SEC Sets Up Special tribunal Over Alleged Abuses in Stock Markets.

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SEC Sets Up Special tribunal Over Alleged Abuses in Stock Markets.

Post  nex on Wed Jul 28, 2010 6:25 pm

Securities and Exchange Commission head Arunma Oteh is seeking injunctions, financial penalties and the return of profits made through illegal practices.

For months, Nigeria's financial regulators have gathered evidence against hundreds of individuals and organizations.

The offences may include price fixing, share price manipulation, or fraud.

Those suspected are not named, but they range from stockbrokerages to accountants, lawyers and individuals working in the capital markets.

A spokesman for the Nigerian Stock Exchange had no comment to make on the statement.

The banking crisis in Nigeria which was a ripple effect of the World Economic Crises that started in the USA, exposed widespread flaws in the capital markets.

Though, none of Nigeria's banks collapsed, it became clear that lax regulation and inadequate surveillance of stockbrokers was a major problem.

The appointment of a tough new financial regulator earlier this year dramatically changed the climate in the financial world.

A team from the US Securities and Exchange Commission visited Nigeria earlier this year, and compiled a confidential report.

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