The Financial Commission, a private external dispute resolution (EDR) organization for unregulated and regulated online brokers expelled the unregulated Nigerian broker Eagle Global Markets a/k/a EGMarkets from the membership in the organization. Allegedly, EGMarkets breached contractual obligations and did not pay its membership fees. Consequently, EGMarkets clients will not be eligible for reimbursement from The Financial Commission’s compensation fund.
Key data
| Trading names | EGMarkets Eagle Global Markets EGM |
| Domains | www.egmarkets.trade https://eagleglobalmarkets.com |
| Social media | LinkedIn, Instagram, |
| Legal entities | Eagle GM Limited Eagle Global Markets Limited (dissolved) EGM Analytics Limited |
| Jurisdictions | Nigeria, United Kingdom |
| Related individuals | Adegbite Oduneye |
| Authorization | No |
| Memberships | The Financial Commission (expelled April 2022) |
Short narrative
EGMarkets claims to be the leading online broker in Nigeria. The operator is the Lagos-based Eagle GM Limited. The website also lists the two UK-registered firms EGM Analytics Limited and Eagle Global Markets Limited. The latter was already dissolved in 2021 with a compulsory strike-off. On April 16, 2022, the website still indicated membership of The Financial Commission.
“Effective April 13th, 2022, EGMarkets were expelled from membership with the Financial Commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues. Furthermore, EGMarkets clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee,” Financial Commission noted.
Share information
If you have any information about EGMarkets, its operators and facilitators, we would appreciate it if you would share it with us through our whistleblower system, Whistle42.
