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NSE hammers stockbroker over unauthorised sale of shares

By on May 28, 2014

The Nigerian Stock Exchange (NSE) yesterday withdrew the registration of a stockbroker, Mr. Kayode Awotile, as an authorised clerk of the exchange for unauthorised transfer and sale of shares.

According to the NSE, Awotile, who is the former Managing Director of Lakesworth Investment & Securities Limited, was  punished at the meeting of the Disciplinary Committee of the National Council of the exchange held yesterday.

The NSE said the Committee specifically decided: “That the registration of Mr. Kayode Awotile, the former Managing Director of Lakesworth Investment & Securities Limited, as an authorised clerk be and is hereby revoked pursuant to Rules 45 and 167 of the Rules and Regulations Governing Dealing Members (‘the Rules”) for contravention of the Rules in relation to the unauthorised transfers, sales of shares and failure to carry out the directives of the Committee.”

The exchange therefore advised all dealing member firms and their employees to desist from any dealings with the affected dealing clerk in all capital market related activities.

Meanwhile, trading at the stock market resumed for the week on a bearish note as the NSE All-Share Index went down by 0.19 per cent to close at 39,755.47, compared with a gain of 0.70 per cent  recorded last Friday. Similarly, market capitalisation shed N25 billion to close at N13.127 trillion.

Although there were more price gainers (29) than losers (26) losses by highly capitalised stocks such as Dangote Cement, Nestle Nigeria, and Lafarge Cement WAPCO Nigeria led to a decline in the index.

Nestle Nigeria Plc led the overall losers’ chart with N10.01 to close at N1,069.99.  WAPCO   trailed with a decline of N2.44 to close at N110.06, while Mobil Oil shed N1.00 to close at N129 per share.  Dangote Cement Plc went down by N0.63 to close at N222.99 per share.

On the other hand, Julius Berger Nigeria Plc led the price gainers with N3.49 to close at N75.49 per share. Flour Mills of Nigeria Plc garnered N2.30 to close at N73.00 per share.

 

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One Comment

  1. Josiah A. ilori

    May 28, 2014 at 9:39 pm

    I have the belief that others in Mr.Kayode Awotile should learn their lessons by facing the reality of honesty and dignity in the profession of stockbrokers. I personally laud the decision as very timely and equitably discharged. A lot of inequities going on in the activities of some of these stockbrokers should be visited and investigated as quickly as possible. Now that this punishment has been made an open investigation, more affected investors would surely come out for redress from both the Nigerian Stock Exchange and Securities & Exchange Commission.