NGX Regulation Limited has given a 10 working-day ultimatum to Global Assets Management Limited, a securities company, to resolve the allegations of alleged forgery, theft, diversion of proceeds, and possibly money laundering leveled against it by Mr Kolawole Oladapo Adesina, a complainant.

Adesina had alleged that shares belonging to him and Emmanuel Olanipekun Adesina, his late father, from different companies were stolen and proceeds diverted to unknown persons.

In the same vein, the Securities and Exchange Commission (SEC) also launched investigations into the same complaints against the same securities company.

NGX Regulation, is a wholly owned subsidiary of Nigerian Exchange Group (NGX group) committed to promoting just and equitable principles of trade and sound business practices in the Nigerian capital market by strictly enforcing clients’ listing and trading rules in accordance with global best practices.

Its activities seek to promote the integrity, transparency and efficiency of our market, ensuring that the standards set are effective in maintaining a fair and orderly market where investors are adequately protected.

In a letter with reference number NGXRECO/MRIVG/7160/1/26, signed by Chinedu Akamaka, Head, Market Regulation, the regulatory body acknowledged the petition of the complainant and stated that “In line with rule 5(4) of the Securities and Exchange Commission’s (SEC) rules on Complaints Management Framework of the Nigerian Capital Market 2015, your firm is required to solve this complaint within ten(10) working days and forward a report on resolution or non resolution. Your report should reach NGX Regco not later than 30 January 2026”.

SEC, in its own letter dated January 7, 2026 and signed by Mr John Abel Briggs, the Head, Lagos Zonal Office stated that while acknowledging Adesina’s petition, it has commenced investigations into the matter.

“Please be informed that we have commenced investigations by seeking Global Assets Management Limited, CSCS, and NGX to investigate the allegations in line with the Complaint Management Framework of the Nigerian Capital Market (NCM).

The company in the eyes of the storm, Global Assets, has however denied any wrongdoing in its reply addressed to NGX Regulation and signed by Sir Babatunde Sobamowo, managing director,  saying the allegations were unfounded.

Adesina, still smarting from the shocking revelation that his father, Prince Emmanuel Olanipekun Adesina, a late Banker with the United Bank of Africa (UBA) who allegedly died intestate did not,  but has a will.

He’s currently battling to have the will read at the Probate Registry of the High Court of Lagos State, Ikeja Judicial Division.

In the many shocking revelations while going through his parents’ documents, he discovered many shares his father had bought for him since the time of his youth.

Most of these shares, and that of his father, has disappeared without a trace, only relying on the father’s documentation to trace them.

In a 15 paragraph affidavit he deposed to and filed at the registry of the Ikeja High Court, which formed his petition before SEC, the complainant narrated his ordeal this:

“I am the beneficial owner of securities and investments held with Global Asset Management Limited under account number 23278460(old account number A0457245) and Clearing House No C4928105AN. I have held the investments registered in my name since my childhood, acquired and maintained by my late father for my benefit.

My late father, whose particulars I can provide on request, purchased shareholdings  in my name up to and including the date of his death on February 21, 2006.

I did not authorize any sale of the Securities held in my account and have never knowingly sold any holdings in that account;

“On or about August 25,2022 when I attended the offices of Global Assets Management to effect a sale of certain securities to raise funds, I was provided with documentation and account records indicating that a substantial (and in some cases total) portion of my securities had already been sold and the sale proceeds diverted.

“No such sale had been authorized by me and no proceeds of such alleged sale were paid to me or credited to the account records held by Global Assets in my name;

“Upon inspection of the physical file and documents in my possession and in the custody of Global Assets Management, I discovered numerous stock transfers, notes on sale and other documents bearing my signature which I did not sign. I verily believe that the said signatures are forged”.

With this discovery, Adesina directed his lawyers, Pich Solicitors, to write a letter of demand to the company requesting production of all documents and materials relating to his account from February 21, 2006 till date. The company however failed to comply. He therefore urges SEC to compel the company to produce the documents and other materials requested. He fears if it’s not compelled, the company may alter, delete, or otherwise fail to preserve records relevant to the matters that are subject of his complaint.

Adesina exhibited over 10 documents to support his complaint which include copies of his account statements, copies of stock transfers bearing alleged forged signatures, CSCS certificate/ deposit forms relating to his holdings, sales contract notes and transaction confirmations, CSCS printout on stocks held in his name, dividend statements and dividend warrants in his name, copies of his share certificates in Berger Paints Nigeria Plc, Nigerian Bottling Company Plc, Grammac Industries Plc, and West African Portland Cement Plc. “I unequivocally and verily believe that the exhibits listed are materials relevant to the issues raised in this application and that they substantiate the allegations of unauthorized sales, forged signatures,and diversion of sales proceeds”, he averred.

Adesina’s petition was copied to the Chairman of Global Assets Management, Dr S.T.V Adegbite and all other directors of the company. It’s also copied to DG SEC, CEO, Nigerian Exchange Group, MD, Central Securities Clearing System Plc(CSCS), The Chairman, Economic and Financial Crimes Commission (EFCC), Director, Nigerian Financial Intelligence Unit(NFIU), and Commissioner of Police, Force CID(Financial Crimes Unit).

In its response addressed to NGX Regulation, Global Assets Management Limited described all the allegations as unfounded. “In compliance with our regulatory obligations, we have carefully reviewed the allegations contained in the petition and hereby provide our response, addressing each issue raised by the petitioner sequentially and supported by relevant documentation”, the response stated.

The company explained that their real client was the petitioner’s mother, late Mrs Frances Omorolaun Adesina. “Our professional relationship with her spanned several years during which she conducted securities transactions through our firm until her demise. At no time prior to her death did the petitioner operate the relevant account independently or maintain a separate trading mandate with GAM”, it stated.

GAM maintained that its first formal interaction with the petitioner occured through his lawyer, Pich Solicitors, requesting information relating to the state of the petitioner’s father. Subsequently the petitioner personally visited and was availed with a CSCS statement relating to his account and a KYC update form which the petitioner never returned.

The company stated further: “According to records obtained directly from CSCS,  the only securities credited to the petitioner’s account were deposited on September 15, 2009, three years after the death of his father in 2006. We are unable, and not required to determine whether the shares were purchased by his late father or late mother. However the records show that no securities were deposited into the petitioner’s account in 2006 or earlier. Only three securities were deposited through GAM”.

The company also listed as exhibits documents which includes a duly executed sale order form dated April 4, 2014, Statement of account of the late mother, copy of cheque, letter of authority dated January 11, 2014 signed by the petitioner and his sister authorizing their late mother to transact on matters relating to their father’s estate, and GAM bank statement confirming payment of the proceeds to the named beneficiary.

However, there seems to be discrepancies in the signature tendered by both parties as they did not correspond. SEC will therefore determine which one is genuine and having regard to the power of a parent to trade on an adult child securities without proper consent.

Credit… The Nation