A Magistrate Court sitting in Lagos has sentenced one Mr. Attah John Akpan to 18 months imprisonment with hard labour for attempting to impersonate a capital market investor.
The 54-year old Akpan was apprehended at the offices of Central Securities Clearing System Plc (CSCS Plc) on 15 December 2014 during routine biometrics data capture exercise for investors as he attempted the crime. His plans were foiled by the vigilant team of the CSCS Customer Care Centre after which he was handed over to the Police and was subsequently charged to court.
In a ruling delivered by His Honour, Mr. L.A. Owolabi of Senior Magistrate Court, Tinubu Square, Marina, Lagos, Akpan was found guilty of a two-count charge for attempting to steal shares worth over N12,000,000.00 (twelve million naira) belonging to an investor (name withheld). The sentence takes effect from 2 October 2015.CSCS had been prompted to consider and implement stringent measures to stem incessant occurrences of identity theft in the capital market whilst upholding the company?s values of security, efficiency, confidentiality, uprightness, resourcefulness and excellence. One of such measures include the launching of a central, robust and secure biometrics enrolment and verification solution in March, 2015.
The biometrics solution, which evolved through several stages of design, development, and testing, provides the capital market with the benefits of having a central database of all capital market investors and reinforce identity management across the market.
These laudable measures which have been put in place will undoubtedly boost investors? confidence in the Nigeria Capital market as well as result in considerable increase in public investments.
The Central Securities Clearing System (CSCS) Plc on Tuesday presented Securities Lending and Borrowing (SLB) and Post-Trade Allocation process flows to the capital market operators with the view to enhancing market liquidity. The presentation took place at an event organised by CSCS in Lagos.
Explaining how this arrangement works, Mr. Joseph Mekiliuwa, General Manager, Operations, Central Securities Clearing System (CSCS) Plc said the SLB arrangement would enable market participants to lend securities from a registered Securities Lending Agent (SLA). This arrangement is open to the Custodian Banks and their brokers.
Speaking further, Mr. Mekiliuwa said the arrangement would aid market participants to go short by selling securities that they do not have and lending from the SLA to cover their short position before settlement date. The Post – Trade allocation arrangement will enable stockbroking firms buy securities en-bloc into a pool account on behalf of a custodian firm and on the same day re-allocate same securities to the beneficial owner’s accounts domiciled with the custodian firms according to the beneficial owner’s mandate.
According to Mr. Mekiliuwa, ” foreign institutions that are willing to participate in the SLB are required to appoint a local SLA in Nigeria, who will act on their behalf. It is the responsibilities of concerned parties to ensure that the securities lending contracts agreements are in compliance with the best practice and applicable laws accordingly. However, this document covers the account holding structure, securities transfers or detachments and other related processes to facilitate timely delivery of securities”.
However, CSCS will not allow lenders such as custodians or dealing firms lend shares on behalf of the owner of the shares either from a segregated or omnibus account without the Securities Lending Authorization Agreement (SLAA).
For transfers that is required by a borrower to settle short sale transactions, Mr. Mekiliuwa told the participants that the SLA and borrower would have to complete the transfer request latest by 12.00 noon, two days before settlement (SD – 2). This, he said, would allow CSCS deliver the shares into the borrower’s account a day to settlement (SD-1).
The event was attended by participants from custodian firms, settlement banks, brokers to custodians firms and The Nigerian Stock Exchange (NSE).
Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.
Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.
Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.
Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.
Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.