Nigeria for his unprofessional conduct in respect of the activities of the both companies. 

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“While Mr. Henry Omoragbon was suspended for a period of 5 years from engaging in capital market activities in the Nigerian Capital Market and is hereby ordered to pay a penalty of N100, 000 for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and their employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007. 

Partnership Securities Ltd was by the decision, ordered to restore to Cletus Mbaji Uchendu 48,200 units of Forte Oil Plc shares which were sold without his authority cum accrued benefits i.e. bonuses and dividends from 23rd May, 1997 to date, stating further that pursuant to Section 304 of the Investments and Securities Act 2007 all information on possible criminality in this matter be and is hereby referred to the appropriate law enforcement agencies.

Some Directors of the company, Mr. Ojetunde Taiwo  , Mrs. Ogiemwonyi Olufunke, Mr. Ogiamien Frank, Mr. Adeusi Aladejola Alexander,  Mrs Arese Ugwu, were suspended for a period of 5 (Five) years from engaging in capital market activities in the Nigerian Capital Market and banned from holding directorship positions in any public company in Nigeria for the said period and hereby ordered to pay a penalty of N100, 000 for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007. 

While Mr. Eseha Augustine Enejeta a Manager in the company was suspended for a period of One (1) year from engaging in capital market activities in the Nigerian Capital Market and is hereby ordered to pay a penalty of N100, 000 (One Hundred Thousand Naira only) for breach of Rule 1(iii) of the Code of Conduct for Capital Market Operators and Their Employees as contained in the SEC Rules and Regulations made pursuant to the Investments an Securities Act 2007.