Regulatory Alerts2021-08-05
Judgement of the Federal High Court in Respect of BARA Finance & Investment Ltd and Its Management/Promoters
The Securities and Exchange Commission has issued a public notice highlighting the Federal High Court's conviction of BARA Finance & Investment Ltd and its promoters, Messrs Eda Aguda Peters and Olom Ojebong Jacob. The court ruled that the company and its management violated sections 38, 54, and 67 of the Investments and Securities Act 2007 by operating an unregistered investment scheme and engaging in illegal capital market activities. This regulatory notice enforces stricter capital market compliance and serves as a formal warning to unregistered investment entities.
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