PROFILE OF TRANSGLOBE LEGACY OF FRAUD

EFCC Boss

APC/31/04        Joseph Ibikunle Jacobson v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits, the value of which as at the time of hearing was estimated at N84,600.00.

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/30/04   Allbond Investment Ltd. v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N102,481.70

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder.

APC/29/04        Abiodun Ademorin Shonibare v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N78,603.43.

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends

APC/28/04        Raymond C Iwunwa v Transglobe Finance & Investment Ltd

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N102,454.45

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder.

APC/27/04        N.K. Okali v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N228, 025.70

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/26/04        Luke N Odinagbonu v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N119,790.00

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder.

APC/25/04        Nwosu Nathan v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N137,295.93

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/24/04        Engr. Abayomi Adenekan v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N254,787.00

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends

APC/23/04        Ilobinso A.C v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N232,914.32

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/22/04        Dr. Victor Ogunyemi v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N278,180.94

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/21/04        Omelora Inv. & Finance Ltd v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N572,237.81

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/20/04        S.O. Sakeye v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N27,048.69

The respondent was directed to ensure that the stocks are transferred to the account of the complainant within 2 weeks from the date of the decision and was reprimanded.

APC/19/04        Geoffrey Chima Okafor v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N359,358.74

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/18/04        Mudiaga Ikpen & Philip Uwajue v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N1,231,063.08

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/17/04        Michael Ahuruonye v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N438,188.14

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder

APC/16/04        Basil Nnana Mouka v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N414,560.97

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends

APC/15/04        Umeh Nelson Chukwukere vs Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N596,247.74

The CSCS was directed to restore the investor to the position he ought to have been had the stocks been lodged regularly.

APC/14/04        Major B.M Haruna v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N1,228,311.80.

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/13/04        Okafor Gregory MadukaVs Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N1, 446, 660.55.

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder.

APC/12/04        Sylvanus U Obiejesu v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N3,387, 019

The respondent was directed to restore the complainant within two weeks from the date of the decision including the accruing bonuses and dividends.

APC/11/04  Pinefields Investment Ltd v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N1,071, 582. 42.

The respondent was directed to pay all interests accruable in respect of the un-remitted proceeds of the sale within two weeks from the date of the decision and was strongly reprimanded.

APC/10/04    Kogi State Foundation v Transglobe Finance & Investment Ltd.

Non-lodgment of securities and accrued benefits the value of which as at the time of hearing was estimated at N 1,299, 050. 11.

The respondent having purchased the stocks involved was strongly reprimanded and cautioned to desist from future violations of the provisions of the ISA and the Rules made thereunder

TRANSGLOBE BECOMES MOST SUSPENDED STOCKBROKING FIRM IN THE CAPITAL MARKET

DG, SEC

Apex capital market regulatory body, Securities and Exchange Commission (SEC) may suspend Transglobe Investment and Finance Company Limited (Transglobe) indefinitely over unethical practices.

According to a report by Proshare NI, a source made this affirmation to one of its reporters last week.

“SEC would suspend Transglobe over unwholesome practices,” the source reportedly said.

The source further affirmed that the suspension maybe indefinite and would take effect from sometimes next week; after an all parties meeting in Abuja, Nigeria.

It has been reviewed that a lot has gone wrong with the dealing firm under the Nigerian Stock Exchange (NSE).

Transglobe has been found to be illegally trading on shares of most of its clients, including a high profile client through the relationship its General Manager and acting MD/CEO had with a director of a multinational cooperative.

A letter signed by E.A Okolo on behalf of Musa Al-Faki, Director General (DG) of the Commission to the Cooperative and made available to Proshare NI; shows that SEC is currently investigating a case of fraud and misappropriation of funds belonging to the Cooperative of the multi national company by Transglobe.

The letter which was dated February 04, 2009 with reference number SEC/M & I/INVGT/MISC277/09 states that the SEC is currently investigating the case and in order to resolve the issues, has invited the Cooperative to an all parties meeting to be held at SEC’s Head Office on Thursday February 12 2009.

This issue has been raging on close to seven months now; which led to the suspension of Joseph Okolie and Sunny Ameh, acting Managing Director/CEO and General Manager (GM) respectively of Transglobe. It will be recalled that a case of Fraudulent conduct was delivered against the former MD/CEO: Mr. Wilberforce Onwuka.

SEC had on behalf of 31 complainants handed over Onwuka to the EFCC at the end of a hearing involving Transglobe because almost all of the 31 complaints against the company originated during his tenure as an officer of the company and occurred with his personal knowledge.

Currently, It has been affirmed that the firm owes billions of Naira; while its former Management in collaboration with some banks and fund managers made billions of Naira as well through share manipulations and financial engineering…especially on their transactions related to Geofluids Nigeria Limited.

This is coming on the heels of the resignation of two management members of the firm on the grounds of integrity concerns and interference by the Board of Transglobe and its former suspended management members of Joseph Okolie and Sunny Ameh. These members, we understand, are supervised by Mr. Sunny Obidiegwu, supervisory director and cousin of the chairman of the board, Nze Madako.

Prior to this time, the NSE had suspended Transglobe mid-2008 over infractions against its clients which include issuing of dud cheques, purchase of shares with clients’ funds in their names and not in the names of the clients; unbundling of shares purchased in the name of client not credited to the Central Securities Clearing System (CSCS) account but sold through contract notes.

The non-crediting of clients’ shares to its CSCS accounts; the use of funds provided for the purchase of shares for the cooperative, which was alleged not bought or/and unalloted, but for which bonus shares have been discovered in a separate CSCS account.

The use of clients’ funds as lien using fake seals and letter heads of the clients to procure facilities and non-verification of shares certificates of clients’ accounts.

As at the time of filing in this report, Proshare NI could not clarify the true status of the matter when it contacted Lanre Oloyi, Head, Media of the Commission. “I cannot confirm this issue at this moment due to an all parties meeting that has been scheduled,” he said.