ADEBISI JACOB OLAWEPO V. SECURITIES AND EXCHANGE COMMISSION

REGINA OBIAGELI NWODO, J.C.A. (Delivering the Leading Judgment): The Security Exchange Commission on receipt of twenty two (22) allegations of fraud against Asset Plus Securities Limited and 12 others invited all the directors of the company and some principal officers of the company to appear before the Administrative Proceedings Committee (APC) of the Commission.

The Appellant was the seventh Respondent before the committee. He appeared before the committee and was represented by a Counsel. In the affidavit of the Appellant, he stated that he was appointed a director in Asset Plus Security Ltd. on the 19th of April, 1999 by Board Resolution and same was filed at the Corporate Affairs Commission. The Appellant averred that the Asset Plus Securities Ltd sold his shares in Wise Investment without his knowledge or consent and the shares of others friends he recommended to the company without their consent. Appellant resigned as a director in Asset Plus Securities Ltd on the 9th of May, …