NSE Expels Three Stockbrokers Over Shares’ Sale Sham

The Council of the Nigerian Stock Exchange, NSE, has shown the exit to at least three stockbrokers in the latest crackdown on fraudulent sale of clients’ shares.

The Disciplinary Committee of the NSE, the arm of the council of the Exchange that oversees ethics and compliance, investigated and indicted the three stockbrokers for shares fraud, otherwise known as unauthorised sale of shares.

The three stockbrokers, who were members and authorised dealers on the Exchange, were stripped of their registration and authority to trade on the NSE for the infraction.

The expelled stockbrokers included Mr Ayokunle Oyedeji, Mr Abioye Eluwole and Mr Gregory Otsu.

“Dealing members are strongly advised not to engage in any activity with the above listed individuals,” the indictment sheet stated.

With the expulsion, the indicted stockbrokers will also not be able to work in any stockbroking and investment firms in Nigeria, according to rule six, subsection 12 of the NSE Rules.