WIDOW COMMENDS NSE FOR INVESTOR PROTECTION

A widow, Professor Bola O.A Osifo has commended the Nigerian Stock Exchange, for helping to recover the sum of N20m being her late husband’s investment that was fraudulently converted by some scammers.

In the letter dated November 1, 2016 obtained by our correspondent, she wrote “On behalf of the Osifo family, we will like to thank the NSE for the dedicated effort in ensuring the stolen shares were reimbursed to my husband’s estate”.

The late Professor David Osifo had equity investment to the tune of twenty million, one hundred and seventy-six thousand, eight hundred and fifty-two naira, nineteen kobo (N20, 176,852.19) in the capital market but was illegally appropriated by some fraudsters. Upon the detection of the heinous crime, the wife of the deceased contacted NSE. The Exchange swung into action and collaborated with the Economic and Financial Crimes Commission (EFCC) to recover the sum in full which has since been paid to the late Professor David Osifo’s estate.

The collaboration between The Nigerian Stock Exchange (NSE) and the Economic and Financial Crimes Commission (EFCC) to prevent and combat abuse and infractions by players in the capital market continues to yield fruit as crimes are being prevented and prosecutions of culprits are ongoing.

It would be recalled that The NSE on October 4, 2013 signed a Memorandum of Understanding (MoU) with the EFCC to tackle market infractions and abuse. This partnership has successfully opened direct lines of communication and information sharing with the EFCC for reporting and investigations of incidents leading to a more proactive law enforcement and swift recovery of stolen securities.

To further protect investors, NSE has set up the Investors Protectors Fund (IPF) to compensate claimants for pecuniary losses suffered by them as a result of wrong doing by certain dealing member firms of The Exchange. The establishment of IPF is pursuant to Section 197 of the Investment and Securities Act 2007 (ISA). So far, 158 investors have been compensated

Speaking on the establishment of the IPF, The Chief Executive Officer of the NSE, Mr. Oscar N. Onyema, OON who is also a Trustee of the IPF said: “This milestone gives me great pleasure as it affirms our commitment to the continuous development of initiatives that will bolster confidence in the capital market. Though the compensation payment may not be a complete restoration, it is a show of good faith on our part to investors. I thank the Board of Trustees for their guidance and commitment, the claimants for their valuable patience, and all other stakeholders for their contributions towards the success of this exercise.”