Stock market: CIS suspends CEO of Foresight Securities

By Nkiru Nnorom

THE Chartered Institute of Stockbrokers (CIS) has announced the suspension of Barrister Alex Ogbebor from all stock market activities for a period of six months over fraudulent practices.

Ogbebor, is the CEO, Foresight Securities and Investment Limited, and not “Forthright Securities and Investment” as earlier reported, according to a statement by the institutes’s Public and Media Relations Consultant, Mr. Sola Oni.

Oni explained that “This clarification becomes necessary in order to put the records straight. We apologize to Forthright Securities and Investment Limited over the unintended mix up and for whatever embarrassment this might have caused. Barrister Ogbebor works for Foresight Securities and Investment Limited “.

Mr Ogbebor was suspended for six months by the Institute after he was found guilty of three charges. 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.

Delivering judgement, the Chairman, Institute’s Disciplinary Tribunal,Mr Oluwaseyi 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, Mr. Muritala Ariyo and Mr Mike Itegboje and Mr. Oluwole Adeosun.

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