The Market Ombudsman is a public service watchdog to monitor activities of all players in the different commercial transactions, markets and industries in Nigeria and ensure that everybody gets a fair deal and everyone plays by the rules of the game.
We receive and process actionable intelligence reports, complaints and information from all players in the industry and ensure that all cases of possible infractions, dishonesty, fraud, and malfeasance are followed up through appropriate channels including dialogue, petitions to appropriate authorities, lawsuits, public announcements, advertisements etc to ensure that all sides play fair and receive fair treatment in turn.
Specifically we help to resolve issues relating to transparency, honesty, integrity and accountability in the capital market by following up any or all of the following steps as may be appropriate in any situation:
1. Ensure all players in the Nigerian Market place obtain fairness, justice and redress for wrongful practices and activities in the marketplace through peaceful negotiation, reconciliation meetings, and settlement meetings leveraging the moral suasion of public opinion and the coercive power of the law courts and regulatory authorities on a case by case basis.
2. Receive, Investigate and Resolve commercial disputes between companies and their customers, brokers and clients, vendors and consumers etc in the different sectors of the Nigerian marketplace through Mediation, Conciliation and Negotiation using the moral suaveness of the general public, and where appropriate, the coercive powers of the courts and law enforcement authorities.
3. Hold Companies, Audit Firms, Stockbrokers, Issuing Houses, Vendors and Regulatory Authorities accountable for statements in prospectus, warranties and public statements by their officers and in public Documents and where they fall short, initiate appropriate actions on behalf of injured members of the public for redress, including but not limited to individual lawsuits, class action lawsuits, Mandamus Actions, Petitions to SEC or other appropriate bodies, Public Protest, Picketing, Boycotts, Sit-Ins etc
4. Report cases of abuse of trust, dishonesty, fraud and malpractice to appropriate authorities including Securities and Exchange Commission, EFCC, Police Department, Nigerian Stock Exchange etc and Follow Up with those cases to ensure that justice is not perverted by corruption or cover-up.
5. Maintain a public record of all pending investigations by the authorities into allegations of dishonesty, fraud, malpractice, and insider trading in different segments of the marketplace on a public register available to all members of the public, both online and offline, and constantly update the status of such cases to prevent corporate and institutional cover up
6. Ensure cases of infractions in the market place are not swept under the carpet by constantly providing updates to the public on outstanding cases in the form of Public Alerts, Advertorials, Publications, Blogs, Articles and Emails.