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.
The Securities and Exchange Commission (“the Commission”) wishes to draw the attention of the general public to the judgement of the Federal High Court siting in Abuja on the 28th
day of June 2021 , in respect of BARA FINANCE & INVESTMENT LTD, wherein the company as well as MESSRS EDE AGIDA PETERS
and OLOM OJEBONG JACOB were convicted of engaging in illegal capital market activities and operating an unregistered investment scheme, contrary to the provisions of sections 38, 54 and 67 of the Investments and Securities Act 2007.