The Nigerian Stock Exchange (NSE) has investigated and indicted 29 stockbroking firms and four stockbrokers for alleged unauthorised sale of their clients’ shares.
A report on shares fraud, also known as unauthorised sales of investors’ shares, indicated that several stockbroking firms surreptitiously sold their clients’ shares and diverted the proceeds. The report by the Nigerian Stock Exchange (NSE) covered the 30-month period between January 2012 and June 2014.
The report showed that nearly half of the shares frauds have been completed and the indicted stockbroking firms made to restitute the investors, a general reference to order to buy back the shares or pay the investor the value of the shares and all his entitlements.
According to the report, 16 cases are still pending, although the NSE has taken preemptive measure of suspending the stockbroking firms and stockbrokers. The pending cases have been referred to the disciplinary committee of the council of the NSE.
The firms, which cases have been resolved and restitutions made to investors, included Adamawa Securities Limited, Dominion Trust Limited, ECL Asset Management Limited, Finbank Securities & Asset Management Limited, GMT Securities and Assets Management Ltd, Kapital Care Trust & Securities Limited, Lighthouse Asset management Limited, Marriot Securities Limited, Maven Asset management Limited, Mountain Investments and Securities Ltd, Nova Finance & Securities Limited, Prime Wealth Capital Limited, Royal Crest Securities Limited, International Standard Securities Limited and Mutual Alliance Investments & Securities Limited.
However, firms that have unresolved cases and are currently under suspension included Bytofel Trust and Securities Limited, De-Canon Investment Limited, First Alstate Securities Limited, Fittco Securities Limited, Gosord Securities Limited, ITIS Securities Limited, Lakesworth Investment & Securities Ltd, Lion Stockbrokers Limited, Mact Securities Limited, Manivest Asset Management Limited, Omas Investment and Trust Limited, Securities Solutions Limited and WT Securities Limited.
http://thenationonlineng.net/new/shares-fraud-nse-indicts-29-stockbroking-firms-four-others-2/
I operate lion stockbroker,since it has been indicted,hw would I trade my investment or sell my shares.pls help me.
You will have to contact CSCS