SEC in court for ‘unlawful detention, confiscation, others’ by PortHarcourt based firm

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 The management of Security and Exchange Commission (SEC) has been dragged to a Federal High Court in Abuja by a Co-operative investment and credit society company based in Port Harcourt, Rivers for alleged unlawful arrest and detention of its Managing Director and Chief Executive, Henri Kounougna and others.

The Security and Exchange Commission, Corptorate Office, Abuja


The company also in the sued, claimed that SEC unlawfully sealing its office for more than two weeks for allegedly operating without registration.

The plaintiffs, Flexus Global Solutions and Investment Limited and Port Harcourt Flexible Cooperative Investment and Credit Society Limited are demanding N500 million damages.

Flexus Global Solutions and Investment Limited is operator of Port Harcourt Flexible Co-operative Investment and Credit Society Limited, a multi purpose cooperative society set up to assist young professionals and investors with loan facilities to grow their businesses and accept cash investments from members.

The company also demanded N200 million from SEC for alleged illegal confiscation of the company’s office gadgets/equipment, freezing of its bank accounts, including Kounougna’s account as well as the seizing of his international passport.

The plaintiffs prayed the court to interpret sections 28,38,54,152,153,315,and parts 1 and 2 of the Second Schedule to the Investment and Securities Act, No. 29 of 2007.

They asked the court to order SEC to de-freeze their bank accounts and pay damages for hardship caused the company and its workers.

Kounougna said officials of SEC invaded the company with policemen on November 25 and arrested workers and customers.

He said they were taken to the State Criminal Investigation Department (SCID) and detained.

However, while other detainees were released, admitted to bail within 24 hours, the managing director/chief executive officer said he was detained for four days in Port Harcourt and Abuja.

He gave list of items of the company in SEC’s custody as: seven laptops, two desk top computers, mobile phones, company transaction files, daily record books, among others that were carted away as at the time of invasion.


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