Togolese National Accuses SEC of Victimisation, Demands N500m Damages

Togolese National Accuses SEC of Victimisation, Demands N500m DamagesTogolese National Accuses SEC of Victimisation, Demands N500m DamagesA Port Harcourt-based Togolese man, Tsomenefa Kounougna, has accused the Nigerian Securities and Exchange Commission (SEC) of victimisation by trying to cripple his investments, Flexus Global Solutions and Investment Limited and Port Harcourt Flexible Co-operative Investment, in Rivers state.

He has also approached a Federal High Court to compel SEC and four others to unfreeze his account and pay him N500 million as damages for confiscating his assets.

Addressing journalists yesterday in Port Harcourt, Kounougna, who is the Managing Director of the firms, said men from SEC invaded his investment on Aba Road, Port Harcourt without prior notice, shut the companies down and carted away seven laptops and other office equipment.

“I was arrested, some of my workers, detained for several hours at a Police station in Port Harcourt before being transferred to Abuja without explanation on the reason behind the invasion of my business premises.
“The policemen and staff of SEC locked up my business premises, carted away seven laptops, notebooks, several files and other office equipment,” he said.

He stated that his firm operated as a Cooperative Society, registered under the law of the federal and the Rivers state governments, adding that by the laws the firm was not obliged to be registered with SEC. He said he could not understand why SEC would suddenly came to shut down his business premises for several days without any prior notice, adding that the regulatory body had singled him out for victimisation because he is not a Nigerian.
He also alleged that the SEC had his account with Guaranty Trust Bank and Diamond Bank frozen, thus denying him access to his finances.

Kounoungna said he had lived in the country for over a decade with all his immigration papers intact and wondered why he would be singled out now for intimidation and victimisation.
Meantime, he has dragged SEC and four others to a federal High Court in Abuja in suit number FHC/ABJ/CS/995/2016, seeking the court to explain in line with the laws if his operation as a cooperative society was subject to the control of SEC.

He also sought the court to explain if SEC was empowered by law to arrest, confiscate properties of defaulting companies, cooperative organisations and also freeze their accounts.
He also sought an order of court mandating the defendants to jointly and severally unfreeze the bank accounts and pay him N500 million as damages for unlawfully confiscating his assets.

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