The Nigerian Stock Exchange has blacklisted twenty (20) dealing clerks from trading on the Stock Exchange.
From the list, 80% or 16 of those blacklisted occurred in 2016. This may point to a significant increase in fraud and market infractions being on the rise.
The first set of brokers to be blacklisted on 28th January 2016 include Alhaji Maina Muniga, Mr. John Nsofor and Mr. Oye Oyefeso who were accused of unauthorized sales of clients’ shares. While on the 31st of March 2016, Mr. Ayokunle Oyedeji, Mr. Abioye Eluwole, and Mr. Gregory Otsu were also blacklisted by the Exchange for the same offence.
The Securities and Exchange Commission (SEC) on 25th of May 2016, placed a ban from participating in all capital market activities on Albert Okumagba for 20 years, Chibundu N. Edozie (20 years), Adebola Peter (5 years), Joshua Sesan Adetiloye (2 years), Nkechi Azubike (1 year), and Anthony Nwozor (1 year) effective May 2016 for breach of the code of conduct for capital market operators and their employees. They were subsequently fined for their offences accordingly.
On the part of Mr. Taju Folaji, Mr. Ichie Mike Ejezie, Mr. Segun Adebayo Adams and Mr. Olorunfemi Ayorinde, they were all blacklisted by the Exchange for unauthorised transfers and sales of clients’ shares on the 28th of October 2016.
Others on the list were Mr. Kinglsley Nnaji who was blacklisted May 12 for unprofessional misconduct, Mr. Kayode Awotile for unauthorized transfers and sales of clients shares on 26 Feb 2014, Mr. Akinwale Olagundoye whose membership with the chartered institute of stockbrokers (CIS) was withdrawn 28th March 2014 and Mr. Agomo Chidi Solomon blacklisted by the Exchange on 30th September 2015 for share price/market manipulation.