Regulatory Alerts2015-12-21
Public Notice on Claims Against Mega Asset Managers Limited for Fraudulent Conversion of Client Funds
The Securities and Exchange Commission has approved compensation for 580 investors through the National Investor Protection Fund following Mega Asset Managers Limited’s fraudulent conversion of client funds. The Fund’s Board authorized the payout after its Verification Committee completed a rigorous assessment of the claims. Affected investors must visit the Commission’s Lagos and Onitsha zonal offices with valid identification, account details, and a Bank Verification Number before 23 December 2015 to claim their approved compensation.
16th
December, 2015 IN THE MATTER OF CLAIMS AGAINST MEGA ASSET MANAGERS LIMITED FOR FRAUDULENT CONVERSION OF CLIENTS’ FUNDS AND OTHER VIOLATIONS OF THE ISA 2007, SEC RULES AND REGULATIONS 2000 AS AMENDED Following the inauguration of the National Investor Protection Fund (NIPF) on 26th November, 2015, the Securities and Exchange Commission wishes to inform the general public of the official takeoff of the Fund. The Verification Committee of the NIPF has concluded a rigorous verification of investors’ claims against Mega Asset Managers Limited and subsequently recommended approval of appropriate compensation to the affected investors. Consequently, the Board of the NIPF at its sitting of 14th December, 2015 has approved payment of compensation to the complainants/investors of Mega Asset Managers Limited who appeared before the Commission’s Administrative Proceedings Committee (APC) in the matter. In view of the above, the underlisted 580 complainants/investors are advised to contact our Lagos and Onitsha Zonal Offices with proof of identification, account details and Bank Verification Number (BVN) before 23rd December, 2015 for further details.