News that doesn't receive the necessary attention.

Wednesday, July 28, 2010

Nigerian financial crisis involves lawyers, accountants, stockbrokers

"For months, Nigeria's financial regulators have gathered evidence against hundreds of individuals.
  • The offences include price fixing, share price manipulation, and fraud.

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

  • Nigeria's banking crisis last year exposed widespread abuses in the capital markets.

As Nigeria's banks came close to collapse, 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.

  • The BBC has seen it and it is sharply critical, attacking "a startling lack of oversight", and detailing cases of
  • bribery and insider trading in the stock exchange.

It also says between 65% and 70% of Nigeria's stockbrokers are technically insolvent."

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