Cases Before the Administrative Proceedings Committee
(January, 2008 to March, 2011)

S/N Title Of Case Case Number Nature Of
Violations 		Remarks
1 Longterm Global
Capital Ltd & 9 ors. vs. Stanbic IBTC Management Ltd 		APC/01/2010 Unauthorized
purchase of GTBANK/GDR and conversion of pounds components of funds transfer
to dollars without recourse to the complainant 		Parties were
reprimanded, penalized and discharged on some charges.
2 SEC vs. Proforte
Securities Ltd & 9 ors 		APC/66-194/2010 Failure to file
quarterly returns and remitting of capital & Interest invested by client 		Yet to be concluded
3 SEC vs Empire
Securities Ltd & 7 Ors 		APC/6-42/2009 Unauthorised sale of
clients shares, non-purchase of shares and various violations under the ISA
2007 and SEC Rules and Regulations 2000 as amended 		Yet to be concluded
4 SEC vs Davandy
Securities Limited & 11 Ors 		APC/2-64/2010 Non purchase of
client’s shares, Failure to file quarterly returns, failure to remit capital
and interest on client’s investment and various violations under the ISA 2007
and SEC Rules and Regulations 2000 as amended. 		Yet to be concluded
5 SEC vs MTECH
Communications Plc 		APC/65/2010 It was alleged that
directors of the 1st Respondent pledged
the assets of the 1st Respondent
as collateral for loans taken from Bank PHB to buy shares of the 1st Respondent
in its private placement before the 1st Respondent became a
Plc 		Yet to be concluded
6 SEC vs Alliance
Capital Management Cio.ltd & Nine Ors 		APC/2-245/08 Non purchase of
shares paid for by client, Non verification of share certificates and sale of
clients shares without mandate, non rendition of periodic returns, non
remittance of proceeds of sale to investor various violations under the ISA
2007 and SEC Rules and Regulations 2000 as amended. 		Yet to be concluded
7 SEC vs. Afribank Plc
& 32 Ors 		APC/5/2009 Violations of the
Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code
of conduct for capital market operators and their employees and the code of
corporate governance in Nigeria. 		Case was
discontinued and suit instituted at the IST
8 SEC vs. Fin Bank Plc
& 43 Ors 		APC/2/2009 Violations of the
Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code
of conduct for capital market operators and their employees and the code of
corporate governance in Nigeria. 		Case was
discontinued and suit instituted at the IST
9 SEC vs.
Intercontinental Bank Plc & 42 Ors 		APC/1/2009 Violations of the
Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code
of conduct for capital market operators and their employees and the code of
corporate governance in Nigeria. 		Case was
discontinued and suit instituted at the IST
10 SEC vs. Oceanic Bank
Plc & 37 Ors 		APC/4/2009 Violations of the
Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code
of conduct for capital market operators and their employees and the code of
corporate governance in Nigeria. 		Case was
discontinued and suit instituted at the IST
11 SEC vs. Union Bank
Plc & 26 Ors. 		APC/3/2009 Violations of the
Provisions of the ISA 2007,SEC Rules and Regulation 2000(as amended),the code
of conduct for capital market operators and their employees and the code of
corporate governance in Nigeria 		Case was
discontinued and suit instituted at the IS
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