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NGX Sanctioned 8 Dealing Clerks and 13 Directors in Sustained Effort to Rebuild Trust

Based on the latest list of blacklisted persons published under the Nigerian Exchange (NGX) BrokerTrax section, the NGX has sanctioned eight (8) dealing clerks and thirteen (13) directors of various dealing firms in 2021.

In an effort to improve investors’ confidence in the market, The Nigerian Exchange Limited (NGX), commenced a strong campaign against market infraction by its Trading License Holders by introducing a Trading License Holders’ compliance report, BrokerTraX.

It will be recalled that similar actions were taken in previous years by the NSE (as it was then known), where twenty-two (22) dealing clerks and thirteen (13) other approved persons were sanctioned between 2012 and 2018.

Details of the list of entities blacklisted then are as listed below (after the takeaway) and divided into three (3) sections with the following headings:

  1. Blacklisted Dealing Clerks and Other Approved Persons;
  2. Other Approved Persons Blacklisted; and
  3. Other Blacklisted Staff of Trading License Holders.

Takeaway on Enforcement Actions

From the review of the aggregate list of sanctions up to 2021, the first part of the list comprises of thirty (30) dealing clerks while the second part of the list comprises of twenty-six (26) Other Approved Persons. The third part which is on Other Blacklisted Staff of Trading License Holders comprises of three (3) staffs only.

Below are the ten (10) takeaway(s) from the full blacklisted list as seen as of March 22nd, 2022;

  1. Three (3) staff were blacklisted by The Exchange for unauthorized transfer and sales of clients’ shares and misconduct
  2. Three (3) other approved persons were blacklisted by The Exchange for unauthorized sales of clients’ shares, fraudulent activites and misconduct
  3. Seven (7) other approved persons were blacklisted and suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.
  4. Thirteen (13) other approved persons were blacklisted and banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021.
  5. Three (3) other approved persons were blacklisted and suspended by the Securities and Exchange Commission from all capital market activities for three (3) months effective November 2020.
  6. Sixteen (16) Dealing Clerks were blacklisted by The Exchange for misappropriation of clients funds, unauthorised  sales of clients shares and unprofessional misconduct.
  7. One (1) Dealing Clerk was banned for life from engaging in capital market activities and from holding directorship position in any public company in Nigeria by the Securities & Exchange Commission (SEC) with two (2) other dealing clerks also banned for life.
  8. Eight (8) Dealing Clerks were banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021.
  9. One (1) Dealing Clerk was was suspended by the Securities and Exchange Commission from all capital market activities for three (3) months effective November 2020; and
  10. One (1) Dealing Clerk has his membership with The Chartered Institute of Stockbrokers (CIS) withdrawn

It is expected that these actions by the market self-regulator, will go a long way in restoring confidence in the professionalism expected of market operators trading in the NGX Exchange.

Lists of Blacklisted Dealing Clerks and Other Approved Persons

Blacklisted Dealing Clerks and Other Approved Persons
S/NoBrokerDesignationDetailsDate
1Mr. Kingsley NnajiAuthorized Clerk,  TFS Securities & Investment Co. LimitedHas been blacklisted by The Exchange for unprofessional misconduct.May-12
2Mr Kayode AwotileManaging Director, Lakesworth Securities LimitedHas been blacklisted by The Exchange for unauthorised transfers and sales of clients shares.26-Feb-14
3Mr Akinwale OlagundoyeAuthorized Clerk, (Colvia Securities Limited)His membership with The Chartered Institute of Stockbrokers (CIS) has been withdrawn.28-Mar-14
4Mr. Agomuo Chidi SolomonAuthorized Clerk, Resort Securities & Trust LimitedHas been blacklisted by The Exchange for Share price/market manipulation30-Sep-15
5Alhaji Maina MuningaManaging Director of Adamawa Securities Limited from 2002 to 2010 and Managing Director of Newdevco from 2010- 2011.Has been blacklisted by The Exchange for unauthorised  sales of clients shares.28-Jan-16
6Mr. John NsoforManaging Director, Giljohn Investment LimitedHas been blacklisted by The Exchange for unauthorised  sales of clients shares28-Jan-16
7Mr. Oye OyefesoManaging Director, Cadington Securities LimitedHas been blacklisted by The Exchange for unauthorised  sales of clients shares.28-Jan-16
8Mr Ayokunle OyedejiManaging Director (Branch), Express
Portfolio Services Limited
Has been blacklisted by The Exchange for unauthorised  sales
of clients shares.
31-Mar-16
9Mr. Abioye EluwoleManaging Director, Bytofel Securities and Investment LimitedHas been blacklisted by The Exchange for unauthorised  sales of clients shares31-Mar-16
10Mr. Gregory OtsuManaging Director, Mact Securities LimitedHas been blacklisted by The Exchange for unauthorised  sales of clients shares.31-Mar-16
11Mr. Albert OkumagbaChairman, BGL Securities LimitedHe was banned by the Securities and Exchange Commission from all capital market activities for life effective January
2017.
30-Jan-17
12Mr. Chibundu N. EdozieDirector, BGL Securities LimitedHe was banned by the Securities and Exchange Commission from all capital market activities for life effective January
2017.
30-Jan-17
13Mr. Adebola PeterManaging Director, BGL Securities LimitedHe was banned by the Securities and Exchange Commission from all capital market activities for 5 years effective May
2016.
25-May-16
14Mr. Tajudeen FolajiManaging Director, First Alstate Securities LimitedHas been blacklisted by The Exchange for unauthorised transfers and sales of clients shares. His name has also been removed from the membership register of the Chartered Institute of Stockbrokers (CIS).28-Oct-16
15Mr. Ichie Mike EjezieManaging Director, Gosord Securities
Limited
Has been blacklisted by The Exchange for unauthorised
transfers and sales of clients shares.
28-Oct-16
16Mr. Segun Adebayo AdamsAuthorized Clerk, Fittco Securities LimitedHas been blacklisted by The Exchange for unauthorised
transfers and sales of clients shares.
28-Oct-16
17Ekwy AdinubaAuthorized Clerk, Gosord Securities
Limited
Has been blacklisted by The Exchange for unauthorised  sales
of clients shares.
30-Mar-17
18Mr. Victor OgiemwonyiChairman, Partnership Securities LimitedHe has been banned for life from engaging in capital market activities and from holding directorship position in any public company in Nigeria by the Securities & Exchange Commission
(SEC).
13-Sep-17
19Mr. Victor OgiemwonyiChairman, Partnership Securities LimitedHas been blacklisted by The Exchange for misappropriation of
clients funds.
25-Jan-18
20Mr Joel OkaforManaging Director, Securities Solution
Limited
Has been blacklisted by The Exchange for unauthorised  sales
of clients shares.
25-Jan-18
21Mrs Onwordi, Ladi BarbaraManaging Director, Lion Stockbrokers
Limited
Has been blacklisted by The Exchange for unauthorised  sales
of clients shares.
25-Jan-18
22Mr. Ukogu Clement IkechukwuAuthorized Dealing Clerk, Cashcraft Securities Limited.He was suspended by the Securities and Exchange
Commission from all capital market activities for three (3) months effective November 2020.
11-Nov-20
23Hauwa Audu MacjadAuthorized Dealing Clerk, Amyn Investments LimitedShe was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
24Dr. Ireyomi AdeoluAuthorized Dealing Clerk, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
25Mr. Anthony IkpeaAuthorized Dealing Clerk, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
26Mr. Abolade AgboolaAuthorized Dealing Clerk, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21
27Mr. Balogun AyodeleAuthorized Dealing Clerk, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
28Mr. Bernard IloriAuthorized Dealing Clerk, Mutual Alliance Investment & Securities Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21
29Andrew UwuilekhueAuthorized Dealing Clerk, Quantum Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
30Oladele Odusanya PhilipAuthorized Dealing Clerk, Quantum Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21

Source: NGX BrokerTrax

Lists of Other Approved Persons Blacklisted

Other Approved Persons Blacklisted
S/NoName DetailsDate
1Mr Henry OmoragbonChairman, Partnership Investment Company PlcHe suspended by the Securities & Exchange Commission (SEC)
for a period of five (5) years from engaging in capital market activities in Nigeria.
13-Sep-17
2Mr. Ojetunde TaiwoDirector, Partnership Investment Company PlcHe has been suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.13-Sep-17
3Mrs. Ogiemwonyi OlufunkeDirector, Partnership Investment Company PlcShe has been suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.13-Sep-17
4Mrs. Arese UgwuDirector, Partnership Investment Company PlcShe has been suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.13-Sep-17
5Mr Fisayo Ibrahim Jassey-JabarrChief Compliance Officer, Partnership Securities LimitedHe has been suspended by The Exchange for a period of 5 years and cannot be employed in any capacity, appointed a Director or have shareholdings of 5% and above in any
Dealing Member Firm or their sub-broker.
25-Jan-18
6Mr Adeusi Aladejola AlexanderManaging Director, Partnership Securities LimitedHe has been suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.13-Sep-17
7Mr. Frank OgiamienDirector, Partnership Investment Company PlcHe has been suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.13-Sep-17
8Taiwo Ayuba BalogunCompliance Officer
MorganCapital Securities Limited
Has been blacklisted by The Exchange for unauthorized sales
of clients’ shares.
4-Dec-18
9Mr. Adewale OgunbanwoFormer Compliance Officer for Dominion
Trust Limited
Has been blacklisted by The Exchange for misconduct and
fraudulent activities.
22-Jul-20
10Mr. Uduma ArunsiExecutive Director, Royal Trust LimitedHas been blacklisted by The Exchange for misconduct and
unauthorized sales of clients’ shares.
22-Jul-20
11Mrs. Ikhelowa PhilomenaCompliance Officer, Amyn Investment Limited.He was suspended by the Securities and Exchange Commission from all capital market activities for three (3)
months effective November 2020.
10-Nov-20
12Mr. Oduola Ademola KamoruCompliance Officer, Cashcraft Securities Limited.He was suspended by the Securities and Exchange
Commission from all capital market activities for three (3) months effective November 2020.
11-Nov-20
13Mr. Philip Sunday OlorunsayeInternal Control/Audit Officer, Cashcraft Securities LimitedHe was suspended by the Securities and Exchange Commission from all capital market activities for three (3)
months effective November 2020.
11-Nov-20
14Mr. Abbas Momoh JegaDirector, Amyn Investment Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
15Mr. Hafiz ShuaibuDirector, Amyn Investment Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21
16Mr. Ohiare Anita AyuimohDirector, Amyn Investment Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
17Mr. Onwujiogu Godwin I.Director, Amyn Investment Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
18Mr. Ogunfuwa JosephDirector, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21
19Mr. Idris Adamu IdrisDirector, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
20Dr. Ireyomi AdeoluDirector, Cashcraft Securities Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21
21Chief A.O. BadejoDirector, Mutual Alliance Investment & Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
22Otunba Thomas Bamidele AdebayoDirector, Mutual Alliance Investment & Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
23Arc. Amarachukwu NwokejiDirector, Mutual Alliance Investment & Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
24Dr. Olakunle Joseph OlogunDirector, Mutual Alliance Investment & Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
25Chief Jonathan ArausiDirector, Quantum Securities Limited.He was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective
March 2021.
25-Mar-21
26Dr. Andrews ElueniDirector, Quantum Securities Limited.He was banned by the Securities and Exchange Commission
from all capital market activities for ten (10) years effective March 2021.
25-Mar-21

Source: NGX BrokerTrax

Lists of Other Blacklisted Staff of Trading License Holders

Other Blacklisted Staff of Trading License Holders
S/NoName DetailsDate
1Mr. Olorunfemi AyorindeAccountantHas been blacklisted by The Exchange for unauthorized
transfer and sales of clients’ shares.
28-Oct-16
2Habeeb SuleimanRegistrar Officer, MorganCapital
Securities Limited
Has been blacklisted by The Exchange for unauthorized sales of clients shares4-Dec-18
3Mr. Ademola AdewaraIT officer
Resort Securities & Trust Limited
He has been blacklisted by The Exchange for misconduct12-Mar-19

Source: NGX BrokerTrax

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