Justice M.S. Hassan of the Federal High Court 12, Ikoyi Lagos, at the weekend remanded Samuel Adebanjo, Managing Director of Brentonwoods Limited in prison custody until March 19, 2019 over a two-count charge of illegally selling a client’s shares.
Adebanjo and his firm, pleaded not guilty to the charge.
Specifically, they were allegedly conspired to commit fraud by selling and converting to personal use proceeds of 537,872 Units of Nigeria Breweries Plc shares and 21,260 Units of Guinness Nigeria Plc shares, valued at N58,461,391.49, belonging to the family of Akin Olugbade.
The offence is contrary to Section 516 of the Criminal Code Act, Laws of the Federation of Nigeria 2004 and punishable under the same Section, was allegedly committed between 2004 and 2014 in Lagos.
Recall that the Acting Director General of the Securities and Exchange Commission, SEC, Ms Mary Uduk has repeatedly assured investors that the Commission will not hesitate to invoke the full weight of the law on any capital market operator involved in fraudulent activities.
Uduk therefore urged investors to take advantage of the various initiatives put in place by the Commission to ensure that proceeds from sale of shares goes directly into the their accounts, thereby avoiding mismanagement by Operators.
According to the SEC boss, “we are doing a lot to boost investor confidence and ensure their funds are not mismanaged. We have a number of initiatives that we have put in place to boost investors’ confidence.
“We have the electronic-Dividend Mandate System(EDMS), the Direct Cash Settlement (DCS)as well as multiple subscription in place.
“We also protect them through the National Investors Protection Fund (NIPF), risk based supervision that enables us to supervise the operators to ensure that they do not do what they are not supposed to do. And again the Complaints Management Framework (CMF) enables investors to know where to complain to and how long it takes for such complaints to be resolved.
Uduk however urged investors to ensure they only patronise Fund Managers registered with the SEC as this is one of the steps in safeguarding their investments.
“We are steadfast and committed to our responsibilities as the apex regulator of the Nigerian capital market in ensuring that only fit and proper people are allowed to operate in the market. We are committed to protecting investors in the work we do and that is why we have zero tolerance on infractions” Uduk added.