Former stockbroker imprisoned for fraud<em

E Tranzact traded higher at the end of yesterday’s transactions on the trading floor of the Nigerian Stock Exchange.

It led other gainers with 4.93 per cent to close at N3.19 per share. Following E Tranzact yesterday was Okomu oil, adding 4.83 per cent to close at N33.00 per share.
Dangote Cement, Fidson, Learn Africa added 4.27,4.25 and 3.90 per cent to close at N159.98, N2.70 and N0.80 per share. Vono also added 3.37 per cent to close at N0.92 per share.

On the other hand, Skye Bank and Unity Bank led others on the losers chart with 8.82 per cent to close at N1.24 and N0.93 per share respectively while First City Monument Bank gained 5.00 per cent to close at N1.52 per share.

Access Bank shed 4.98 per cent to close at N4.58 per share. Airservice dropped 4.98 per cent to close at N2.10 per share.
Other losers of yesterday’s transactions include; Dangote Sugar and RedStar Express, shedding 4.95 and 4.94 per cent to close at N5.76 and N4.04 per share. Oando dropped 4.92 per cent to close at N5.61 per share. Ikeja Hotel dropped 4.88 per cent to close at N3.12 per share.

Union Bank shed 4.88 per cent to close at N6.24 per share. United Bank for Africa dropped 4.85 per cent to close at N3.14 per share.
Diamond Bank and Tiger Brands shed 4.85 per cent to close at N2.16 and N0.98 per share respectively.

Fidelity Bank shed 4.83 per cent to close at N1.38 per share. TransNational Corporation lost 4.83 per cent to close at N1.38 per share.
Continental Reinsurance, Seplat and Zenith Bank also lost 4.42,3.46 and 3.32 per cent to close at N1.08, 196.07 and N13.40 per share.

Consequently, the NSE ASI appreciated by 0.31per cent to close at 27,266.18basis points, compared with the 3.28per cent depreciation recorded previously. Market capitalisation rose by N30 billion from N9,347 trillion to N9,377 trillion.

Also, investors exchanged 166 million shares worth N1.6 billion in 2,917 deals.
The banking subsector maintained its dominance in volume terms with 90 million shares worth N687 million followed by the insurance sub sector with 10 million units worth N6.9 million.

Meanwhile, the Securities and Exchange Commission (SEC) has announced that Mr., a former stockbroker with First Alstate Securities Limited, Tajudeen Folaji has been sentenced to seven years imprisonment by the Lagos State High Court due to an unauthorized sale of shares and fraudulently converting 31,886,200 units of IPWA Plc shares worth N331,297,618 belonging to an investor on 3rd April, 2008.

According to the SEC, the court has directed the Economic and Financial Crimes Commission (EFCC) to trace and liquidate properties belonging to the convict in order to restitute the investor while imposing a N20 million fine on First Alstate Securities Limited where he was the Managing Director and dealing clerk.

“This successful conviction is a testament to the excellent collaboration between the SEC and the EFCC to advance the goal of investor protection. Following complaints against Folaji by the affected investor, the commission launched a detailed investigation that revealed evidences of the infractions committed.

“The Commission consequently suspended the license of his firm on 6th April 2010 and transferred the case to the EFCC to prosecute the criminal element of the case. Tajudeen Folaji studied economics and became a member of the Chartered Institute of Stockbrokers in 1996, he worked as a banker before joining First Alstate Securities Limited in 2004.”

The SEC further reassured the investing public that it would continue to ensure that any capital market operator who defrauds an investor is convicted, while the illegal fund would be disgorged for proper restitution of investors.

“We shall continue to partner with relevant law enforcement agencies to rid the Nigerian capital market of crime and other forms of malfeasance”, it added.