Investor Protection: SEC Returns N1.5m Proceeds Of Illegal Share Sell

The Securities & Exchange Commission (SEC), on Sunday said it continues to take seriously the job of investor protection, which remains one of its core mandate and in line with determination to police the nation’s capital market to restore and sustain the much needed confidence.
In line with this resolve, the commission said it put smiles on the face of Rev. Fr. Samuel Ukeje Ikechukwu, an Italy-based investor based, who received a cheque for the sum of N1.5 million for his shares that were illegally sold.
Narrating his ordeal, Fr. Ikechukwu said he bought shares of Guaranty Trust Bank eight years ago through Cashville Investment and Securities.
He was however surprised to learn that his holdings had been sold by the company without his knowledge and that he became suspicious when he stopped receiving any dividend warrant nor bonuses like others who investors.
This prompted investigations which revealed that the shares had been sold without his knowledge, following which a complaint was lodged with the SEC in January 2015.
After further investigation, by the Commission, he said the proceeds of the illegal share sale was recovered, and that he received a call from the SEC’s Police Unit on January 4, 2017, to pick his cheque.
Although he is happy with the efforts, for which he commended the commission for its investor protection initiatives, he wants the company further penalised to serve as deterrent to others.
In his words: “I believe the company should be penalized further because the value of my money when I bought the shares and what it is today is not the same thing as the nation’s currency has greatly depreciated.”
He expressed gratitude to the Commission for the way it investigated and resolved the issue.

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