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GSE revokes licences of two companies

The Ghana Stock Exchange (GSE) has revoked the licences of Liberty Securities Limited (LSL) and First Atlantic Brokerage Limited (FABL).

According to the GSE, the decision to expel the two companies was due to the various infractions with respect to rules of operations on the exchange.

A press statement issued by the GSE said LSL and FABL would not be able to execute trades on the market, provide advisory services to clients on capital market issues, and hold in lien or in trust clients’ accounts or their security holdings, in accordance to Rule 78 of the GSE Dealing Membership Rules.

Rule 78 of the GSE Dealing Membership Rules requires a member of the Exchange to comply with the prevailing requirements of the Securities and Exchange Commission in respect of capital, liquidity, reports and returns.

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In the case of FABL, the regulator noted that, the company had operated without an Authorised Dealing Officer (ADO) for more than three months.

In addition, the company’s financial status showed a significant deterioration in its operations, resulting in successive negative returns which have eroded shareholders’ funds, the statement said.

The FABL is in breach of regulation 22 of the SEC Regulations, 2003 (L.I. 1728), which requires a Broker-Dealer to maintain at any given time, minimum liquid fund amounting to at least 20 per cent of the aggregate indebtedness of the Broker-Dealer, the statement added.

Similarly, LSL were found to be operating without an ADO for more than three months, contrary to Rule 6(j) of the GSE Dealing Membership Rules.

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Moreover, they had low net shareholders’ fund balance and low liquidity position and had been inactive on the market due to the lack of ADO to execute trades.

For customers of the now defunct stock traders, the Exchange said procedures have been provided for them to transfer their security accounts and security holdings to any LDM of their choice.

The GSE had also provided a help desk or a correspondence officer to each LDM to respond to clients’ issues.

Source: Ghanaian Times

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Man narrowly escapes death, accused of stealing 19 fowls, a dog

 A 42-year-old man, Kwabena Otoo, narrow­ly escaped death on the dawn of Monday when residents of Assin Adubiase lynched him, having been accused of stealing 19 fowls and a dog.

“I heard the commotion from my house,” said a res­ident who wished to remain anonymous. “By the time I reached the scene, there was already a crowd surround­ing him. His pleas for mer­cy were drowned by angry voices.”

Otoo, bleeding profusely and severely injured, might have lost his life if not for a timely distress call to the Assin Fosu Divisional Police Command.

Officers arrived around 4am, pushing through the mob to rescue the battered man.

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“We found him in criti­cal condition,” shared one responding officer. “Every minute counted in getting him medical attention.”

Now recovering at the Assin Fosu Polyclinic, Otoo suffered physical wounds but also faces uncertain future as investigations continue.

Medical staff report in­dicated that he suffered multiple injuries requiring immediate treatment.

Community members claim Otoo’s contradictory answers during questioning triggered their suspicions and subse­quent assault.

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One witness explained that, “people here have lost too much to thieves… frus­tration has been building for months.”

The Police have confirmed Otoo is from neighbouring As­sin Odumase and are calling for anyone missing fowls or a dog to come forward as part of their investigation.

“This could have ended in tragedy,” warned a police spokesperson. “We under­stand community frustra­tions, but mob justice is never the answer. We urge citizens to report crimes rather than taking matters into their own hands.”

 From Kingsley E. Hope, Ku­masi

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Abubakar Zico Newton changing educational narrative in Madina Zongo

Mr Newton with some BECE candidates
Mr Newton with some BECE candidates

Chancing on a report indicating that people with pre-school experience were likely to be in school far more than those without pre-school education was the spark Ishaq Abubakar Zico Newton needed to turn around the fortunes of young people in Madina Zongo.

Growing up in the same community where pre-school was not valued as he himself was not a beneficiary, Ish­aq Abubakar Zico Newton decided to change the narrative of the children with the help of his mother’s already established foundation.

The foundation started on the com­pound of his home as an afternoon classes for children in the community.

“It was the brainchild of my aunt who never had the opportunity to go to school but always felt that educa­tion was going to be the game-chang­er in the near future.”

With this in mind, his aunt start­ed a free after school classes in the afternoon.

The classes helped children with their home works as their parents could neither read nor write. This single act by his aunt really impacted the lives of most children in the com­munity.

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“My mother took over after the death of my aunty when she returned from Ger­many and thought it wise to create a foun­dation around it. She named it ‘Mother for all Foundation.’’’

She later took the foundation to an­other level by supporting the founda­tion with books for the children and paying the teacher to continue the afternoon classes.

In 2010, King Zico, as he is affec­tionately called in the community, felt the need to support his mother’s idea and take the foundation a notch higher.

With his educational background, he turned it into a pre-school for children in Madina Zongo where children from the ages of two to five years have access to free pre-school education.

Currently, there are about 250 children in the school which initially started with only two children.

“The goal of the foundation is to educate and also help improve on the educational standard of the people within Madina Zongo,” he said.

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According to Mr Newton, most of the people supporting the foundation were beneficiaries of the afternoon classes started by his aunt.

He said the foundation embarked on several projects including a ‘Readcamp’ aimed at enhancing the literacy skills of school pupils, a play-based training programme for educators and facilitators with inno­vative tools to transform classrooms.

“Other projects included mask up and sanitise campaign and covid-19 food relief project,” he stated.

He said that over the period of eight years, close to thousand youths and children have had their lives transformed through the foundation.

Background

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Zico loves to describe himself as Zongo boy who at a point real­ised that actors of change are community people who wish to see the change in their communities.

He grew up from a very deprived family where he and his siblings as well as friends had to go look for mangoes in the bush and sell.

At other times “we looked for ‘alumi’ in the gutters and in people’s homes and at times we have just pick peoples cooking utensils at their blind side, crash them and sell,” adding that “that was how we survived.”

Education

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King Zico never had a pre-school experience. He started school at Gospel International School in Madina Estates. After owing so much in terms of fees, he secured a scholarship from the school.

This followed the head­master’s decision to allow him attend the school for free because it was obvious he couldn’t pay.

He move from there to the Faith Community Baptist School where he had my Junior High School (JHS) education

King Zico continued to the West African Secondary School (WASS) but could not write the final examination because “my name was synonymous to school fees arrears.”

King Zico later registered for Nov/ Dec and continued to the Institute of Professional Studies (IPS) now Uni­versity of Professional Studies, Accra (UPSA) where he studied Diploma in Business Studies (DBS) with account­ing option.

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“I was of the hope that I will be able to secure a job with the certifi­cate, but unfortunately, I did not, so I ended up on the streets again and did some basic jobs and finally enrolled myself into the African University College of Communication.’’

Hobby

At his spare time, King Zico loves to listen to music and enjoys rice and stew at any given time.

By Esinam Jemima Kuatsinu

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