- 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."
- So the US SEC is shocked, shocked to find a lack of oversight. The US SEC has no oversight. Please. ed.