The Investment and Securities Tribunal has ordered the Director General of the Securities and Exchange Commission (SEC) to implement the decision against FINMAL to buy back shares and accrued bonus shares belonging to the estate of Late Ambassador Abubakar Garba Gobir.
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The notice of Consequence of Disobedience of Court Order (Form 48) was filed at the registry of the Investment and Security Tribunal on November 2, 2023.

According to findings, the DG of SEC is being prosecuted for alleged inaction of the group chairman of NGX.

The Guardian gathered that the dispute leading to the committal proceedings has a long and chequered history.

Late Ambassador Abubakar Gobir had shares in various companies before his demise on November 27, 1996 upon which a letter of Administration was granted over his Estate by the Probate Registry Division of the High Court of Kwara State on August 6, 1997.

“Subsequently, one of the heirs was appointed by the Court to manage the Estate in the interest of other beneficiaries,” a source hinted.
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Another source said the Estate later uncovered some underhand dealings with the shares belonging to the Estate, prompting a petition to SEC.

The Estate has vowed to do all in the confines of the law to ensure that justice is served and the Estate gets what rightly belongs to it.

“At this stage, we contacted the counsel for the Estate, Mr. Ahmed Tafa, “FINMAL FINANCE & SERVICES Ltd was ordered by SEC to buy back the shares wrongly sold and pay the accrued dividend to the Estate of Late Ambassador Gobir vide the letter dated 9th February 2021 on or before March 15, 2021, a directive which FINMAL failed to comply with.

“However, FINMAL Finance & Services Ltd, in a letter dated 1st June 2021 and jointly authored by Alh. Umaru Kwairanga and Mr. Adedapo Adekoje, offered to pay the Estate of Late Ambassador Gobir N90m in full and final settlement of the indebtedness which accrued from unauthorized sale of the shares belonging to the Estate; the Estate promptly rejected the offer.
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“Despite a letter of reminder dated 16th June 2021, FINMAL FINANCE & SERVICE Ltd has refused to comply with SEC directives, leading the Estate to approach the Investment and Securities Tribunal to seek redress and hope for closure. The Tribunal, in its judgment dated 6th January 2023, directed SEC to enforce its decision against FINMAL FINANCE & SERVICES LTD.

“The Estate met another brick wall because SEC has refused to comply with the judgment of the Tribunal. The Estate has now resorted to contempt proceedings against the D.G SEC to compel him to comply with the terms of the judgment by enforcing its decision dated 9th February 2021,” Tafa explained.

Meanwhile, efforts to reach the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, for reaction were unsuccessful, as several attempts to contact him went unanswered.
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