Seventy dealing members with revoked licenses risk expulsion at NSE  

Some dealing members of the Nigerian Stock Exchange (NSE) whose licenses were revoked in the past, as well as those said to be inactive, and five authorised dealing clerks/former dealing members are expected to appear before the disciplinary committee of the Exchange’s national council later this month.

The Exchange in a recent public notice signed by Mojisola Adeola, Council Secretary, has invited about seventy (70) dealing members whose licenses were revoked by the Nigerian Stock Exchange between 1996 and 2007 to come and show cause why they should not be expelled as members of the Nigerian Stock Exchange. The hearing is on Tuesday, September 27, 2016, according to the notice.

This regulatory move is pursuant to Rule 6:4 (d) Rulebook of the Exchange, 2015 (Dealing Member Rules) and the Memorandum and Articles of Association of the Nigerian Stock Exchange.

In another development, eleven (11) dealing members have been summoned by the disciplinary committee of the Exchange for the purpose of a hearing to enable the dealing members said to have remained inactive for a consecutive period of over one year in breach of Rule 6:4 (d) Rulebook of The Exchange, 2015 (Dealing Member Rules) to show cause why their dealing member licenses should not be revoked and why they should not be expelled as members of the Nigerian Stock Exchange. The hearing is also on Tuesday, September 27, 2016.

The eleven inactive dealing member firms are: Aims Asset Management Limited; CEB Securities Limited; GMT Securities & Asset Management Limited; Gombe Securities Limited; International Standard Securities Limited; LB Securities Limited; ML Securities Limited; Monument Securities & Finance Limited; Profund Securities Limited; Supra Commercial Trust Company Limited; and Waila Securities & Funds Limited.

Also, the disciplinary committee of the NSE has summoned five (5) authorised dealing clerks and former employees of dealing members/former dealing members of the Nigerian Stock Exchange for the purpose of a hearing in respect of unauthorised transactions carried out by them. The hearing is onWednesday, September 28, 2016.

The NSE recent public notice identified the authorised dealing clerks/former employee, their roles and last known address/address registered with the Nigerian Stock Exchange as: Folaji Taju, Authorized Dealing Clerk of First Alstate Securities Limited; Ichie Mike Ejezie, Managing Director/ Authorized Dealing Clerk of Gosord Securities Limited (which has been expelled by The Nigerian Stock Exchange); Ekwy Adinuba, former Authorized Dealing Clerk of Gosord Securities Limited (which has been expelled by the Nigerian Stock Exchange); Adams Adeshegun, Authorized Dealing Clerk of Fico Securities Limited (which has been expelled by the Nigerian Stock Exchange), and Olorunfemi Ayorinde, former employee of Cashville Investment and Securities Limited.

The five persons who are expected to appear for the hearing in the NSE Council room, according to the public notice, will be expected to show cause why their authorised dealing clerkship licenses should not be revoked.

Likewise, the NSE disciplinary committee identified the seventy (70) dealing member firm as: A.T.I.F Securities Limited; Abacus Securities Limited; ABC Securities Limited; Akitorch Securities Limited; All Wealth Securities Limited; Apex Securities Limited; Asset Plus Securities Limited; Associated Securities Limited; Avon Finance and Securities Limited; Beachgroove Securities & Investments Limited; Broadedge Securities Limited; Bullion Securities Limited; Cardinal Securities Limited; City Investment Management Limited; Comment Finance & Securities Limited; Corporate Trust Limited; Crown Merchant Securities Limited; Dalgo Investment & Trust Limited; Devcom Securities Limited; and Devserv Finance & Securities Limited.

Other dealing members whose licenses have earlier been revoked but risk expulsion are EBN Securities Limited; Equity Securities Limited; Farida Investment and Finance Limited; Gilts and Hedge Finance Limited; Global Investment & Securities Limited; Goldworth Securities Limited; Haggai Investment & Trust Limited; Halsec Finance Limited; HP Securities Limited; Investicon Nigeria Limited; Investment Resources Limited; Island Securities Limited; Jenkins Investments Limited; Kapital Securities Limited; Lilygate Securities Limited; Lozinger Securities Limited; M&M Securities Limited; M. J Securities & Investment Limited; Majesc Securities Limited; Matrix Capital Management Limited; and MBA Securities Limited.

It also includes: MBCOM Securities Limited; Merchant Securities Limited; Metropolitan Trust Nigeria Limited; Midland Securities Limited; MMB Securities & Trust Limited; MMG Securities Limited; Morgan Trust Asset Management Plc; Nationwide Securities Limited; New Horizons Finance and Investment Limited; Nigbel Securities Limited; Omega Securities Limited; Omnisource International Limited; OpenGate Finance Company Limited; Pacific Securities Limited; Pamal Finance Limited; Peak Securities Limited; Prime Securities Limited; Prudent Stockbrokers Limited; Royal Securities Limited; Source Finance Limited; Supreme Finance & Investment Company Limited; Synergy and Assets Trust Limited; Thomas Kinsley Securities Limited; Tradestamp Securities Limited; Trust Securities Limited; Unit Trust Securities Limited; Universal Securities Limited; Viva Securities Limited; and Wintrust Limited.