The Securities and Exchange Commission (SEC) has banned and blacklisted Taofik Lawal and Mrs. Iyabode Lawal, directors of WT Securities Limited, from operating in the Nigerian Capital market for life.
According to the Securities and Exchange Commission (SEC), the decision was taken following investigations of complaints against WT Securities Ltd. and its Directors (Mr. Taofik Lawal and Mrs. Iyabode Lawal) after which they were found culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorized sale of the Nigerian Breweries Plc. shares belonging to Ngozi Onyekwere Nwachukwu.
The SEC said the action was in exercise of its powers under Section 13 of the ISA, 2007.
“The actions of WT Securities Ltd. 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.
Consequently, in accordance with Section 13 (bb) of the ISA 2007, Mr. Taofik Lawal and Mrs. Iyabode Lawal have been banned and blacklisted from operating in the Nigerian Capital market for life.”
The SEC further advised the investing public to desist from dealing with the named persons in any capital market related capacity.