NIGERIAN INTERNATIONAL SECURITIES LIMITED
The Company known as Nigerian International Securities Limited is an independent
stockbroking firm and does not have any subsidiaries whatsoever. The Company is
licensed to carry on the business of stockbroking and it is regulated by the Securities
and Exchange Commission, and licensed by Nigerian Exchange Limited and the NASD.
The Company is not the owner of the entity known as NISL Ventures Limited and
the said NISL Ventures Limited is not a subsidiary of Nigerian International Securities
Limited.
Since the tragic demise of the erstwhile Managing Director of Nigerian International
Securities Limited, the late Mr. Laolu Martins there have been several allegations,
claims and litigation which have wrongfully portrayed Nigerian International Securities
Limited and NISL Ventures Limited as one and the same entity. Nothing can be further
from the truth. The two companies are separate and distinct entities. However, following
the death of Mr. Laolu Martins, the following facts have come to light:
• Without being an asset management company and without having an asset
management license, the late Mr. Laolu Martins operated the entity known as NISL
Ventures Limited as an asset management company and engaged in receiving
guaranteed income investments from members of the public.
• In operating NISL Ventures Limited in the manner mentioned above, that entity
acquired financial liabilities running into billions of naira. The liabilities are also said
to include foreign exchange components.
• In the operations of NISL Ventures Limited, the late Mr. Laolu Martins used and
involved certain members of staff of the Nigerian International Securities Limited
who earned commissions outside their salaries from Nigerian International
Securities Limited.
The disclosure mentioned in bullet point 1 above came to the attention of the
Chairman of the board of Nigerian International Securities Limited on Monday the
26th of September 2022 following which he immediately called for an Emergency
Board Meeting which was scheduled to hold on Wednesday the 28th of September
- However, the board received with rude shock the news of a tragic death of the
erstwhile Managing Director the late Mr. Laolu Martins on the 27th of September 2022.
On the 28th of September 2022, the board was apprised of the nature, scope and
extent of the dealings of the late Mr. Laolu Martins using the entity known as NISL
Ventures Limited. In view of the staggering revelations the board resolved to take the
following actions without delay1. Immediately report the matter as revealed to it at the time to the Securities and
Exchange Commission and the Nigerian Exchange Limited (which was done) - Immediately report the matter to the Economic and Financial Crimes Commission
(which was also done) - Appoint an interim managing director for the company known as Nigerian
International Securities Limited in line with regulatory rules(which was done) - Appoint a forensic auditor to ascertain the true state of affairs of Nigerian
International Securities Limited and to confirm there have been no co-mingling of
funds with NISL Ventures Limited(which was also done)
The General Public is invited to note, that in keeping with good corporate governance
standards and international best practices, the board of Nigerian International Securities
Limited met quarterly since the constitution of the present board and the deliberations
of the board and its committees were recorded in the Minutes of the meetings kept in
the Minute Book. The board also received quarterly management accounts from the
management team led by the late Mr. Laolu Martins. It is worth noting that there is no
mention of the activities carried on by NISL Ventures Limited in the Minutes neither is
same reflected in the quarterly management accounts received by the board.
Nigerian International Securities Limited therefore fully dissociates itself from NISL
Ventures Limited and will not assume liability for business dealings that it knows
nothing about nor benefited from. The directors of Nigerian International Securities
Limited also dissociate themselves from any form of liability whatsoever and state for
the record that they acted responsibly and in good faith in carrying out their functions
as directors.
While the results of various investigative bodies are being awaited, Nigerian
International Securities Limited seeks the understanding of its clients. They will be
updated with any significant developments as they unfold.
Issued by Order of the Board
Nigerian International Securities Limited
3 Alhaji Kanike Street
Off Awolowo Road, South West Ikoyi,
Lagos.
