NSE suspends Greenwich Trust

Proshare

Garba ZAKARI

Proshare NI

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 Lagos Nigeria at the Stock Exchange.

 

She affirmed that Greenwich Trust advertised in the Newspapers using the logo of the Stock Exchange without approval. “The 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’ƒâ€šÃ‚ 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 company’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).

 

 

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