January 8, 2014

Share scam: Low clients turnout for transaction at Sterling Registrar

Stock exchange

Nigerian Stock Exchange


Following the sanction  imposed on Sterling Registrar Limited by the Securities and Exchange Commission, SEC, over unlawful allotment of Japaul Oil & Maritime Services Plc’s shares, few clients were seen at the premises of the company transacting business with the registrar.

A visit to the head office of Sterling Registrar in Lagos by Vanguard, yesterday, showed that few clients were being attended to by some staff as opposed to the usual large crowd experienced in the past.

When Vanguard approached the Sterling Registrar office to speak with the Registrar over the cancellation of the company’s registration and other sanctions imposed on two staff of the company by the commission, a staff who does not want her name mentioned said “The Registrar is not available now and there is no other person that can speak with you on this development. You can check back tomorrow same time (1pm) to see if he would be around.”

The two elderly shareholders that were seen at the reception of Sterling Registrar as at 1pm when Vanguard visited said that they were not aware of any sanction imposed by the SEC on the company. According to them “We only came to verify our signature.”

Recall that the Administrative Proceedings Committee, APC, of the SEC on Monday cancelled the registration of  Sterling Registrar Limited, a subsidiary of Sterling Bank Plc, for unlawful allotment of shares of Japaul Oil & Maritime Services Plc.

The Commission also barred Kalstead Farms and five people, including staff of Sterling Registrar from engaging in capital market activities for specified period.

Furthermore, it imposed N5 million fines on Sterling Registrar and ordered it to pay N5,000 from the day of the illegal allotment (May 6, 2008) to the date the decision was made, even as the case has been referred to law enforcement for action.

SEC also said  that 1st  Respondent ( Sterling Registrar) issued questionable return money warrants of N445, 867.71  and N791, 447.32 respectively to Mr. Akin Ekundayo and Aina Folasade.