1.1 Nigerian Exchange Limited (“The Exchange”) a subsidiary of the Nigerian Exchange Group Plc. (“NGX Group”), serves Africa’s largest economy and is a Nigerian registered private company limited by shares. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services and more.

1.2 In carrying out its functions as a securities exchange, The Exchange has Trading License Holders who can buy and sell securities listed on The Exchange on behalf of the public.

1.3 Furthermore, in compliance with Section 197 of the Investment and Securities Act 2007 (the “ISA”) The Exchange established the Investors’ Protection Fund (the “Fund” or “IPF”) and inaugurated its Board of Trustees (“the Board/BOT”) in September 2012.

1.4 The purpose of the Fund is to compensate investors who have suffered pecuniary loss as a result of situations highlighted in Sections 198 and 212 of the ISA, to wit:

1.4.1 the revocation or cancellation of the registration of a Capital Market Operator pursuant to Section 38 of the ISA;
1.4.2 the insolvency, bankruptcy or negligence of a Trading License Holder(s) of The Exchange; and
1.4.3 any defalcation committed by a member company or any of its directors, officers, employee or representatives in relation to securities, money or any property entrusted to or received or deemed received by the member company in the course of its business.

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