High Court throws out BGL’s suits against SEC for “Incompetence”

The Federal High Court sitting in Lagos has delivered judgment in the three cases filed against the Securities and Exchange Commission (SEC) by BGL Plc, its sponsored individuals and subsidiaries.

The cases BGL brought before the Lagos High Court against the Commission include:

I. FHC/L/CS/767/2015 BGL PLC & 4 ORS VS SECURITIES AND EXCHANGE COMMISSION
II. FHC/L/CS/1050/2015 BGL PLC & 12 ORS VS SECURITIES AND EXCHANGE COMMISSION & 2 ORS
III. FHC/L/121/2016 BGL ASSETS MANAGEMENT LIMITED & 22 ORS VS SECURITIES AND EXCHANGE COMMISSION & ANOR

In its rulings, the Court dismissed all the three cases “for being incompetent”, handing a major victory to the regulatory and investor protection mandates of the Commission.

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