The Securities and Exchange Commission (SEC) has commenced investigation of companies that floated private placements not yet quoted on the Nigerian Stock Exchange (NSE).
The SEC moves, according to sources, followed the discomfort which the unfortunate development is causing the investing public and the huge funds trapped in the stagnated investment.
“Specifically the management has written the companies involved, especially those that indicated intention to list on the nation bourse in their prospectus during the funds raising,” the source said.
According to the source, the commission, under the new management, has declared a zero tolerance level to practices that would affect investors’ confidence.
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Source:: New Mail
