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By Lukman Olabiyi
NGX Regulation Limited (NGX REGCO), a subsidiary of Nigerian Exchange Group (NGX Group), has issued a 10-working-day ultimatum to the Global Assets Management Limited (GAM), to resolve serious allegations of forgery, theft, diversion of proceeds and possible money laundering brought against it by a complainant, Mr Kolawole Oladapo Adesina.
The allegations centred on claims that shares belonging to Adesina and his late father, Prince Emmanuel Olanipekun Adesina, were unlawfully sold and the proceeds diverted to unknown persons without authorisation.
In a related development, the Securities and Exchange Commission (SEC) has also commenced investigations into the same complaints against Global Assets Management Limited.
NGX Regulation, a wholly owned subsidiary of the Nigerian Exchange Group (NGX Group), is responsible for enforcing listing and trading rules in the Nigerian capital market in line with global best practices.
The regulator said its actions are aimed at protecting investors and ensuring transparency, integrity and orderly conduct in the market.
In a letter referenced NGXRECO/MRIVG/7160/1/26 and signed by the Head of Market Regulation, Mr Chinedu Akamaka, NGX Regulation acknowledged receipt of Adesina’s petition and directed the firm to resolve the matter within 10 working days.
“In line with Rule 5(4) of the Securities and Exchange Commission’s Rules on the Complaints Management Framework of the Nigerian Capital Market 2015, your firm is required to resolve this complaint within 10 working days and forward a report on resolution or non-resolution. Your report should reach NGX Regco not later than 30 January 2026,” the letter stated.
Similarly, SEC, in a letter dated January 7, 2026 and signed by the Head of its Lagos Zonal Office, Mr John Abel Briggs, confirmed that investigations had commenced.
“Please be informed that we
