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City-Code Trust admits unauthorised sale of shares

Category: Frauds & Scandals

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City-Code Trust admits unauthorised sale of shares

July 25 , 2008


-says it was an error



Proshare NI

July 25, 2008 at 17:35 GMT


City-Code Trust & Investment Company Limited, Member of the Nigerian Stock Exchange (NSE) has admitted its unauthorised sales of 10,000 units of First Bank of Nigeria’s Plc (FBN) shares of Ebomwonyi Enogie Joseph, a client based in WarriDeltaState. As it affirms that the sale of the shares was in error.


This admittance was contained in a mail sent to Proshare NI by Joseph as regards the issue.



He affirmed that he has been contacted on phone in Warri by his Marketing Officer; who passionately appealed to him to ask his Lawyers and Proshare NI to rest the case.



“I have been contacted on phone from the branch office in Warri through my marketing officer several times since yesterday evening despite the poor network here.


The officer in Warri passionately appealed to me to ask my lawyers or Proshare to rest this matter†he said.


Joseph affirmed to Proshare NI that the Marketing Officer admitted that the City-Code Trust & Investment Head Office in LagosNigeria was aware that the Warri branch made an error in the transaction; which they have promised to revert.


“He admitted that, the head office in Lagos is aware they made error an in the transaction and they are going to revert the shares moved from my account†Joseph affirmed.


Joseph further affirmed that the City-Code Trust & Investment officer had pleaded and assured him that the situation would be reversed in a short while.


“The officer pleaded for a very short time for City-Code Trust & Investment Head Office in Lagos to effect this; while pleading for the sword to be shed†he said.


However, Joseph confirmed to Proshare NI his fears in City-Code Trust & Investment effecting the changes on time in order to benefit from the proposed bonus issue of FBN.


“My fear now and surely the brokers are aware that FBN is going to declare bonus shares of 1 for 4 as announced. I may lose these bonuses if not settled soonest†he said.


Proshare NI sought to clarify the true situation of the matter with Ajao Oluniyi, Deputy General Manager (DGM) of the company who confirmed to Proshare NI that he is in Warri.


“As I am speaking with you, I am in Warri and I am trying to look into the matter†Oluniyi said.


Though he affirmed that the reason of his being in Warri was not in respect of the matter and declined to furnish Proshare NI with the latest development as regards it.


As earlier reported by Proshare NI, Oluniyi is still of the view that the customer complained on the high price the stock was bought; therefore City-Code Trust & Investment decided to sell off the shares.


He also affirmed to Proshare NI that it was the announcement of the proposed bonus issue by FBN that is prompting the client to insist on having his shares after complaining of the high price it was bought.


In recent times, regulatory authorities have intensified efforts to ensure transparency in the Nigerian Capital Market in order to allow investors good returns on the investments.

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