The Board of Trustees of the Investors’ Protection Fund (IPF) of the Nigerian Stock Exchange (NSE) has announced plans to introduce a risk based insurance product for each dealing member to pay a premium, which would be used to grow the fund.
The Vice Chairperson of the board, Fubara Anga, while addressing journalists on the current position of the Fund, explained that the organisation would also review the amount the maximum amount to be paid to investors in future.
He pointed out that the board has completed arrangement to compensate a total of 154 claimants for pecuniary losses they suffered as a result of wrong doing by certain dealing member firms of the Exchange from the Investors’ Protection Fund (IPF).
The Board of Trustees, in accordance with the rules of the fund set a maximum compensation amount of N400,000.00 (Four Hundred Thousand Naira) per claimant.
The total amount approved by the board of trustees as compensation payment to the 158 investors is N42,227,397 (Forty two million, two hundred and twenty seven thousand, three hundred and ninety seven naira).
According to a statement from the NSE, these 158 investors are being compensated for defalcation committed by 29 dealing member firms of the Exchange who are either inactive or have been expelled as members of the Exchange.
