Connect with us

Hi, what are you looking for?


NSE Blacklists 2 for Unauthorized Sales of Clients’ Shares

Nigerian Stock Exchange (NSE) has blacklisted two persons and included them among those not suitable to execute capital market operations.

A regulatory document obtained revealed that the NSE blacklisted Uduma Arunsi, a stockbroker and executive director of Royal Trust Securities Limited, for selling shares belonging to investors without their consents, and Adewale Ogunbanwo, a former compliance officer at Dominion Trust Limited, for alleged misconduct and fraudulent activities.

The NSE said both of them were blacklisted in accordance with the provisions of Rule 1.24: Definitions Rulebook of the Exchange, 2015, Dealing Members’ Rules as amended, which centre on offences and sanctions pertaining to market abuses, shares fraud and misconducts.

“Dealing members are advised not to engage in any activity with the above-mentioned individuals,” NSE stated in the notice.

On account of the blacklisting, Arunsi and Ogunbanwo will not be permitted to work with any brokerage firms without the authorisation of the NSE in line with the provisions of Rule 6.13.

The rule stipulates that dealing member will be disallowed from employing certain categories of persons without prior consent of the Exchange.

Such persons include directors, authorised clerks or other persons including principal officers like the chief executive officer, chief compliance officer, chief finance officer, and chief risk officer, who have been indicted by the NSE or Securities and Exchange Commission.

Any person blacklisted by the Exchange could apply for reinstatement following the expiration of the blacklisting period imposed by capital market authorities, or where the blacklisting is not for life.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


You May Also Like


Google on Thursday announced the opening of applications for the Hustle Academy SMB Fund, a ₦75 Million equity-free fund dedicated to amplifying the ambitions...


From surviving to thriving in the post-COVID world, small and medium enterprises (SMEs) in Nigeria are projecting similar or increased revenues in 2023. These...


Lagos State Internal Revenue Service (LIRS) has urged owners of restaurants, hotels, and event centres operating in the state to contribute to the state’s...


In celebration of International Podcast Day on 30 September, Spotify has noticed that the podcast landscape have continually evolved and is gaining more traction...