CIS Harps On Ethical Standards, Punishes Erring Members | Independent Newspapers Limited
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CIS Harps On Ethical Standards, Punishes Erring Members

Posted: Apr 13, 2016 at 8:52 pm   /   by   /   comments (0)


The Chartered Institute of Stockbrokers (CIS) has deleted the name of one of its members from the institute’s register and suspended a Chief Executive Officer of a stockbroking firm from all stock broking activities for six months.

This action is in determination of institute’s resolve to promote strict adherence to ethical standards among its members.

Specifically, the institute deleted the name of a graduate member, Adewale Adegboyega from its register for serving three months in jail following his conviction by the court over false representation, forgery and fraudulent offences.

Also, the Chief Executive Officer of Foresight Securities and Investment Limited, Barrister Alex Ogbebor, has been barred from practice as a stockbroker for the next six months having been found guilty of three charges.

In a statement by the institute, Ogbebor was guilty of writing to run down a competitor, Pan African Capital Plc, through deliberate misinformation.

The CIS stated that Ogbebor failed to observe high standards of ‘commercial honour’ in its business with Pan African Capital while he deliberately misled the Institute through falsified facts to gain personal advantage over Pan African Capital.

“The Institute’s long arm of the law caught up with the two erring stockbrokers through its disciplinary tribunal, which investigates and judges cases of unethical behaviors among the members,” CIS said, adding:

“Adegboyega was earlier convicted by the Chief Magistrate Court of Lagos State, sitting at Igbosere, Lagos Island, on May 7, 2013, having been found guilty of false representation, forgery and fraudulent altering under the Criminal Code Cap C 17 Vol. 2 Laws of Lagos State of Nigeria 2003.

“Consequently, he was sentenced to three months imprisonment. The Institute referred his offence and conviction including sentence to imprisonment, to its investigating Panel. The investigating panel reported that the offences are incompatible with the status of a member of the Institute as they are capable of bringing discredit to the member, his employer and the CIS, thereby becoming liable for unprofessional conduct.”

According to the CIS, the Investigating Panel referred the case to the Disciplinary Tribunal of the Institute for appropriate action.

In the judgement delivered by the Chairman, Institute’s Disciplinary Tribunal, Oluwaseyi Abe, the Tribunal upheld the view that the conduct of Adegboyega was of such a magnitude that warrants striking off of his name from the register of members of the Institute.

The Disciplinary Tribunal had on September 10, 2015, directed the Registrar and Chief Executive, Adedeji Ajadi, to strike his name off the Register of members of the Institute. Ogbebor was sanctioned over three count charges by the Institute.

Delivering judgement on him (Ogbebor), Abe said: “Your name, Bright Alex Ogbebor, is hereby struck off the relevant part of the register of members of the Chartered Institute of Stockbrokers and the sentences would run concurrently on the three counts.”

But Abe noted that Ogbebor could be re-admitted after six months subject to his compliance with certain conditions. Members of the Disciplinary Tribunal present at the judgement were Justice George Oguntade, the legal assessor, two past Presidents of the Institute, Muritala Ariyo and Mike Itegboje and Oluwole Adeosun.