By InvestAdvocate
Lagos (INVESTADVOCATE)-The Chartered Institute of Stockbrokers (CIS), has deregistred two (2) of its members for unprofessional misconduct.
InvestAdvocate gathered that the stockbrokers are Peter Temidayo Ola and Kingsley Okwudiri Nnaji, while a third member, Akinwale Olagundoye was suspended from trading in the Nigerian capital market (NCM) for six (6) months. Olagundoye has however, appealed against this decision.
It was however, gathered that the deregistration of the brokers followed the judgment of the CIS Disciplinary Tribunal, which found them guilty of their various offences.
The CIS Tribunal is a body saddled with instilling discipline among members and thus protecting investors in the market. It has Justice G.A. Oguntade (rtd)as its legal assessor.
The judgements made available by the Secretary of the Tribunal, J.B Odofin, Ola was deregistered after the Tribunal found him guilty of infamous conduct contrary to and punishable under Regulations 5(vi), 5(vii) and 5 (xii) and section 11(1)(a) of the CIS Act of 1992.
Four count charges were brought against Ola, including the collection of money from persons with the pretence that he had shares to sell; conniving with securities houses not registered with the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) to defraud unsuspecting investors.
According to the report, among the charges brought against Ola, between May and June 2009, he was said to have collected the sum of N320, 000 from two persons under the false pretence that he had shares of Friesland Campina Wamco Nigeria when he knew in actual fact he had no such shares to sell.
In the case of Nnaji, he was deregistered for infamous conduct for which the Disciplinary Committee of the NSE had already found him guilty and his dealership clerkship withdrawn since last year.
The NSE terminated the Nnaji’s authority to utilise the trading facilities provided by the exchange. After reviewing the decision of the NSE committee, the CIS Tribunal declared that the conduct of Nnaji was of such magnitude that warranted the penalty given by the Exchange.
Accordingly, the name of Nnaji, is struck off the register of members of the Institute with the liberty to respondent to seek the reinstatement of his name should the decision of the NSE against him be reversed by an appellate Tribunal,” CIS said.
InvestAdvocate will be awaiting for details Olagundoye appeal against the decision to suspend him for six (6) months from trading in the Nigerian capital market.
