NGX Blacklists 30 Dealing Clerks, Directors and 3 Staff Over Market Infractions

Based on the latest list of blacklisted persons published under the Nigerian Exchange (NGX) BrokerTrax section, the NGX has blacklisted twenty (20) dealing clerks, nineteen (19) directors of the various dealing firms, and three (3) staff.

In an effort to improve investors’ confidence in the market, The Nigerian Exchange Limited (NGX), commenced a strong campaign against market infraction by its Trading License Holders by introducing a Trading License Holders’ compliance report, BrokerTraX.

The latest blacklisted persons listed is divided into three (3) sections  with the following headings;

1. Blacklisted Dealing Clerks and Other Approved Persons;
2. Other Approved Persons Blacklisted; and
3. Other Blacklisted Staff of Trading License Holders.

The first part of the list comprises of thrity (30) dealing clerks while the second part of the list comprises of twenty-six (26) Other Approved Persons. The third part which is on Other Blacklisted Staff of Trading License Holders comprises of three (3) staffs only.

Below are the ten (10) takeaway(s) from the blacklisted list;

1. Three staff were blacklisted by The Exchange for unauthorized transfer and sales of clients’ shares and misconduct
2. Three other approved persons were blacklisted by The Exchange for unauthorized sales of clients’ shares, fraudulent activites and misconduct
3. Seven (7) other approved persons were blacklisted and suspended by the Securities & Exchange Commission (SEC) for a period of five (5) years from engaging in capital market activities and banned from holding directorship positions in any public company in Nigeria.
4. Thirteen (13) other approved persons were blacklisted and banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021.
5. Three (3) other approved persons were blacklisted and suspended by the Securities and Exchange Commission from all capital market activities for three (3) months effective November 2020.
6. Sixteen (16) Dealing Clerks were blacklisted by The Exchange for misappropriation of clients funds, unauthorised  sales of clients shares and unprofessional misconduct.
7. One (1) Dealing Clerk was banned for life from engaging in capital market activities and from holding directorship position in any public company in Nigeria by the Securities & Exchange Commission (SEC) with two (2) other dealing clerks also banned for life.
8. Eight (8) Dealing Clerks were banned by the Securities and Exchange Commission from all capital market activities for ten (10) years effective March 2021.
9. One (1) Dealing Clerk was suspended by the Securities and Exchange Commission from all capital market activities for three (3) months effective November 2020; and
10. One (1) Dealing Clerk has his membership with The Chartered Institute of Stockbrokers (CIS) withdrawn

See the full names, companies, and infractions HERE.