By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Monday published on its website a list of Dealing Member Firms involved in unauthorized sales of investors’ shares between January 2012 and September 2013.
The list shows that the cases of 14 firms out of the 26 listed have been resolved; while 12 remains unresolved.
Also, the NSE published the name of three (3) individuals involved in unauthorized sales of investors’ shares in the review period.
Out of these, two (2) of the cases has been resolved while one remains unresolved according to the NSE.
The NSE in its bid to improve investors’ confidence in the market has commenced a strong campaign against market infraction by its dealing members.
Investors can now make more informed decisions about where to invest by viewing names of Dealing Member Firms that have been found liable for contravening market rules.
The aim of the NSE is to reduce contravention of market rules to its barest minimum while doing all within its means to restore confidence.
Below is the list
DEALING MEMBER FIRMS/INDIVIDUALS INVOLVED IN UNAUTHORIZED SALE OF INVESTORS’ SHARES BETWEEN JANUARY 2012 AND AUGUST, 2013 | |||
FIRMS | |||
S/N | DEALING MEMBER FIRM | ENFORCEMENT ACTION | STATUS OF COMPLAINT |
1 | Adamawa Securities Limited | Firm to restitute the investors. | Resolved |
2 | Bytofel Trust and Securities Limited | Firm was referred to Disciplinary Committee of council of The Exchange. Resolution is ongoing. | Unresolved |
3 | De-Canon Investment Limited | Firm was suspended on 16th of March, 2012. | Unresolved |
4 | Dominion Trust Limited | Firm restituted the investor | Resolved |
5 | ECL Asset Management Limted | Firm to restitute the investors. | Resolved |
6 | Finbank Securities & Asset Management Limited | Firm to restitute the investors. | Resolved |
7 | First Alstate Securities Limited | Firm suspended and referred to the disciplnary committee of the council | Unresolved |
8 | Fittco Securities Limited | Firm to restitute the investors. | Resolved |
9 | GMT Securities and Assets Management Ltd | Firm restituted the investor | Resolved |
10 | Gosord Securities Limited | Firmsuspendedandreferredtothedisciplnarycommitteeofthecouncil | Unresolved |
11 | ITIS Securities Limited | Firm was suspended. Resolution is ongoing | Unresolved |
12 | Kapital Care Trust & Securities Limited | Firm restituted the investor | Resolved |
13 | Lakesworth Investment & Securities Ltd | Firmsuspendedandreferredtothedisciplnarycommitteeofthecouncil | Unresolved |
14 | Lighthouse Asset management Limited | Firm was suspended. Resolution is ongoing | Resolved |
15 | Lion Stockbrokers Limited | Firm was suspended on 16th of March, 2011. | Unresolved |
16 | Mact Securities Limited | Firm restituted the investor | Resolved |
17 | Manivest Asset Management Limited | Firm was suspended on the 16th of March, 2012 | Unresolved |
18 | Marriot Securities Limited | Firm restituted the investor | Resolved |
19 | Maven Asset management Limited | Firm restituted the investor | Resolved |
20 | Mountain Investments and Securities Ltd | Firm restituted the investor | Resolved |
21 | Nova Finance &Securites Limited | Firm to restitute investors. | Unresolved |
22 | Omas Investment and Trust Limited | Firm was suspended on 31st December, 2010 | Unresolved |
23 | Prime Wealth Capital Limited | Firm restituted the investor | Resolved |
24 | Royal Crest Securities Limited | Firm restituted the investor | Resolved |
25 | Securities Solutions Limited | Firmwassuspendedandreferredtothedisciplinarycommitteeofcouncil | Unresolved |
26 | WT Securities Limited | Firm was suspended on 31st of October, 2011 | Unresolved |
INDIVIDUALS | |||
S/N | BROKER | ENFORCEMENT ACTION | STATUS OF COMPLAINT |
1 | Mr. Kingsley Nnaji | Has been blacklisted by The Exchange for misconduct | Resolved |
3 | Mr. Joel Okafor | He has been refered to the disciplinary committee of council | Unresolved |
2 | Mr. Okafor George Nchedo | He was investigated for misconduct | Resolved |
