The Nation Newspaper

Tag: expels

  • Stock Exchange expels 67 stockbrokers

    Stock Exchange expels 67 stockbrokers

    The  Nigerian Stock Exchange (NSE) has expelled 67 stockbrokers from the stock market.

    This regulatory action is aimed at weeding out unscrupulous and poorly capitalised stockbrokers.

    A regulatory report obtained at the weekend indicated that the expulsion was the final phase of delisting of the stockbroking firms, after their dealing licenses were revoked by the Exchange.

    A source at the Exchange said the expulsion followed recommendation of the Disciplinary Committee of the Council of the Exchange and the final approval of the National Council of the Exchange.

    The latest expulsion brought the number of stockbroking firms that have so far this year been expelled from Exchange to 88 stockbroking firms.

    The Nation last April reported the expulsion of 21 stockbroking firms for infractions ranging from poor capitalisation to unauthorised sales of investors’shares.

    With revocation of dealing licences and expulsion from the Exchange, the 67 stockbrokers will not be able to trade at the Exchange or function in any capacity as a stockbroking agent within the Nigerian capital market. Besides, all former top officials of the firms would have to go through special screening and approval before they could be employed by any other capital market operator.

    The expulsion also implies that the expelled firms will not be able to act as stockbroking agent in other countries that have Memorandum of Understanding (MoU) with capital market authorities.

    The authorities have standing bilateral agreements with several other jurisdictions, including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.

    With the expulsion, investors who have their investment accounts with the expelled stockbrokers will be required to move their accounts to other functional stockbroking firms.

    The expelled stockbrokers included ATIF Securities Limited, Abacus Securities Limited, ABC Securities Limited, Akitorch Securities Limited, All Wealth Securities Limited, Apex Securities Limited, Asset Plus Securities Limited, Associated Securities Limited, Avon Finance and Securities Limited, Beachgroove Securities & Investments Limited, Broadedge Securities Limited, Bullion Securities Limited, Cardinal Securities Limited, City Investment Management Limited, Comment Finance & Securities Limited, Corporate Trust Limited, Crown Merchant Securities Limited, Dalgo Investment & Trust Limited, Devcom Securities Limited, Devserv Finance & Securities Limited, EBN Securities Limited, Equity securities Limited, Farida Investment and Finance Limited, Gilts and Hedge Finance Limited, Global Investment & Sec Limited, Goldworth Securities Limited, Haggai Investment & Trust Limited, Halsec Finance Limited, HP Securities Limited, Investicon Nigeria Limited, Investment Resources Limited, Island Securities Limited and Jenkins Investments Limited.

    Others included Kapital Securities Limited, Lozinger Securities Limited, M&M Securities Limited, M. J Securities & Investment Limited, Majestic Securities Limited, Matrix Capital Management Limited, MBA Securities Limited, MBCOM Securities Limited, Merchant Securities Limited, Metropolitan Trust Nigeria Limited, MMB Securities & Trust Limited, MMG Securities Limited, Nationwide Securities Limited, New Horizons Finance and Investment Limited, Nigbel Securities Limited, Omega Securities Limited, Omnisource International Limited, OpenGate Finance Company Limited, Pacific Securities Limited, Pamal Finance Limited, Peak Securities Limited, Prime Securities Limited, Prudent Stockbrokers Limited, Royal Securities Limited, Source Finance and Trust Company Limited, Supreme Finance & Investment Co. Limited, Synergy and Assets Trust Limited, Thomas Kinsley Securities Limited, Tradestamp Securities Limited, Trust Securities Limited, Unit Trust Securities Limited, Universal Securities Limited, Viva Securities Limited and Wintrust Limited.

    Capital market authorities had earlier in the year expelled 21 stockbroking firms including Allbond Investment Limited, Consolidated Investment Limited, Dakal Services Limited, Emi Capital Resources Limited, First Equity Securities Ltd, Ideal Securities Limited, Maninvest Asset Management Plc, Metropolitan Trust Nigeria Limited, Omas Investment & Trust Company Limited, Pennisula Asset Management & Investment Company Limited, Prudential Securities Limited, Securities Trading & Investments Limited, Transglobe Investment & Finance Company Limited, Tropics Securities Limited, Wizetrade Capital & Asset Management Limited, WT Securities Limited, and Zuma Securities Limited.

  • UNILAG expels 125, rusticates 198 students

    UNILAG expels 125, rusticates 198 students

    Authorities of the University of Lagos have expelled 125 students and rusticated 198 others for various offences, including examination malpractices during last academic session.

    The lists of the affected students were published on the university’s website on Sunday.

    The institution’s Deputy Registrar (Information), Mr Toyin Adebule, confirmed the expulsion and estimation to the News Agency of Nigeria (NAN) in Lagos yesterday,

    Adebule told NAN that the university “will soon publish and display the names and photographs of the students in the media’’.

    He said that the action was in line with the university’s zero tolerance on malpractices and other vices in campus.

    “Yes we have published some names on our website and these students will be punished in various degrees, depending on the severity.

    “Last session, a number of students were caught in various forms of malpractices during their examinations.

    “Some were found cheating during the examination with “micro sheets” while others were hired as surrogates to write papers for others.

    “Others were caught smoking weeds (Marijuana) right in their halls of residence by their colleagues and reported to the university authorities.

    “For those who were caught impersonating, writing examinations for others, they will face outright expulsion,’’ Adebule said.

    Adebule said the other categories of students, such as those caught with micro sheets and the smokers, would face suspension ranging from two to four semesters.

    “In other to get the desired effect of their various punishments, we are planning to publish all their names as well as display their photographs all over the campus in the next one week.

    “We shall carry out this measure in all the departments and faculties in the institution.

    “This is to help the university ensure that the affected students will have nowhere to hibernate on campus.”

  • YABATECH expels 73 for forgery

    The Academic Board of Yaba College of Technology, Yaba, Lagos, has expelled 73 students for presenting suspected forged results.

    A statement by the college made available to the News Agency of Nigeria (NAN) yesterday said the affected students were part-time pursuing National Diploma and Higher National Diploma programmes.

    Signed by the Deputy Registrar, Mrs Titilayo Obadimu, the statement said the affected students registered for the 2013/2014 academic session.

    According to the statement, the results were discovered during the verification of Senior Secondary School certificates and National Diploma results.

    It said 46 students for National Diploma and 27 for Higher National Diploma were affected.

    “All affected students are advised to hand over the property of the college in their possession, including Identity Cards, to their heads of department, the librarian and Dean of Students’ Affairs,’’ it said.

    Mr Charles Oni,  who heads the Public Relations Unit told NAN the college had zero tolerance for malpractices and social vices.

    He said all documents presented for admission  were subjected to rigorous screening.

    Oni urged prospective students to avoid forgery of results and other malpractices.

  • YABATECH expels 19 students

    Management of the Yaba College of Technology (YABATECH) has explained why it expelled 19 students. They were sent home for misconduct, the authorities said.

    The Director of Public Relations, Dr Charles Oni, said the students were found guilty violating Section 14 (2) and Section 11 (4) of the college’s regulation, which is contained in the students’ handbook.

    Four other students were suspended, pending the outcome of the investigation panel of inquiry set up by the management.

    In a statement signed by the Registrar, Ms Biekoroma Amapakabo, the management warned the affected students to stay away from the campus. It also said the suspended students could be recalled to complete their programmes after writing an undertaking to be of good behaviour and obey the rules and regulation of the school.

    Dr Oni said the college had put in place adequate structures to ensure security of lives on the campus, noting that there are closed-circuit television (CCTV) cameras at strategic locations on the campus.

    One of the expelled students, who pleaded anonymity, described the expulsion as victimisation.

    The Dean Students’Affairs, Mr O.T. Raheem, said the students were expelled for indulging in vices, such as rape, cultism and examination malpractices among others.

    He assured students that management was committed to ensuring adequate security on campus.

    The expelled students include Adebayo Ayomide Adedeji, ND 1 Textile Technology; Ola Motunrayo, ND II Business Administration; Oluwasegun Oladapo Adeola, HND II Building Technology; Rufai Idris, ND 1 Printing Technology; Jimoh Sikiru Oropo, ND 1 Printing Technology; Agada Emmanuel Achi , HND II Mechanical Engineering; Durosinmi Haffiz, Computer Engineering; Lawal  Semiu, ND 1 Printing Technology; Mecavel Ojiese Williams, HND II Statistics; Ubini Odafe Jabin, ND II Fine Ars; Aremu Ayo, ND 1 Estate Management; Akintade Mohammed, ND 1 Accountancy; Adesokan Rilwan  Segun, HND II Building Technology; Okon Oduak Promise, ND II Food Technology; Oluwayimika Isaac, ND II Printing Technology; Ogbugo John Kolawole, ND 1 Electrical Engineering; Ogunrinde Oluwaseun Sunday, ND I Marketing; Agoro Ismaila, HND 1 Survey and Geo-informatics and Tijani Ibrahim Abiodun, ND IIAccountancy.

  • NSE expels stockbroker over fraud

    NSE expels stockbroker over fraud

    The Nigerian Stock Exchange (NSE) has revoked the authorized dealership licence of one of its dealing members-Mr Kayode Awotile, with a warning to all market operators not to engage in any dealings with him.

    In a statement signed by head, broker dealer regulation, Nigerian Stock Exchange (NSE), Olufemi Shobanjo, the NSE said the decision to expel Awotile was taken at the meeting of the Disciplinary Committee of the National Council of the Exchange.

    According to the statement, the meeting decided that 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 has been implementing key measures to protect market integrity and ensure fair and open marketplace.

    Speaking at the induction of new dealing members recently, chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema said being a broker is a call to stand tall in integrity, to be impeccable in character, to be professional in service and to be high in ethics and standards.

    He noted that the NSE has continued to evolve to achieve the highest level of competitiveness by operating fair, orderly and transparent markets that bring together the best of African enterprises, as well as local and global investor communities.

    “It should be noted that we are maintaining and will continue to maintain zero tolerance to sharp practices and deploying requisite technology and expertise to curb and arrest any form of manipulation from all quarters. For all recently qualified stockbrokers, it goes without saying that the investing community will know and judge the Nigerian Capital Market through your example in character and service; the manner in which you engage, interface and service your clients will go a long way in shaping the perception of our market,” Onyema said.

     

  • Kwara Poly expels 29 students for ‘exam malpractice’

    Authorities of the Kwara State Polytechnic, Ilorin, have expelled 29 students for alleged examination malpractice during the last semester examinations for the 2012/2013 academic session.

    In a statement in Ilorin, the state capital, the Head, Information and Publication Division, Alhaji Moshood Amuda said: “The Governing Council of the Polytechnic recently approved their expulsion from the school for contravening the matriculation oath they swore to.”

    The students are: Haruna Abdullahi, Ajagbe Abosede Sherifat (Architecture Department); Onifade R. Bisola (Urban and Regional Planning Department); Balogun Adeoye Ridwan (Mineral Resources Department); Issa Abdulganeey Olamilekan (Agric Engineering Department); Lameed Olanrewaju Mustapha (Mechanical Engineering Department); Amogbonjaiye Samuel Sunday (Mineral Resources Department); Adedire Abimbola Adekunle (Civil Engineering Department) and Babatunde Oluwashegun Sunday (Department of Electrical Electronics).

  • EKSU expels five students for alleged rape

    The Ekiti State University (EKSU), Ado-Ekiti, has expelled five students for alleged rape.

    The students, who were arrested on Thursday through the joint effort of the institution’s security men, the police and youths in Iworoko-Ekiti, have been charged to court.

    They are Babalola Adedotun Kolawole, a 300-Level Psychology student with matriculation number 092819; Omoteye Olalekan Olamide (300-Level Psychology with number 0902886); Bamigboye Biola Moshood, a pre-degree Social Science student and Adekunle Lateef Omogbemileke, (300-Level Accounting with number 0902865).

    Adekunle Lateef Omogbemileke and Okube Gabriel Ogunmoroti are at large.

    Sources said they were expelled based on the report of the Institution’s Disciplinary Committee, chaired by Prof. W. O. Adebayo.

    A statement from the office of the Institution’s Deputy Registrar, Information and Public Relations, Mr. Ajibade Olubunmi, quoted the Dean of Students Affairs, Prof. I G. Adanlawo, warning parents to monitor their children/wards.

    Adanlawo said the Vice-Chancellor, Prof. Oladipo Aina, was determined to rid the institution of bad eggs.

  • NIGERIA VS ZAMBIA REFEREE: CAF expels Gehad

    NIGERIA VS ZAMBIA REFEREE: CAF expels Gehad

    Sequel to the Nigerian Football Federation (NFF)’s threat of protesting against the biased officiating of the center referee that officiated the Nigeria versus Zambia match in Mboembela, Nelspruit on Friday, the Confederation of African Football (CAF) Committee on Referees has sent packing Egyptian referee, Grisha Gehad, who was in charge of the match.

    The Super Eagles versus defending Champions Chipolopolo match ended in a 1-1 draw, but the equalizing goal for the Southern Africans was the result of a questionable spot kick call by the referee Gehad, who replays showed, had wrongly adjudged SS Lazio of Italy midfielder Ogenyi Onazi as having held the arms of a goal-bound Zambian attacker in the 83rd minute of the game.

    A very competent source close to CAF told SportingLife under condition of anonymity that the referee has been sent back to his home country, Egypt.

    “The center referee that officiated the Nigeria versus Zambia second group match that ended in a 1-1 score draw has been sent packing.

    “The Egyptian referee, Grisha Gehad, who was in charge of the match between Nigeria and Zambia has been sent packing. Ghead, who was in charge of the match between Nigeria and Zambia has been sent packing. He was sent home because of his mishandling of the match”, the source told SportingLife.

    “The penalty call by the referee was wrong. If there was a foul, it was definitely outside the 18-yard box and not a penalty. Referees are not allowed to re-write the rules of the game”, a top CAF executive member was quoted as saying by the source.