SEC Summons Six Directors Over Complaints on N300m Investors’ Funds

• SEC Summons Six Directors Over Complaints on N300m Investors’ Funds

The Securities and Exchange Commission, SEC, yesterday, directed six directors of Transglobe Investment & Finance Company Limited to appear before it for an alleged unresolved complaints by investors worth more than N300 million against the company.

The directors are Osita Ignatius Odili, Obasola Alao, Bariu Abdul Gaffar, Sunny Obidiegwu, Clement Obineze Maduako, and Alex Ekwueme.

The directors and their sponsors are expected to meet with the SEC on Wednesday, January 18, 2017.

The commission in a circular dated December 31, 2016 Titled “Notice of Meeting with the Directors and Sponsored Individuals of TransGlobe Investment and Finance Company Limited” said, “The Commission is investigating various complaints against Transglobe Investment & Finance Company Limited, a company of which you are Directors and sponsored individuals.

“In a bid to resolve the complaints, the Commission had exchanged several correspondence with your company through the Managing Director, but your company has failed to resolve the complaints. As at July 2016, there are five unresolved complaints still pending against your company involving over N300, 000,000.00.”

The commission further stated “In view of your position as Directors and sponsored individuals of Transglobe Investment & Finance Company Ltd, the Commission hereby invites you to meet with its officers in order to deliberate on ways of resolving all the outstanding issues.”