Senate Committee on Capital Market Investigates Petition & Recovery of BGL Investment of N4bn Irredeemable Non - Accumulative Shares

By Undue Emmanuel 

Basic Truths News Network NASS Independent publishers).

The Senate Committee Chairman on Capital Markets, Senator Osita B. Izunaso, on Thursday, 12th March, 2026 led investigations into a  petition dubbed: "A case of lingering Egregious injustice & Erosion Of Market Integrity Requiring Urgent Redress".
Recall that the subject matter meeting with BGL,PLC, (2)FCMB,(3)AMCON And SEC was held on the 9th July 2025 with the committee  where it was mandated that the petition should be made available for the parties to provide their responses accordingly. This is necessary for the background knowledge and transactions position of BGL petition.
BGL was one of the underwriters of the public offer for FIN Bank's N4,000,000,000 Irredeemable Non-Cumulative preference shares of ₦ 9,50 each in2008 which was largely unsuccessful and BGL underwrote and was allocated 467,840,000 preference shares.

The meeting with the various actors concerning the petition was held by senate committee on Capital markets with SEC, BGL, FCMB and AMCON on the 12 March 2026  at Room 211 New Senate Building  National Assembly Abuja.


Arising from disagreement and counter positions and horse -trading position, the committee gave directives for the summary of their respective positions note to be more than 2 pages or at best 1 and  half pages as to enable the committee  roll out their final ruling after the Easter holiday.   

The meeting successfully adjourned for the break and the resume hearing.

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