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SEC urges investors to collect recovered Certificates

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SEC urges investors to collect recovered Certificates

The Securities and Exchange Commission (SEC) has urged the investing public especially clients of Alliance Capital Management Company Limited (ACMCL) that the Commission has in its custody 1,662 share certificates recovered from the company.

As a result, clients of ACMCL are enjoined to visit the Commission’s website for their names after which they are also advised to visit the Commission’s Head office or any of its zonal offices nearest to them to collect their certificates.

It would be recalled that the SEC received about 250 complaints against ACMCL between June 2007 and March 2010 which included failure/refusal/neglect to forward to Registrars, certificates received from Investors/Clients for verification and lodgment in the Central Securities Clearing System (CSCS).

The Commission conducted preliminary investigation and the matter was referred to the Administrative Proceedings Committee which disqualified the Managing Director, Edward Koki from participating in the capital market for life in line with the Provisions of Rule 20 (B) of SEC Rules and Regulations 2007, the operator’s license was also withdrawn by the Commission.

The Commission intervened and recovered the 1,662 share certificates from ACMCL premises belonging to various investors.

According to the SEC, the Collection period which started from April 8, 2016, lasts till July 8, 2016 which is exactly three (3) months from the date of the announcement.

“Please be advised to go with proof of ownership and a valid means of identification such as international passport, driver’s license, national I.D card or permanent voter’s card” The statement added.

Biodun Abimbola

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. The Verge Communications (NEWSVERGE) is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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