Capital Market: SEC issues disclaimer on BARA Finance & Investment Ltd
Capital Market: SEC issues disclaimer on BARA Finance & Investment Ltd
The Securities and Exchange Commission (SEC) has drawn the attention of the general public to the judgement of the Federal High Court siting in Abuja on the 28th day of June 2021, in respect of BARA FINANCE & INVESTMENT LTD wherein the company as well as MESSRS EDE AGIDA PETERS and OLOM OJEBONG JACOB were convicted of engaging in illegal capital market activities.
SEC said the company was operating an unregistered investment scheme, contrary to the provisions of sections 38, 54 and 67 of the Investments and Securities Act 2007.
In a statement titled : “Judgement Of The Federal High Court In Respect Of BARA Finance & Investment Ltd And Its Management/Promoters,” hence the commission wants the general pblic not engage in any capital market activities with the firms and their owners.
The statement reads as follows: The Securities and Exchange Commission (“the Commission”) wishes to draw the attention of the general public to the judgement of the Federal High Court siting in Abuja on the 28th day of June 2021, in respect of BARA FINANCE & INVESTMENT LTD, wherein the company as well as MESSRS EDE AGIDA PETERS and OLOM OJEBONG JACOB were convicted of engaging in illegal capital market activities and operating an unregistered investment scheme, contrary to the provisions of sections 38, 54 and 67 of the Investments and Securities Act 2007.
The court sentenced MR. EDE AGIDA PETERS and MR. OLOM OJEBONG JACOB to one year imprisonment at the Nigerian Correctional Centre, without the option of a fine. No pronouncement was made by the court on the Commission’s request for the defendants to refund all outstanding monies due to their “investors”.
The Commission hereby reiterates that BARA FINANCE & INVESTMENT LTD and its promoters are NOT registered to operate in the Nigerian capital market. Accordingly, the public is strongly advised to desist from engaging in any capital market related business/investment activities with the company or otherwise dealing with the above-mentioned individuals convicted by the Federal High Court.
SIGNED
MANAGEMENT
