The Chartered Institute of Stockbrokers says it has severely punished one of its members, found guilty of infamous conduct last year.

The institute said in a statement that its Disciplinary Tribunal had found Mr. Akinwale Olagundoye guilty of infamous conduct on March 28, 2013, but could not take punitive action immediately because Olagundoye appealed the judgment at the Federal High Court, Lagos.

However, the Secretary of the CIS Tribunal, Mr. Babatunde Odofin, was quoted in the statement as saying the court dismissed the appeal on March 28, 2014.

“Consequently, his name is accordingly removed from membership of the institute with effect from March 28, 2014. Olagundoye is, therefore, barred from operating or presenting himself as a chartered stockbroker or a member of the institute under any circumstance,” Odofin said.

According to the statement, Odofin explained that another member, Mr. Peter Ola, who was suspended last year, had been readmitted by the institute.

The statement said, “Ola was found 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.”

Odofin, however, explained that Ola was readmitted after he applied for readmission, having re-purchased 1,000 units of shares of FrieslandCampina Wamco Nigeria including the outstanding dividends and bonuses for the two complainants.

Source: Punch (by Simon Ejembi)