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HomeAfricaBody to prosecute 260 over Nigeria's capital market crisis

Body to prosecute 260 over Nigeria’s capital market crisis

Nigeria’s regulatory Security and Exchange Commission (S EC) has said it will prosecute 260 persons and organizations over the crisis in N igeria’s capital market, which has seen its value dip from 12 trillion Naira to 5 .5 trillion Naira.

NSE Director-General Arunma Oteh announced the decision when she appeared before a House of Representatives committee in Abuja Tuesday.

She said the individuals and groups would be brought before the Investment and S ecurities Tribunal, for various financial offences.

”We have also been working very hard on some of the complaints that ordinary in vestors have shared with us as to some of the things that happen in our market,” she told the House committee on Capital Market.

”As a result of that, we are going to take about 260 individuals and entities t o the Investment and Securities Tribunal for different types of allegations of share price manipulation and insider dealings,” Oteh said.

The decision came a week after SEC fired the Director General of the Nigerian St ock Exchange, Ndi Okereke-Onyuike and appointed an interim administrator for the Exchange.

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