In its first public reaction to the trial of some of its members for alleged fraud that saw the collapse of the country’s capital market, the Association of Stockbroking Houses of Nigeria (ASHON) has appealed to the Investment and Securities Tribunal (IST) to speed up the trial of the suspects.
The trial of the suspects over the alleged 85.8 billion naira fraud perpetrated by them started Monday (US$1=156 Naira).
The local media reported Tuesday that ASHON Chairman Emeka Madubuike said his association was not against the trial.
He however noted that since the offences were allegedly committed between 2006 and 2008, investigation and trial ought to have ended before 2012.
Madubuike explained that members of the group were particularly worried because “delay in trial has a way of affecting investors confidence in the market”.