Arese Ugwu, author and the brain behind the Smart Money Woman television series has been appointed the Acting Managing Director of The National Associ
Arese Ugwu, author and the brain behind the Smart Money Woman television series has been appointed the Acting Managing Director of The National Association of Securities Dealers (NASD), an over-the-counter securities exchange.
NASD operates as a self-regulatory organisation registered with and regulated by the Securities and Exchange Commission (SEC), Nigeria.
Ugwu succeeds the immediate past Managing Director, Eguarekhide Longe.
Ugwu’s elevation comes nine years after she was slammed with a five-year regulatory suspension from capital market activities.
In 2017, Ugwu was among the directors of Partnership Investment Company sanctioned by SEC in 2017. The commission suspended the directors from engaging in capital market activities and barred them from holding directorship positions in any public company in Nigeria for five years. Each was also ordered to pay a penalty of N100,000 for breaching Rule 1 (iii) of the Code of Conduct for Capital Market Operators and their Employees. The sanctions followed regulatory action involving Partnership Investment Company Plc and Partnership Securities Limited.
One of the affected investors, Arnold Ekpe, reported the matter to the Economic and Financial Crimes Commission, EFCC, accusing Victor Ogiemwonyi, the former boss of the investment platform of fraudulently converting over N1.2 billion and $80,000 due from the sale of 96,077,872 shares of Ecobank Transnational Incorporated Plc to personal use.
Later that same year, SEC barred Ogiemwonyi for life from holding directorship positions in any public company in Nigeria over alleged unprofessional conduct and withdrew the operating licences of his companies.
