₦airaland Forum

somebody has no job, he has applied to all companies in Nigeria without success. therefore he took hawking , now you want to send him to prison.

when people are sent to prison without alternative, they are forced to follow the hard way, the only way; and become member of Nigeria exclusive club:armed robbery.

Police research shows that more and more graduate are becoming armed robber. Lagos state government policy will only lead to increase in crime.

some of our political leaders cant sing the anthem, and care less about it meaning, all that matters is to loot the treasury to the tune of N240 million daily.

Nobody can tackle corruption in Nigeria. the power brokers/ kingmakers will ensure that only people of questionable moral character will be the president, so that the N240 million looting of the treasury must continue.

Who are the power brokers/kingmakers in Nigeria: Babangida, Adedibu (recently decease), past corrupt Governors, Retired corrupt military / police officers, top civil service officers, corrupt traditional rulers. this are some of the groups responsible for N240 million looting of the treasury . that is the reason why Ribadu is not acceptable to them.

Yaradua is too busy tendering his health. Moreover is hand is not clean. How can a lecturer over a few years suddenly become a billionaire. Nobody is asking question.

yes he did, and benefited with billions of looted public money. On his anniversary was decleared a saint by fellow pen robbers.

even Anini is a saint.

Adedibu should be buried with full national honour.

Saludo is a criminal , just like the rest of them.

all have sin and come short of glory of God

after 4 yrs, you can be sure that the sun will rise, the Nigerian road will be worst than it was before. And nobody will be able to account for how the money was spent. for further information ask Tony annenih, who is a expert in transportation and abandoned projects.

forget about the external reserve, the figure does not matter; 100 , 500, 1 million billion, it all numbers. Nigeria operate as a destitute country, rated one of the poorest in the world. for every penny generated in Nigeria,  there is a percentage that must be mismanaged. be it loan, reserve, oil.

Every fool knows that the Nigerian Army are completely useless. the owner of the vessel should have arrange the own private security.

as for the militant, let them keep the vessel, its their own share of the national cake. after all the government says were losing N240 million daily to corruption.

Every Nigeria has the right to take anything as his own share of the national cake.

they deserve it, its their share of the national cake

she s lying. all nigerians are saint, just like Abacha.

well he did, just like Babangida , Abdulsalami, Anini and the rest of them.

we all are grateful.

she s crying for help and require urgent medical attention, the integrity of her mental state is in doubt

Umaru Musa Yaradua
let him account for how a lecturer suddenly become a billionaire.


Goodluck
we all know were the money comes from

Babangida
even my illiterate grandmother in the village, could easily get him convicted in a court of law.

Abdulsalami
He literarily empty the treasury when leaving

Abacha
dont speak ill of the dead. his buddies say his a saint.

Obasanjo
the kettle who call the pot black


Do l need to go further, alluta continua[i][/i]

let us give honour to whom honour is deserved, within the difficult circumstances and environment Mallam Ribadu found himself as EFCC boss, he did a wonderful. Majority of Nigerians , home and abroad, and the international community recognise this. He brought corruption to the forefront of national issues and pursue his responsibility with a zeal unlike a Nigerian.

l never believe their is someone like Ribadu in the police force. This goes to show that there are millions of dedicated  Nigerian out there  better than Ribadu, but the power to be will always try to destroy them just like they did Ribadu.

the ball is now in the court of Madam Waziri.

l believe the above quote answered your question.

let see what happen after Ribadu

Nigeria army are probably the most useless on the continent.

at least the other rag tag army and rebel groups in Africa have something they believe and are ready to die for. Nigeria army believe in corruption and is not ready to lose a finger for anybody.

Now they said Abacha is a saint.

Northern Nigeria is the only region drawing back the country progress. Since they have choosen to live in the 20th century, who are we to change thir mind.

Nigeria final destination is disintegration. Already massob are testing the water. the dateline is oil. when the oil finish every ethnic group will find his level.

this is Nigeria , anything is possible.

if abacha is a saint, Anini is a prophet of God.

the Ogoni community are the only community in the entire niger delta region who were able to stop the exploration of oil on the land, since the death of Ken Saro Wiwa. this came at a great cost in human, social and economic marginalisation by the Nigeria government and shell.

l hope for the legacy of those who suffered and paid the ultimate price, and for the sake of this generation and that unborn; they would continue to resist any company exploring their oil. Since they survive for more than 10 yrs now, they can survive for another 20 yrs.

As a starting point for negotiation, they should demand 70% of the oil revenue coming from their land. its not much to ask for, afterall government says Nigeria is losing N240 million daily to corruption

Long live Ogoni people!!!!!!
Long live the struggle!!!!!!!

amen

hi the following stockbroker are presently under SEC investigation :

Operators Under SEC Investigation

OFFENDERS                                       

Akitorch Securities Ltd.                                 
Solid Rock Securities and Investment Ltd.
Assets Plus Securities Ltd.
Morgan Trust and Asset Management Ltd.               
Beachgrove Securities and Investment Ltd.
Premium Securities Ltd.
Calyx Securities Ltd.
ET & T Investment Company Ltd.
Excel Securities Ltd.                           
CSL Stockbrokers
Best Link Investment Ltd.
Lakesworth Investment  & Securities Ltd.
Eagle Stockbrokers Ltd.
Marimpex Finance Investment
Transglobe Securities Ltd.
Newdevco Stockbrokers
Anchoria Investment Ltd.
Davandy Finance & Securities Ltd.
Heritage Investment Ltd.
Floodsate Finance & Securities Ltd.
May Field Investment Ltd.
Nigeria Stockbrokers Ltd.
Futureview Securities Ltd.
First Atlantic Securities Ltd.
IBN Securities Ltd.
Centrepoint Investment Ltd
AIL Securities Ltd.
Intercontinental Securities Ltd.
Cashcraft Asset Management Ltd.
Decannon Investment Ltd.
Royal Trust  Ltd.
Riverside Securities Ltd.
Genesis Investment Securities Ltd.
Apex Securities Ltd.
UBA Securities
Gosord Securities Ltd.
First Equity Securities Ltd.
Foresight Securities & Investment Ltd.


NATURE OF MALPRACTICE

Fraudulent sale of shares

Withholding of share certificates

Unauthorised conversion of shares

Non-remittance of dividends

Non-lodgment of shares

Outright misappropriation of funds for purchase of shares


Source: Broadnstreet journal.   http://www.bsjournal.com/news/articles/071120-1/news/cover_stockfraud.html



please continue to rate your stockbrokers[color=#006600][/color]

Friday, June 06, 2008. 8:23:16 PM       
 
   

 
How Stockbrokers Rip Off Investors

The Securities and Exchange Commission moves to tighten the noose on capital market operators whose stock-in-trade is to swindle investors. Will this put an end to market infractions?

By TONY MANUAKA


Nigerian Stock Exchange
She never had any inkling that a stockbroker could turn out to be a swindler. So, after a long period of ruminating on how best to manage what she could rightly term her savings for over six years as an oil worker, Ada Ijene, 34, decided to invest in the stocks of First Bank of Nigeria. Not long afterwards, she concluded arrangements and handed a cheque of N1.3 million to a mere acquaintance who had over time, paraded himself as a stockbroker. The shares were to be bought from the secondary market, so it was agreed that the certificate was to be delivered in two weeks’ time. Even though she knew next to nothing about operations of the stock market, she felt at ease with the promise. That was how several weeks rolled by and there was nothing to show that there was any transaction between Ijene and the self-acclaimed stockbroker.
Several months later, it dawned on her that she may have been swindled. All along, the fake stock broker had maintained that the chief executive of the stock broking firm where he works had travelled to the United States and kept shifting the date of her return. With the intervention of some family members from both sides, it was later revealed that the N1.3 million was rather invested in a haulage business. Ijene broke down in tears but it was rather too late as the conman had already concluded arrangements to travel out of the country.
But her case was just one out of several others in recent times. On September 20, 2007, the Securities and Exchange Commission, SEC, invited 19 complainants to its Lagos office for a meeting. Made up of individuals and corporate bodies, the complainants had brought allegations of illegal sale of their shares by Eagle Stockbrokers Limited. Besides this, another stockbroking firm, Akintorch Securities Limited, had 12 cases of irregularities listed against it. But, according to information made available on the website of SEC, there were 45 other cases against the operator as at 2005. That brings to 57 the number of cases brought against the company by shareholders between 2005 and 2007. That is not all.
Investigations carried out by the magazine indicate that some market operators employ sundry methods to defraud unsuspecting investors these include non-lodgment of shares, non-payment of sales proceeds, failed requests for share transfer, non-purchase of shares paid for, non-receipt of share certificates and statements of accounts, fraudulent dealings on Central Securities Clearing System, CSCS, accounts, insider dealings, unauthorised conversion of shares, price manipulation and non-refund for unprocessed applications. There is also a preponderance of cases of stockbrokers divesting their clients’ investments hoping to reap higher returns in their own names. Yet, there are several cases of illegal operators in the market who are not registered by the regulators but who go about scouting for funds to manage for investors.
Further investigations, however, show that the most prevalent form of infraction in the capital market is unauthorised sale of investors’ shares by stockbrokers. For instance, all the 40 cases that the capital market regulator is currently investigating against AAA Stockbrokers Limited, a Lagos-based operator, are on illegal sale of shares.
The stockbrokers are not the only operators that are involved in market infractions. But among others, Sterling Registrars tops the list of market players in its category with no fewer than 27 cases which are now being investigated by SEC. It is followed by First Registrars, which has 11 complaints listed against it. A stock market analyst who spoke to the magazine on the condition of anonymity put the value of  illegal transactions carried out by market operators in the last few years in excess of N300 million.
In meeting with the challenges of preventing fraudulent and unfair trade practices in the market, the commission investigated over 1,500 complaints against operators between 1999 and 2006. Within the same period, SEC successfully prosecuted 91 cases and handed over to the police 14 cases of illegal operators for further investigation and prosecution. Also, SEC sources confirmed that 14 cases were referred to the Economic and Financial Crimes Commission, EFCC.
However, if fresh steps being taken by SEC are anything to go by, then the days of scam operators in the market are numbered. Musa Al-Faki, director-general of the regulatory agency, has, over time, reaffirmed his resolve for zero-tolerance on capital market infractions as part of the ongoing financial sector reforms. To meet the challenges of a growing market with capitalisation in excess of N800 trillion, the commission is said to be working towards setting up a committee that will monitor activities in the market. Furthermore, SEC has strengthened its working relationship with the EFCC to facilitate the prosecution of criminal cases in the stock market.
Lanre Oloyi, spokesman for SEC, told the magazine that although some of the cases listed against stockbrokers have been decided, investigation on several others are still ongoing. “The management of SEC frowns at any form of illegality in the market. Our target is to support the federal government’s vision to be one of the top 20 economies in the world by 2020. The market is rule-based and all operators are expected to obey the rules of the commission, otherwise they will be shown the way out”, said Oloyi.
Further to that, SEC is adopting a full disclosure policy by which it would assist the public in knowing the background of any individual or corporate body that applies to be licensed as an operator in the market. The commission is also gradually embarking on enlightenment campaigns across the nation on the activities of the capital market. This, the magazine gathered, is necessitated by the growing awareness in the country on investments in the capital market.
According to market sources, what appears to be a surge in capital market infractions began with the banking sector consolidation that compelled many banks to head for the stock market in search of funds as part of their recapitalisation efforts. It is, however, sad to note that quite a large number of people who took interest in investing in shares do not understand the dynamics of the market. It is this flaw on the part of investors that some criminal-minded stockbrokers and registrars are capitalising on to defraud the investors.
For example, in the case of illegal sale of shares, what stockbrokers do is to sell off their clients’ shares without notifying them or without getting any form of authorisation to trade the shares. In most cases, the stocks are sold when their prices are high. Sometimes, the stockbroker buys the shares when the price would have fallen, in which case, if there is dividend or bonus share within the period, the returns go to the beneficiary of the illegal sale.
There are also cases where share certificates are deliberately withheld by registrars for longer than necessary. In this case, the shareholder can not sell his shares at will, even when the prices are going up. This, according to market analysts, is usually done in connivance with other operators like quoted companies to create artificial rise in price.
Oloyi describes the situation as regrettable, advising investors to insist on registering the accounts with the CSCS. This way, he said, investors would have joined the league of electronic dividends and bonus payments.
Adebayo Ajayi, a stockbroker with Support Services Securities, finds hope in the introduction of e-offer, e-bonus and e-dividend by the Nigerian Stock Exchange, NSE, and SEC. “By the end of the year, all offers will be done electronically. Shareholders who are to benefit from companies’ bonuses, after opening a CSCS account, will now have the bonus sent electronically instead of the certificates. Also, dividends will now be paid into investors’ bank accounts”, Ajayi said. 
In 2005, the NSE introduced the Trade Alert, an electronic service that operates with the mobile phone and alerts an investor if and when a transaction is carried out on his account. The controversy it generated pitched the NSE against stockbrokers, who were opposed to its introduction. The service was finally launched last year amid hopes that illegal trading on investors’ shares may have become a thing of the past. But that appears not to be so.
Olusegun Owolabi, national president, Concerned Shareholders’ Association of Nigeria, says Trade Alert should have been able to address the issue of illegal sale of shares and that the purpose for which it was introduced has not been achieved. He lays the blame on the doorsteps of both the regulators and the investors. Said he: “Investors share the blame in the sense that those who have a quantum of investment and do not subscribe to Trade Alert should have themselves to blame, and for the fact that the market is growing and foreign investors are looking at us, the regulatory authorities should apply stiffer penalties on erring stockbrokers. If the EFCC is involved and with stiffer penalties there will be sanity”.
But Gboyega Babalola, managing director, Sterling Registrars, says the issue of non-receipt of share certificates, dividends and bonuses are normal in the capital market. He also blamed the rising cases on the bad mailing system in the country. He told the magazine that the safety measure adopted by his organisation is ensuring that mandate forms are signed by investors in the presence of their stockbrokers before verification is carried out. However, this is one practice that does not obtain in several other firms where shares are sold based on mere verbal instruction, sometimes on telephone.
In line with Owolabi’s thinking, a frontline stock market analyst told the magazine that if Trade Alert is made to be more effective, investors could be quickly alerted when illegal deals are being carried out on their shares. But besides other measures that are being put in place to tame operators with criminal tendencies, the analyst recommends that SEC should sustain the push for a rise in the share capital of all categories of operators in the market. This, he said, would deter operators from engaging in shady deals knowing that they have much to lose if they are caught in the act.
Last April, SEC raised the minimum paid-up capital for different categories of operators. By the new standard, issuing houses had their capital increased from N150 million to N2 billion while brokers and dealers had theirs increased from N70 million to N1 billion. Others are fund and portfolio managers, N20 million to N500 million; registrars, N50 million to N500 million; and corporate sub-brokers, N5 million to N50 million. This is part of the reform aimed at sanitising the market. The commission also directed a 40 per cent reduction in all market fees. Along the same line, SEC recently brought to an end the verification of investments, which was discovered to be a major cause of delay in the issuance of share certificates by issuing houses.
It would also be heart-warming for many investors to note that they have little or nothing to lose if a case of infraction is established against any market operator. Oloyi confirmed to the magazine that once an operator is caught, the firm or individual is made to restitute what the investor is deemed to have lost.
Some of the measures by which SEC enforces its regulations are fines, suspension of operator, revocation of licence, suspension of trading in the securities of an erring quoted company, expulsion from the market and closure of office of any illegal operator. The commission can also institute a civil action in court through its litigation office.
Although many stakeholders contend that no society is crime-free, the concern is how far the current effort of SEC can go in fighting crime in the market.
Additional reports by
MAUREEN POPOOLA and ABIOLA ODUTOLA   




 

Operators Under SEC Investigation

OFFENDERS                                       

Akitorch Securities Ltd.                                 
Solid Rock Securities and Investment Ltd.
Assets Plus Securities Ltd.
Morgan Trust and Asset Management Ltd.               
Beachgrove Securities and Investment Ltd.
Premium Securities Ltd.
Calyx Securities Ltd.
ET & T Investment Company Ltd.
Excel Securities Ltd.                           
CSL Stockbrokers
Best Link Investment Ltd.
Lakesworth Investment  & Securities Ltd.
Eagle Stockbrokers Ltd.
Marimpex Finance Investment
Transglobe Securities Ltd.
Newdevco Stockbrokers
Anchoria Investment Ltd.
Davandy Finance & Securities Ltd.
Heritage Investment Ltd.
Floodsate Finance & Securities Ltd.
May Field Investment Ltd.
Nigeria Stockbrokers Ltd.
Futureview Securities Ltd.
First Atlantic Securities Ltd.
IBN Securities Ltd.
Centrepoint Investment Ltd
AIL Securities Ltd.
Intercontinental Securities Ltd.
Cashcraft Asset Management Ltd.
Decannon Investment Ltd.
Royal Trust  Ltd.
Riverside Securities Ltd.
Genesis Investment Securities Ltd.
Apex Securities Ltd.
UBA Securities
Gosord Securities Ltd.
First Equity Securities Ltd.
Foresight Securities & Investment Ltd.
 

NATURE OF MALPRACTICE

Fraudulent sale of shares

Withholding of share certificates

Unauthorised conversion of shares

Non-remittance of dividends

Non-lodgment of shares

Outright misappropriation of funds for purchase of shares


source: BROAD STREET JOURNAL .   http://www.bsjournal.com/news/articles/071120-1/news/cover_stockfraud.html

l really sympathise with the Ibo's, they got a raw deal. there is a conspiracy between the Yoruba's and the Hausa to rotate power between them and deny Ibo's their share of the national cake. despite all the obstacle place ahead of him, the average Ibo man is better of than the average Yoruba man, ten times better of than the average Hausa man; who is wallowing in poverty.

demand for biafra is legitimate, the problem is; its the wrong time. Were all in this ship called Nigeria together. nobody is allowed to disembark until we get to the destination: the destination is "THE END OF OIL". the Nigeria nation will only disintergrate when the oil finish. the essence of the Nigerian army is to ensure the safe passage of the ship to it destination. if anybody try to jump ship, he will drown. that is what is going to happen to some of those massob members.

there have been several research conducted on the fate of Nigeria after oil; all came to the same conclusion: Nigeria will disintegrate after oil. that is the reason why the political class ( most dont have oil in there region) are ruthlessly bleeding the nation to death to the tune of N240 million every single day.

tboy1- on: Today at 01:45:54 PM »

Ribadu was not doing a good job 
During all the time he was there, why did he exclude corrupt leaders like Obasanjo, Mr. Uba(the president’s former chief of staff) Christopher Alao-Akala(former Governor )(now Deputy-Governor of Oyo State) . . .amongst others who clearly acted with impunity in their corrupt practices.

let us give honour to whom honour is deserved, within the difficult circumstances and environment Mallam Ribadu found himself as EFCC boss, he did a wonderful. Majority of Nigerians , home and abroad, and the international community recognise this. He brought corruption to the forefront of national issues and pursue his responsibility with a zeal unlike a Nigerian.

l never believe their is someone like Ribadu in the police force. This goes to show that there are millions of dedicated  Nigerian out there  better than Ribadu, but the power to be will always try to destroy them just like they did Ribadu.

the ball is now in the court of Madam Waziri.

What the government is telling Nigerians is: Folks were losing N240 million daily to corruption, there is nothing the government can do about it, there is nothing anybody can do about it.

Thereafter, they replaced  Ribadu, whom everybody agrees is doing a good job and send him to Jos for a course. Almost all the people that attend the jos course are the same people looting the economy. check out the list; Abacha, Babangida, top army officers, top police officers, civil service. what they teach in jos is how to loot the Nigeria economy to the tune of N240 million daily.

The new EFCC chairman , Madam Waziri,  primary responsibility is to ensure that no corrupt governor who helped in securing Yaradua victory in the election is prosecuted and that the N240 million daily corruption allocation must continue.

while there is still some innocent God fearing people in the country , suffering for a crime they know nothing about.

most christians are not poor , its Nigerians that are poor.

police kill more than 50 Nigerians everyday all around the country. some would die in cell after torture, others are shot point blank, for all kind of reasons.

what do you expect from policemen who are ill trained , corrupt , allways drunk and carrying gun.

bad belle, watin brother Ibori do, afterall the land of his forefathers produces the oil.

there is no Governor in Nigeria during the last ObASANJO regime who didnt steal up to N1 billion, that is the cut off point.

yesterday FG announced that Nigeria is losing N240 million daily to corruption.

Xiomarra sum it up and put it brilliantly into words, even Chinua Achebe would have been proud of the qoute:


Xiomarra #1 on: Today at 08:58:09 AM

It is only fair for a sick country to have a sick president.

So they can die together.

l sometime wonder what sin have we committed to warrant this perpetual suffering.