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By Lukman Olabiyi
NGX Regulation Limited has issued a 10-working-day ultimatum to securities firm, 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 centre 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 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,” 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 have commenced investigations by seeking Global Assets Management Limited, CSCS and NGX to investigate the allegations in line with the Complaints Management Framework of the Nigerian Capital Market,” SEC said.
Global Assets Management Limited has, however, denied any wrongdoing. In a response addressed to NGX Regulation and signed by its Managing Director, Sir Babatunde Sobamowo, the firm described the allegations as unfounded.
The dispute follows Adesina’s discovery, while sorting through his late parents’ documents, that several shares purchased by his father during his childhood appeared to have disappeared.
His father, a former banker with United Bank for Africa (UBA), died on February 21, 2006. Adesina is also currently involved in a separate legal battle at the Probate Registry of the High Court of Lagos State, Ikeja, over the reading of his late father’s will.
In a 15-paragraph affidavit filed at the Ikeja High Court Registry and submitted as part of his petition to SEC, Adesina claimed that he is the beneficial owner of securities held with Global Assets under specific account and clearing house numbers, and that he never authorised the sale of any of the shares.
He stated that when he visited Global Assets’ office on August 25, 2022 to sell some securities, he was informed that substantial portions of his holdings had already been sold and the proceeds diverted.
“No such sale had been authorised by me and no proceeds of such alleged sale were paid to me,” he averred.
Adesina further alleged that upon inspecting documents in his possession and those held by the firm, he discovered several stock transfer forms and sale documents bearing signatures he did not sign, which he believes were forged.
Following this discovery, his lawyers, PICH Solicitors, wrote a letter of demand requesting all documents relating to his account from February 21, 2006 to date.
He claimed the firm failed to comply, prompting him to ask SEC to compel the production and preservation of the records.
To support his petition, Adesina attached over 10 documents, including account statements, stock transfer forms with alleged forged signatures, CSCS deposit forms, contract notes, dividend warrants, CSCS printouts and share certificates in companies such as Berger Paints Nigeria Plc, Nigerian Bottling Company Plc, West African Portland Cement Plc and Grammac Industries Plc.
His petition was copied to several authorities, including the Director-General of SEC, the Chief Executive Officer of the Nigerian Exchange Group, the Managing Director of the Central Securities Clearing System (CSCS), the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU) and the Force Criminal Investigation Department (Financial Crimes Unit).
In its response, Global Assets Management stated that its primary client was the petitioner’s late mother, Mrs Frances Omorolaun Adesina, with whom it maintained a professional relationship for several years.
“At no time prior to her death did the petitioner operate the relevant account independently or maintain a separate trading mandate with GAM,” the firm said.
The company claimed its first formal interaction with Adesina was through his lawyers and that when he later visited the office, he was provided with a CSCS statement and a KYC update form which he allegedly failed to return.
According to GAM, records obtained from CSCS show that securities were credited to Adesina’s account only on September 15, 2009—three years after his father’s death—and that only three securities were deposited through the firm.
The firm also attached documents including a sale order form dated April 4, 2014, a letter of authority dated January 11, 2014 allegedly signed by Adesina and his sister, authorising their late mother to transact on matters relating to their father’s estate, and bank records showing payment of proceeds to a named beneficiary.
However, discrepancies have reportedly emerged between the signatures presented by both parties, raising questions over their authenticity. SEC is expected to determine the genuineness of the signatures and whether a parent can lawfully trade securities on behalf of an adult child without proper consent.
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