The Investor Protection Fund (IPF)
Part XIV of the Investment and Securities Act 2007, (CAP 124, LFN, 2004) (“ISA”) requires The Nigerian Stock Exchange to establish and maintain an investor protection fund. The Nigerian Stock Exchange has an investor protection fund.
The purpose of the investor protection fund is to compensate investors with genuine claims of pecuniary loss against dealing member firms resulting from:
- insolvency, bankruptcy or negligence of a dealing member firm of a securities exchange or capital trade point; and
- defalcation committed by a dealing member firm or any of its directors, officers, employees or representatives in relation to securities, money or any property entrusted to, or received by the dealing member firm in its course of business as a capital market operator.
Investor Protection Fund | Board of Trustees
Mr. Gamaliel Onosode, (Chairperson) – a person with proven integrity and knowledgeable in capital market matters
Mr. Oscar Onyema, CEO, The Nigerian Stock Exchange (The Exchange), representing The Exchange
Mr. Sam Onukwue, MD, Mega Equities Ltd, representing Dealing Member Firms
Mr. Kyari Bukar, MD, Central Securities Clearing Systems Ltd. (CSCS), representing CSCS
Mr. Edosa Aigbekaen, Secretary, Securities and Exchange Commission (“SEC”), representing SEC
Alhaji Modibbo Umaru Hamidu, MD Sigma Pension Ltd, representing Institutional Investors
Mrs. Misan Kofi-Senaya, MD GTB Registrar, representing Institute of Capital Market Registrars
Chief Sola Abodunrin, Chairperson, Ibadan Zone Shareholders’ Association, representing Registered Shareholders’ Associations
Mr. L. Fubara Anga, Partner, AELEX, a legal practitioner knowledgeable in capital market matters
Process for Transferring
of Stocks from Suspended Stockbroking Firms
- Client should notify resident house of their intention to transfer their stocks to another house
- Client will mandate target stockbroking house to request for the transfer of their account from resident house
- Target stockbroking house will request for the transfer of the account on the cscs inter member transfer portal