Modupe Gbadeyanka
By Modupe Gbadeyanka
The life ban place on the Managing Director of Partnership Investments Limited, Mr Victor Ogiemwonyi, by the Securities and Exchange Commission (SEC) has been approved by the Federal Ministry of Finance.
Anchor of Channels Television’s Business Morning, Mr Boason Omofaye, broke the news on Tuesday on Twitter via his account on the popular social media platform.
Mr Ogiemwonyi was alleged to have fraudulently sold shares belonging to his clients and misappropriated the proceeds.
His victims were Chairman of Standard Shareholders Association of Nigeria, Mr Godwin Anono; and former Managing Director of Ecobank Transnational Incorporated (ETI), Mr Arnold Ekpe.
Following the alleged act, the Nigerian Stock Exchange (NSE) suspended Mr Ogiemwonyi and his firm. He was also charged to court by the Economic and Financial Crimes Commission (EFCC).
SEC, after recommendations from its Administrative Proceedings Committee (APC) set up to investigate the matter, withdrew the operating licence of his firm in order to restore confidence of investors.
Also, the Finance Ministry approved the five-year ban on Chairman of Partnership Investments Limited, Mr Henry Omoragbon and four other board members.
They were further fined N100,000 each for breaching the code of conduct for capital market operators.
