The Securities and Exchange Commission (SEC) on Wednesday announced the ban and blacklisting of Taofik Lawal and Mrs. Iyabode Lawal, directors of WT Securities Limited, from operating in the Nigerian Capital market for life.
The company and its directors were found culpable of mismanaging the stocks of Mrs. Opral Mason Benson.
The suspension, the commission said in a statement on its website is in exercise of its powers under Section 13 of the ISA, 2007, following the unauthorised sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.
“The actions of WT Securities Limited and the aforementioned Directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the Commission’s Consolidated Rules and Regulations 2013.” The statement added.
Consequently, the investing public has been advised to desist from dealing with the named persons in any capital market related capacity.