SEC recovers investor’s N1.5m shares illegally sold

The Securities and Exchange Commission  (SEC), through its investor protection initiatives, has recovered N1.5 million for an investor, Rev. Fr. Samuel Ukeje, whose shares were illegally sold.

A statement issued by the commission on Sunday stated that Ukeje, who resides in Italy, bought the Guaranty Trust Bank shares eight years ago through Cashville Investment and Securities.

“But he was surprised to learn that the shares had been sold by the company, without his knowledge.’’

It said that the investor became suspicious when he was not receiving any dividend warrants or bonuses, like other investors, and upon investigation, realized that the shares had been sold, without his knowledge.

“The complainant lodged a complaint with SEC in January 2015 and after a thorough investigation, the money was recovered and he was called by the SEC Police Unit on Jan. 4 to pick up his cheque.’’

“Although he is happy with the efforts by the commission and commended them for their investor protection initiatives, he wants the company to be further penalized, to serve as a deterrent to others,” the statement said.

The commission said that the investor wanted the company penalized because the value of his money when the shares were bought and what they are today was not at par,  due to naira depreciation. (NAN)