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Nigerian regulator cracks down on stock operators
Added At: 2010-07-29 3:37 PM
Last Updated At: 2010-07-29 3:37 PM
File picture showing the Central Bank of Nigeria (CBN) headquarters in Lagos. Nigeria's Securities and Exchange Commission (SEC) financial regulator has vowed to drag 260 organisations and individuals, including banks, before a tribunal for alleged fraudulent share activities.
AFP
LAGOS: Nigeria's Securities and Exchange Commission (SEC) financial regulator has vowed to drag 260 organisations and individuals, including banks, before a tribunal for alleged fraudulent share activities.
The SEC said in the statement released late Wednesday that to restore confidence, enhance market integrity and protect investors, it will take offenders to the Investments and Securities Tribunal for alleged abuses.
They are suspected to have violated the Investments and Securities Act, said the statement.
"These entities and individuals including banks and other capital market operators are alleged to have been involved in price fixing, share price manipulation, fraud and insider trading. These activities are contrary to the provisions of the act," it said.
The SEC alleged that many of the respondents took part in "deceptive and manipulative activities".
The statement did not name those accused or say when they will appear before the tribunal.
Actions were also filed against some individuals accused of insider trading in securities, the SEC added.
SEC "is seeking injunctions, monetary penalties and the disgorgement of profits gained in violation of the ISA," the statement said.
Officials blamed the lack of surveillance of stockbrokers and shady deals for the near collapse of many Nigerian banks last year. Dozens of bank executives and officials and some have been detained over the failure of the banks.
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