AfricaNews - Nigeria: Probe begins in market sector

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Nigeria: Probe begins in market sector

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Posted on Thursday 5 November 2009 - 15:32
Tom Minney
Tom Minney, AfricaNews reporter in Addis Ababa, Ethiopia
Nigeria's Securities and Exchange Commission is to call stockbrokers and other market participants before its Administrative Proceedings Committee next Monday, according to a report on Africancapitalmarketsnews.com.
The hearings are part of joint investigations into the financial sector. Already, chief executives and top management of eight banks have been fired for recklessness and lack of governance, and a Naira 620 billion (US$4.1 bln) bailout programme.

The SEC is to “invite some capital market operators to its APC hearing, to explain their roles in unwholesome practices in the market,” according to SEC’s Head of Media, Lanre Oloyi. “At the end of the hearing, the Commission would impose appropriate sanctions on erring operators found to have engaged in acts that have brought disrepute and erosion of investors’ confidence to the capital market.”

The hearings follow a report submitted by SEC investigators into transactions including those of the bailed out banks. The SEC, the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) formed a joint investigating team.

The troubled banks include Oceanic Bank International, Afribank Nigeria, Union Bank of Nigeria, Finbank and Intercontinental Bank - bailed out with N420 billion, after their executive management teams were sacked on 14 August.

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Nigeria: Probe begins in market sector

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