Meristem Securities, leading stock broker, has unveiled an online stock trading platform, called Meritrade.
The online platform with Mobile apps will serve as a virtual stockbroking platform, helping users to trade stocks on the Nigerian Stock Exchange from anywhere in the world.
During the launch at the Nigerian Stock Exchange Building, Lagos, Mr. Oluwole Abegunde, managing director, Meristem Securities disclosed that the innovation will offer investors control and convenience over their investments. According to him, ‘the Meritrade app will give users a unique experience, convenience and control over their investments. Our customers can now trade and manage their investments 24 hours daily, with their mobile devices without having to come to our office.’
In a keynote address at the launch, Mr. Oscar Onyema, chief executive officer of the Nigerian Stock Exchange endorsed the Meritrade app as a reliable and convenient mode of trading on equities in Nigeria. He described the platform as an innovation that he is confident will encourage people from all walks of life, particularly the youth, including students, first time employees and civil servants to invest in stocks.
Onyema said ‘In June 2013, while discussing technology and some of the NSE’s pillar for growth, I mentioned Mobile and Online trading as part of the next wave in our business development efforts.
This position is rooted on the NSE’s realization that the Securities industry is largely driven by technology. Speed, accessibility and robustness of technology systems are critical success factors of modern trading and the Meritrade platform has been demonstrated as one that provides the aforementioned.’
While presenting the product overview, Mrs Gbadunola Sokunbi, divisional head Stockbroking, Meristem Securities said the app will allow investors buy and sell shares and bonds from as low as N50,000.
She explained that ‘to be eligible, interested people should have access to internet, an active e-mail address, an operational bank account, a moderate understanding of the stock market and a stockbroking account with Meristem Securities.’ She advised that payment can be made online from the Meritrade website via debit cards, online bank transfer or deposit in the bank.
Stressing the benefits of having a Meritrade account, she added that customers will also have access to the stockbroking firm’s independent research and market intelligence.
Part of the highlights of the launch was a raffle draw that saw five people emerge as winners with an instant reward of N50,000 account with Meristem Securities which automatically qualifies them for a Meritrade account opening.
SEC, EFCC Partner Against Ponzi Schemes
The Securities and Exchange Commission, SEC, and the Economic and Financial Crimes Commission, EFCC, are committed to strengthening the partnership between the agencies with a view to tackling the menace of Ponzi schemes in the country.
This commitment was restated during a courtesy visit by Mohammed Danladi, the Kano Zonal Head of the Securities and Exchange Commission, to his EFCC counterpart, Sanusi Aliyu Mohammed on Tuesday.
The SEC Zonal Head described his visit to EFCC as an effort to solidify the already existing relationship between EFCC and SEC.
“This visit is nothing more than to solidify the existing relationship between EFCC and SEC which dates back to the inception of EFCC. We are here to renew that relationship, foster it and fight the common enemy together”, he said.
Mr. Danladi expressed concern about his Commission’s challenges dealing with operators of wonder banks which are on the rise especially in the northern part of the country.
According to him, “the operators of the illegal scheme are taking advantage of the financial illiteracy of the public to defraud them in the name of investment”.
He added that most of the Ponzi scheme operators avoid SEC registration because they know they would be monitored.
In his response, Sanusi Mohammed, the EFCC Zonal Head, suggested a joint operation between the two agencies to curtail the spread of Ponzi schemes and prevent the public from falling victims of the scam.
Mohammed further assured the SEC of the Commission’s continued support as the two agencies share common objectives to fight financial crimes. “As long as the mandate of EFCC and that of SEC remain, you cannot separate the SEC and EFCC. We will continue to work together institutionally, “he said.
“Where the SEC’s main concern is to make sure investors are protected from losing their investments, the EFCC’s concern is the protection of the general public from the activities of fraudsters, which are one and the same,” the Zonal Head added.
Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m
Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.
But she will spend just seven years in jail.
Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.
She also stole $368,203.00 belonging to the bank, which she converted to her personal use.
Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.
The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.
One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”
She pleaded not guilty to the charge.
Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.
Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.
He thus pronounced Adesakin guilty of all the counts.
He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.
Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.
The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.
The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.
The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.
CIBN Recertifies NDIC Academy as Bankers Training Provider
Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.
The council also renewed the academy’s accreditation for the next three years, effective from June 2020.
Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.
Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.
He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.
In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.
Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.
“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).
“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.
He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).
Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.
He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.
The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.
“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.
Shell to Sack 9,000 over Oil Output Drops
Netflix Moves Against Showmax with Cheaper Mobile only Subscription
Samsung Launches the Incredible Crystal UHD TV
Huawei Launches Mondia Pay on Huawei Mobile Services in Nigeria, Others
Western Digital Unveils Speed, Portable SanDisk SSDs
EFCC Arraigns Hackers for Allegedly Stealing N900m from FCMB
Former Shell MD Bags Award for Rejecting $6m Bribe
NSE Suspends 6 Companies from Exchange
Active GSM Subscribers Hit 199.3m – Danbatta
First Bank Graduates 12 from Management Development Programme
- News3 days ago
Microsoft Moves into 5G Race with Azure Cloud for Telecom Operators
- Telecom3 days ago
FG Aims to Empower Innovators and Entrepreneurs Through Digital Nigeria Portal and Mobile App
- E-Financial3 days ago
Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud
- E-Business3 days ago
Samsung Unveils Technologically Advanced 2020 Consumer Products
- Telecom3 days ago
Pantami to Deliver Keynote at NIS 2020; Other Speakers Unveiled
- Telecom3 days ago
ALTON, Medallion, CloudFlex Back NITRA’s Innovation Forum
- Telecom3 days ago
TD Africa’s Tech Experience Centre will Unravel Nigeria’s Huge Technology Potential- Schneider Boss
- News3 days ago
Heritage Bank, PWC, Deloitte Canvass Use of Tech to Tackle Fraud & Rescind Effects of Covid-19