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NGX Charges Inductee Brokers on Ethics, Continuous Learning

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Limited (NGX) has encouraged its newly inducted brokers to continue to uphold the high standard of ethics in the capital market and embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

At the induction ceremony for the 91 newly Authorised Dealing Clerks held at the Exchange on Thursday, the Chief Executive Officer, NGX, Temi Popoola, advised the inductees to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision making.

He highlighted that the NGX had enforceable rules, he pointed out that the Exchange had signed a Memorandum of Understanding with the Economic and Financial Crimes Commission (EFCC) in the bid to implement its zero-tolerance policy on infractions.

Emphasising NGX’s technological drive, Popoola said, “Technology is increasingly going to drive our business operations and activities going forward. Over the years, The Exchange has demonstrated its readiness for the digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic.

“Our trading platform and real-time data service remains a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading.”

He urged the inductees to embrace a culture of continuous learning and take advantage of NGX’s specialised learning platform, X-Academy to gain more knowledge and maximise opportunities to stay up to date on market developments.

The Doyen of the market, Rasheed Yusuf, congratulated the ADC’s, highlighting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy.

“I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy. The Exchange and the capital market constitute a platform to turnaround the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact,” Yusuf said.

Chairman, Governing Council, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, and President/Chairman, Governing Council, Chartered Institute of Stockbrokers (CIS), Oluwole Adeosun, both underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.

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Tragic Building Collapse In R/State Leaves One Dead, Several Injured

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A tragic building collapse in Rivers State has left a middle-aged contractor, identified as Udeme, feared dead after a two-storey structure under construction caved in at the Egbelu Mgbaraja area of Ogbogoro Community, Obio/Akpor Local Government Area.

This incident comes just one week after a three-storey building collapsed at the Iriebe axis of the same local government, though that incident fortunately recorded no casualties.

READ MORE: Fire Ravages Ajah Market In Lagos, Goods Worth Millions Lost

The latest collapse occurred on Monday, November 4, 2024, around 2 p.m., with construction workers on site when the structure gave way.

According to eyewitness Mr. Jonathan Obey, the building’s second floor suddenly buckled, trapping Udeme beneath the rubble, while another worker managed to escape with serious injuries.

Obey, who attempted to rescue the trapped contractor, suspected negligence, saying, “We couldn’t reach him despite our efforts. An inspection revealed substandard materials had been used, with the foundation only three feet deep for a two-storey building, which is insufficient. The rebar was of poor quality, and essential supports, such as a center beam, were absent.”

The Rivers State Government has since sealed off the property and declared the developer, Vincent Nwoye, wanted for questioning.

Rt. Hon. Evans Bipi, Commissioner for Physical Planning and Urban Development, visited the site and expressed his dismay, attributing the collapse to gross negligence.

“This tragedy was preventable,” Bipi stated. “The developer failed to obtain an approved building plan and used inferior materials. The government will ensure accountability and take severe action.”

Bipi extended his condolences to the victim’s family and the Ogbogoro Community, affirming that the government will facilitate the family’s recovery of their loved one’s remains. “We sympathize with the bereaved family and the entire community,” he added.

The Commissioner for Special Duties, Dr. Samuel Anya, also condemned the developer’s actions, highlighting the dangers posed when profit is prioritized over safety. “This loss is a direct consequence of unethical practices,” he said.

The government has committed to a thorough investigation and tighter regulatory enforcement to prevent further tragedies in Rivers State.

 

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JUST IN: Justice Adeyeye, Ekiti State’s CJ Passes On

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The Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye has passed on.

The news of his passing was leaked by a reliable source under the condition of anonymity.

The sad incident, according to the source, happened in Ado Ekiti in the early hours of Tuesday.

His death is being traced to a sickness which came upon him following the injury he sustained when a section of the Ekiti State High Court Complex, Ado Ekiti wall collapsed in July 12, 2023.

ALSO READ: #EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors

The late Justice Adeyeye was at the office when the building collapse happened and sustained injuries.

While the state and his family were yet to issue statements on his demise, the Ekiti State Chapter of the Association of International Female Lawyers (FIDA) has sent condolences to the family.

The condolences message read: “With deep sorrow in our hearts and in total submission to the will of God, FIDA Ekiti consoles with the family of the Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye on his call to glory.

“May He find rest with his maker.

“I pray that God grants the family, the Judiciary and the people of Ekiti State, the grace to bear this irreparable loss.

Adieu great one.”

Justice Adeyeye was born 1960 in Araromi Ugbesi in Ekiti East Local Government of Ekiti State and was called to bar in 1986.

He started his career as a State Counsel in the civil service of the then Ondo State before joining the Ekiti State Judiciary Service Commission shortly after the state was created in 1996.

He was promoted to the position of a judge in the state’s high court in 2002 and has served at different occasions in the election petition tribunal.

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BREAKING: Court Drops Charges Against 76 #EndBadGovernance Protesters

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A Federal High Court in Abuja has dismissed all charges against 76 individuals accused of participating in the nationwide #EndBadGovernance protests.

The ruling came after the Attorney General of the Federation (AGF), Lateef Fagbemi, moved to discontinue the case under orders from President Bola Tinubu.

READ MORE: N1.3trn Fraud: EFCC Arrests Ex-Delta Gov, Ifeanyi Okowa

Justice Obiora Egwuatu, presiding over the matter, struck out the charges after hearing a motion from the AGF’s representative, Director of Public Prosecution of the Federation (DPPF) Mohammed Abubakar.

Citing Section 174 of the 1999 Constitution, the AGF formally took over the case from the Inspector General of Police, then requested to drop all charges against the defendants, many of whom are minors.

The judge granted the AGF’s application without objection from defense counsel, ordering the immediate release of the accused, who were not present in court.

This decision follows a directive issued on Monday by President Tinubu, instructing the AGF to withdraw charges against the protesters.

 

 

 

 

More to follow………. 

 

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