Home Business News Mrs. Ladi Barbara Onwordi, Mr. Victor NSE revoke licenses of Ogiemwonyi, and...

Mrs. Ladi Barbara Onwordi, Mr. Victor NSE revoke licenses of Ogiemwonyi, and Mr. Joel Okafor

-

Three formerly authorized dealing clerks of the Nigerian Stock Exchange – Mrs. Ladi Barbara Onwordi, Mr. Victor Ogiemwonyi, and Mr. Joel Okafor – have had their licenses revoked, according to a circular issued by the regulatory agency. As such, the above-named persons are no longer permitted to trade on the floor of the NSE or own stockbroking firms.

Reason for the expulsion 

According to the circular, Ogiemwonyi, Onwordi and Okafor were indicted by a Disciplinary Committee for offenses ranging from alleged misappropriation of clients’ funds to unathourised sales of clients’ shares; respectively.

It should be recalled that Mr. Victor Ogiemwonyi has long been embattled following allegations last year that he misappropriated his clients’ funds to the tune of billions of naira. As we reported, he was earlier banned by the Securities and Exchange Commission (SEC) and ordered to pay the sum of ₦100, 000 as fine.

Until his ban, Ogiemwonyi worked as the Managing Director of Partnership Investments Limited and Partnership Securities Limited, same company where he committed the alleged crimes happened. He was a council member of the Chartered Institute of Stockbrokers, as well as a former member of the Nigerian Stock Exchange.

Consequences of the expulsion

With the expulsion comes many consequences, one of which being that the above-named will no longer be associated with the Nigeria Stock Exchange in any form whatsoever. According to Rule 6, sub-section 12 of the NSE Rules, stockbrokers indicted for such offenses will no longer be permitted to work in any stockbroking/investment firms in the country. In the same vein, the accused are barred from owning shares exceeding 5.0% in a registered stockbroking firm.

Note that Mr. Okafor cannot be employed in any capacity, appointed as a director or have shareholdings of 5.0 per cent and above in any dealing member firm or sub-broker. Dealing members are advised not to engage in any activity with the above listed individuals. -Nigerian Stock Exchange 

The Nigerian Stock Exchange has recently shown demonstrated efforts at combating the rising cases of corruption within the stock market. As we reported recently, Kapital Care Trust Securities, UIDC Securities Limited, Union Registrars Limited, etc, were sanctioned and mandated to pay ₦5m as part of fines for misconduct ranging from the illegal sale of a shareholder’s shares to irregular transactions.

The full list of stockbroking firms involved in the unauthorised sale and mismanagement of clients’ shares can be found here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Popular

Rubies Bank

Rubies Bank – The Future is here

Rubies is a fully digital banking platform, offering zero fee banking targeted at millennials, young professionals, SMEs, quasi-financial institutions and FINTECH companies.
Should Gokada and Max.ng be afraid of ORide?

Should Gokada and Max.ng be afraid of ORide?

ORide is fast penetrating the market by leveraging on the N100 bonus offer to any destination of any distance within Lagos. This move has attracted the competitors’ customers, at least if not for anything, till the promo offer ends. 
Airtel Nigeria

Airtel eyes a £3.6 billion IPO valuation on the LSE and NSE

Airtel Africa Limited has declared its intentions to float his shares simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE)