SEC wins case against Bara Finance, founders imprisoned for one year

Nigeria’s Securities and Exchange Commission (SEC) said it had won its court case against capital investments firm, Bara Finance & Investment.

SEC had sued Bara Finance for allegedly conducting illegal investment business within Nigeria’s capital market, and got a conviction against the management.

The capital market regulator said in a statement on Sunday, that the Federal High Court sentenced Ede Agida Peters and Olom Ojebong Jacob, Messrs of Bara Finance, to one year imprisonment without option of fine, it cited a court ruling dated June 28, 2021.

SEC also requested that Peters and Jacob refund all outstanding monies due to their “investors”. However, the court didn’t pronounce a judgement to the demand, the statement released to the investing public states.

Read also: Nigeria’s Securities And Exchange Commission Details How Wale Tinubu, Alake of Egbaland And Other Directors Ruined OANDO

It stated that Bara Finance contravened provisions of sections 38, 54 and 67 of the Investments and Securities Act 2007 by operating an unregistered investment scheme and conducting illegal capital market activities.

In the statement, SEC warned the public against conducting business with Bara Finance, “The Commission hereby reiterates that BARA FINANCE & INVESTMENT LTD and its promoters are NOT registered to operate in the Nigerian capital market.

“Accordingly, the public is strongly advised to desist from engaging in any capital market related business/investment activities with the company or otherwise dealing with the above-mentioned individuals convicted by the Federal High Court.”

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