SEC Summons Company Directors Over Investors N300M

On Tuesday, January 3, the Security and Exchange Commission (SEC) ordered directors of Transglobe Investment and Finance Company Limited to appear before it.
The directors - Osita Ignatius Odili, Obasola Alao, Bariu Abdul Gaffar, Sunny Obidiegwu, Clement Obineze Maduako, and Alex Ekwueme – were accused of.....
failing to resolve various complaints of over N300 million filed by investors against the company.

SEC in a circular said the directors and their sponsors are expected to meet with the commission on Wednesday, January 4.

The circular title: Notice of Meeting with the Directors and Sponsored Individuals of TransGlobe Investment and Finance Company Limited said the commission was investigating the allegations.
“In a bid to resolve the complaints, the Commission had exchanged several correspondence with your company through the Managing Director, but your company has failed to resolve the complaints,” the commission said.
It also added that, as at July 2016, there were five unresolved complaints still pending against the company.

“In view of your position as Directors and sponsored individuals of Transglobe Investment & Finance Company Ltd, the Commission hereby invites you to meet with its officers in order to deliberate on ways of resolving all the outstanding issues,” the commission said.