Economy
Tribunal Slams N5m Fine on Four Stockbrokers
By Dipo Olowookere
Four stockbroking firms have been ordered to pay the sum of N5 million as fine for engaging in illegal transactions.
The four stockbrokers are Gosord Securities Limited, UIDC Securities Limited, Kapital Care Trust Securities Limited and Union Registrars Limited.
They were found guilty of unlawfully selling shares belonging to an investor worth millions of Naira.
The matter was brought before the Enugu arm of the Investment and Securities Tribunal (IST) by the affected investor, Mr Okam Kalu Ugwu.
He joined the Securities and Exchange Commission (SEC), the apex capital market regulator, and the four firms in the suit.
Chairman of the tribunal, Mr Nosa Smart Osemwengie, while ruling on the case, ordered that all irregular transactions in the Union Bank shares variously numbering 9,740 units, 20,740 units, 13,333, units, 9, 740 units, 25,000 units, 16,000, and 12,986 units contained in different share certificates were illegal, unlawful, null and void.
The Tribunal also ordered that the 16,876 units, 5,000 units, 850 units and 2,813 units of Union Bank shares purportedly covered by four other certificates be expunged from the claim, having not been established by credible evidence.
Furthermore, the IST reached the verdict that Union Registrars Limited, UIDC Securities Limited and Gosord Securities Limited are to restore and restitute the claimant with 549,453 Union Bank shares and all bonuses and dividends in line with capital market rules, practice and procedures not later than 30 days from the date of the judgment.
According to a statement issued by the acting Director, Corporate Affairs at the IST, Mr Kenneth Ezea, Union Registrars Limited was equally ordered to restore the name of the claimant, Dr Okam Kalu Ugwu, in the register of shareholders of Union Bank Plc as relate to the disputed shares in line with capital market rules, practices and procedures not later than 30 days from the date of the judgment.
Also, all irregular transactions in the claimant’s Guinness Plc shares covered by certificate number 22279776 were also declared illegal, null and void and Union Registrars Limited (2nd Defendant) and UIDC Securities Limited (3rd Defendants) were ordered to restore and restitute the claimant with 2,083 units of Guinness Nigeria Plc with accrued bonuses and dividends, unlawfully verified, transferred and sold to third parties through their platforms not later than 30 days from the date of the judgment while Union Registrars (2nd Defendant) is to restore the name of the Claimant in the register of shareholders of Guinness Nigeria Plc.
Kapital Care Trust Securities Limited being the 5th Defendant was ordered to restore and restitute the claimant with the 72,151units of Union Bank shares and accrued bonuses and dividends it unlawfully dealt with in line with Capital Market Rules, Practice and Procedures not later than 30 days from the date of the judgment and as well fined N100,000 to be paid into the coffers of the Federal Government of Nigeria for breach of professional ethics in dealing with shares of the claimant.
In addition, the sum of N5 million was awarded as general damages against the Union Registrar Ltd, UIDC Securities Limited and Gosord Securities Ltd jointly and severally in favour of the claimant.
Restating the account of the case, Mr Osemwengie said the action was commenced by way of Originating Application filed by the claimant, Dr Okam Kalu Ugwu, a Medical Doctor, who claimed that he had over a total of 549,453 units of Union Bank shares at all material time to the commencement of the action.
He alleged that a total of 133,078 units of the shares were unlawfully verified, dematerialized and transferred to 3rd parties by some of the defendants without his authority, consent and knowledge.
The claimant alleged further that the Union Registrars Ltd joggled its shareholding such that another 416,375 units of his Union Bank shares cannot be accounted for.
He alleged further that his 2,083 units of Guinness Plc shares were also unlawfully verified, dematerialised and transferred to 3rd parties through the 2nd Defendant, Union Registrars, without his authority, consent and knowledge.
Dr Ugwu informed the court that all his share certificates were kept in his residence at Federal Medical Centre, Umuahia, Abia State and that sometime on the July 30, 2007, he received a caution notice from First Registrars that some of his shares had been provided for verification.
Alarmed that he did not give any instruction on his shares, he raced to where he kept his share certificates only to discover that they had disappeared.
The claimant contended that Union Registrars did not respond to the letter written to it, rather it went ahead and dealt with the claimant’s shares.
As a follow up to the letter already sent to the 2nd Defendant, the claimant, on December 4, 2007, went to the office of the 2nd defendant to demand for details on his shareholding account. The claimant said he met one Mr Akeem who told him to produce copies of the share certificates and dividend warrant stumps to help in reconciling his account. This, the claimant said he supplied to Mr Akeem.
On December 16, 2007, the claimant wrote another letter to the 2nd defendant reiterating his previous demands for details on his accounts, but no response was given. He decided to write a letter dated April 6, 2009 asking the 2nd defendant to place a caveat on his shares.
However, the claimant was surprised to receive a letter from the 2nd defendant in December 2009 purported to have been written to him since December 30, 2008. Enclosed in the letter were purported statement of account of the shareholding with Union Bank of Nigeria Plc dated January 26, 2009 containing 71, 311 units of shares, purported dividend report and CSCS transaction on his share accounts.
The defendants even traced the theft of the share certificates to an in-law of the claimant who was a stockbroker but finding no merits in their defence the tribunal blamed them for failure to exercise caution and apply the standard know your customer precautions even when duly forewarned. They were restrained from further dealing unlawfully with the claimant’s shares.
SEC, being the 1st defendant, was exonerated from liability “From the totality of evidence before us, we do not think the 1st defendant has breached his statutory role as apex regulatory body. We therefore hold that the 1st defendant has performed its duties reasonably well.”
But SEC was directed, under its regulatory powers, to supervise, monitor and ensure compliance by the 2nd, 3rd, 4th and 5th defendants to the orders of the tribunal not later than 30 days from the date of this judgment.
SEC is also to ensure that shares restored and restituted to claimant are moved to the stockbroker company of his choice.
By Dipo Olowookere
The Nigerian stock market crashed by 2.35 per cent on Wednesday after some bellwether equities performed badly as a result of profit-taking in them.
BUA Cement, Dangote Cement, and Geregu Power lost 10.00 per cent each to settle at N340.20, N963.00, and N917.40, respectively. Custodian Investment shrank by 9.97 per cent to N73.15, and Academy Press weakened by 9.88 per cent to N28.12.
On the flip side, SAHCO gained 9.92 per cent to trade at N171.20, International Energy Insurance grew by 9.66 per cent to N6.70, Tantalizers improved by 6.98 per cent to N4.60, Omatek added 5.70 per cent to close at N2.04, and AIICO Insurance increased by 5.19 per cent to N4.26.
At the close of business, the Nigerian Exchange (NGX) Limited recorded 10 appreciating stocks and 21 depreciating stocks.
Data from the activity log revealed that 488.1 million shares worth N20.9 billion exchanged hands in 46,239 deals at midweek compared with the 564.9 million shares valued at N39.4 billion traded in 49,230 deals on Tuesday, representing a fall in the trading volume, value, and number of deals by 13.60 per cent, 46.95 per cent, and 6.08 per cent, respectively.
On top of the activity chart yesterday was First Holdco, which sold 57.4 million equities for N3.5 billion. Chams transacted 42.3 million shares valued at N166.9 million, Access Holdings traded 36.1 million stocks worth N831.1 million, Linkage Assurance exchanged 32.0 million equities for N49.4 million, and Sterling Holdings traded 29.4 million shares valued at N224.8 million.
Business Post observed that the bears dominated Customs Street during the trading day, resulting in all the major sectors closing in the red.
The industrial goods space suffered the heaviest loss, 8.31 per cent, as a result of the sell-offs in cement stocks. The insurance counter shed 0.97 per cent, the banking segment declined by 0.71 per cent, the consumer goods landscape gave up 0.29 per cent, and the energy sector crumbled by 0.11 per cent.
Consequently, the All-Share Index (ASI) retreated by 5,668.65 points to 235,074.54 points from 240,743.19 points, and the market capitalisation moderated by N3.637 trillion to N150.847 trillion from N154.484 trillion.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn