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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:
- Blacklisted Dealing Clerks and Other Approved Persons;
- Other Approved Persons Blacklisted; and
- 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;
- Three (3) staff were blacklisted by The Exchange for unauthorized transfer and sales of clients’ shares and misconduct
- Three (3) other approved persons were blacklisted by The Exchange for unauthorized sales of clients’ shares, fraudulent activites and misconduct
- 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.
- 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.
- 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.
- Sixteen (16) Dealing Clerks were blacklisted by The Exchange for misappropriation of clients funds, unauthorised sales of clients shares and unprofessional misconduct.
- 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.
- Eight (8) Dealing Clerks were banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021.
- 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
- 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/No | Broker | Designation | Details | Date |
| 1 | Mr. Kingsley Nnaji | Authorized Clerk, TFS Securities & Investment Co. Limited | Has been blacklisted by The Exchange for unprofessional misconduct. | May-12 |
| 2 | Mr Kayode Awotile | Managing Director, Lakesworth Securities Limited | Has been blacklisted by The Exchange for unauthorised transfers and sales of clients shares. | 26-Feb-14 |
| 3 | Mr Akinwale Olagundoye | Authorized Clerk, (Colvia Securities Limited) | His membership with The Chartered Institute of Stockbrokers (CIS) has been withdrawn. | 28-Mar-14 |
| 4 | Mr. Agomuo Chidi Solomon | Authorized Clerk, Resort Securities & Trust Limited | Has been blacklisted by The Exchange for Share price/market manipulation | 30-Sep-15 |
| 5 | Alhaji Maina Muninga | Managing 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 |
| 6 | Mr. John Nsofor | Managing Director, Giljohn Investment Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares | 28-Jan-16 |
| 7 | Mr. Oye Oyefeso | Managing Director, Cadington Securities Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 28-Jan-16 |
| 8 | Mr Ayokunle Oyedeji | Managing Director (Branch), Express Portfolio Services Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 31-Mar-16 |
| 9 | Mr. Abioye Eluwole | Managing Director, Bytofel Securities and Investment Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares | 31-Mar-16 |
| 10 | Mr. Gregory Otsu | Managing Director, Mact Securities Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 31-Mar-16 |
| 11 | Mr. Albert Okumagba | Chairman, BGL Securities Limited | He was banned by the Securities and Exchange Commission from all capital market activities for life effective January 2017. | 30-Jan-17 |
| 12 | Mr. Chibundu N. Edozie | Director, BGL Securities Limited | He was banned by the Securities and Exchange Commission from all capital market activities for life effective January 2017. | 30-Jan-17 |
| 13 | Mr. Adebola Peter | Managing Director, BGL Securities Limited | He was banned by the Securities and Exchange Commission from all capital market activities for 5 years effective May 2016. | 25-May-16 |
| 14 | Mr. Tajudeen Folaji | Managing Director, First Alstate Securities Limited | Has 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 |
| 15 | Mr. Ichie Mike Ejezie | Managing Director, Gosord Securities Limited | Has been blacklisted by The Exchange for unauthorised transfers and sales of clients shares. | 28-Oct-16 |
| 16 | Mr. Segun Adebayo Adams | Authorized Clerk, Fittco Securities Limited | Has been blacklisted by The Exchange for unauthorised transfers and sales of clients shares. | 28-Oct-16 |
| 17 | Ekwy Adinuba | Authorized Clerk, Gosord Securities Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 30-Mar-17 |
| 18 | Mr. Victor Ogiemwonyi | Chairman, Partnership Securities Limited | He 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 |
| 19 | Mr. Victor Ogiemwonyi | Chairman, Partnership Securities Limited | Has been blacklisted by The Exchange for misappropriation of clients funds. | 25-Jan-18 |
| 20 | Mr Joel Okafor | Managing Director, Securities Solution Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 25-Jan-18 |
| 21 | Mrs Onwordi, Ladi Barbara | Managing Director, Lion Stockbrokers Limited | Has been blacklisted by The Exchange for unauthorised sales of clients shares. | 25-Jan-18 |
| 22 | Mr. Ukogu Clement Ikechukwu | Authorized 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 |
| 23 | Hauwa Audu Macjad | Authorized Dealing Clerk, Amyn Investments Limited | She was banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021. | 25-Mar-21 |
| 24 | Dr. Ireyomi Adeolu | Authorized 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 |
| 25 | Mr. Anthony Ikpea | Authorized 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 |
| 26 | Mr. Abolade Agboola | Authorized 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 |
| 27 | Mr. Balogun Ayodele | Authorized 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 |
| 28 | Mr. Bernard Ilori | Authorized 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 |
| 29 | Andrew Uwuilekhue | Authorized 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 |
| 30 | Oladele Odusanya Philip | Authorized 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/No | Name | Details | Date | |
| 1 | Mr Henry Omoragbon | Chairman, Partnership Investment Company Plc | He 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 |
| 2 | Mr. Ojetunde Taiwo | Director, Partnership Investment Company Plc | He 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 |
| 3 | Mrs. Ogiemwonyi Olufunke | Director, Partnership Investment Company Plc | She 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 |
| 4 | Mrs. Arese Ugwu | Director, Partnership Investment Company Plc | She 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 |
| 5 | Mr Fisayo Ibrahim Jassey-Jabarr | Chief Compliance Officer, Partnership Securities Limited | He 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 |
| 6 | Mr Adeusi Aladejola Alexander | Managing Director, Partnership Securities Limited | He 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 |
| 7 | Mr. Frank Ogiamien | Director, Partnership Investment Company Plc | He 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 |
| 8 | Taiwo Ayuba Balogun | Compliance Officer MorganCapital Securities Limited | Has been blacklisted by The Exchange for unauthorized sales of clients’ shares. | 4-Dec-18 |
| 9 | Mr. Adewale Ogunbanwo | Former Compliance Officer for Dominion Trust Limited | Has been blacklisted by The Exchange for misconduct and fraudulent activities. | 22-Jul-20 |
| 10 | Mr. Uduma Arunsi | Executive Director, Royal Trust Limited | Has been blacklisted by The Exchange for misconduct and unauthorized sales of clients’ shares. | 22-Jul-20 |
| 11 | Mrs. Ikhelowa Philomena | Compliance 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 |
| 12 | Mr. Oduola Ademola Kamoru | Compliance 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 |
| 13 | Mr. Philip Sunday Olorunsaye | Internal Control/Audit 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 |
| 14 | Mr. Abbas Momoh Jega | 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 |
| 15 | Mr. Hafiz Shuaibu | 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 |
| 16 | Mr. Ohiare Anita Ayuimoh | 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 |
| 17 | Mr. 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 |
| 18 | Mr. Ogunfuwa Joseph | Director, 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 |
| 19 | Mr. Idris Adamu Idris | Director, 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 |
| 20 | Dr. Ireyomi Adeolu | Director, 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 |
| 21 | Chief A.O. Badejo | Director, 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 |
| 22 | Otunba Thomas Bamidele Adebayo | Director, 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 |
| 23 | Arc. Amarachukwu Nwokeji | Director, 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 |
| 24 | Dr. Olakunle Joseph Ologun | Director, 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 |
| 25 | Chief Jonathan Arausi | Director, 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 |
| 26 | Dr. Andrews Elueni | Director, 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/No | Name | Details | Date | |
| 1 | Mr. Olorunfemi Ayorinde | Accountant | Has been blacklisted by The Exchange for unauthorized transfer and sales of clients’ shares. | 28-Oct-16 |
| 2 | Habeeb Suleiman | Registrar Officer, MorganCapital Securities Limited | Has been blacklisted by The Exchange for unauthorized sales of clients shares | 4-Dec-18 |
| 3 | Mr. Ademola Adewara | IT officer Resort Securities & Trust Limited | He has been blacklisted by The Exchange for misconduct | 12-Mar-19 |
Source: NGX BrokerTrax
