The duo of Onikepo Akande and Onajite Okoloko have been
exonerated from the alleged shares scam perpetrated on behalf of Union Bank
against its investors by the Investments and Securities Tribunal (IST), sitting
in Abuja, reports ITRealms.
The Securities and Exchange Commission (SEC), ITRealms gathered, had dragged Union Bank and 21 other individuals comprising the
Directors and Company Secretary who had served on the Board of the Bank between
2007 and 2008 before the Investments and Securities Tribunal.
ITRealms reports that the aggrieved Applicant, SEC had informed the Tribunal, that
the 21 respondents engaged and/or participated in a scheme and or artifice that
enabled Union Bank of Nigeria Plc to either directly or indirectly fund the
purchase of its Shares and thereby retaining the beneficial ownership of the
shares, and as a consequence, (i) violated or contributed to the violation of
the provisions of the Investments and Securities Act and the rules and
regulations made thereunder, (ii) undermined the fair and orderly conduct of
the securities market, and (iii) abused, breached and undermined the integrity
of the securities market;
SEC further informed that the Respondents unlawfully employed,
(in connection with the purchase or sale of the securities of Union Bank of
Nigeria, Plc) a device, scheme or artifice for the purpose of creating a false
and misleading appearance of active trading of Union Bank securities and/or
shares, which devise, scheme or artifice so employed by the Respondents herein,
violated the provisions of the Investments and Securities Act and the rules and
regulations made there under.
SEC further claimed that the Respondents undermined the
regulatory and supervisory authority/activities of the Applicant, by ordering
the appointment of KPMG Professional Services or any other reputable firm of
accountants acceptable to the Tribunal for the purpose of undertaking an
inquiry/investigation to determine (i) the extent and quantum of the losses
suffered by investors in the securities market as a result of the unlawful
activities of the Respondents outlined in this suit and (ii) the nature, extent
and quantum of any direct benefit or advantage received or receivable by the
Respondents as a result of the Respondents’ aforesaid unlawful activities.
But, in its decision, the Tribunal of Six (6) headed by
Nnenna A. Orji ruled that the names of Onikepo Akande and Onajite Okoloko who
had been originally sued as 19th and 20th Respondents respectively,
be struck out on the grounds that they were not yet Directors when the alleged
infractions took place.
In the Suit listed as CASE NO. IST/LA/OA/20/2010, the
Tribunal noted that the processes were amended to include both Onikepo Akande
and Onajite Okoloko, who were appointed only after the infractions had taken
place.
It would be recalled that some Directors of Union bank were
involved in a share scam involving the purchase of Union Bank shares for itself
to mislead the Public, using funds borrowed from two foreign financial houses
totaling over N30bn between 2007 and 2008.
Uboshe Uboshe/GEE
No comments:
Post a Comment