February 16, 2009 at 19:00 GMT
* Market maker claim disputed and sanctioned.
* Proshare set to investigate further
The Nigerian Stock Exchange (NSE) today announced the suspension of Greenwich Trust Limited for using its logo to advertise on a proposed Special Report on Newly Registered Market Makers and Market Custodians without its consent.
Professor (Mrs.) Ndi Okereke-Onyiuke, the Director General/Group Chief Executive (DG/CEO) of the Nigerian Stock Exchange (NSE) confirmed this suspension today in
She affirmed that Greenwich Trust advertised in the Newspapers using the logo of the Stock Exchange without approval. â€œThe Stock Exchange did not give approval to the firm to use its logo for advertisement on the issue of Market Makers, therefore the firm has been suspendedâ€ÃƒÆ’Ã†â€™ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â she said.
Greenwich Trust used the logo of the Stock Exchange and the Securities and Exchange Commission (SEC) to advertise a proposed Special Report on Newly Registered Market Markers and Market Custodians without approval from the NSE; therefore the reason for the suspension slammed on them by the NSE.
Prior to this time, Proshare NI has had a CEO Q & A with Kayode Falowo, CEO of Greenwich Trust on the companyâ€™s appointment as a Market Maker and how it intends to play its role, this Q & A was published on its website on Thursday December 11 2008 and was also (reproduced by BusinessDay on Thursday 18, 2008, page 24).