The Securities and Exchange Commission (SEC) Nigeria has issued new rules on the issuance and allotment of securities by private companies.
According to these regulations, any person who issues or allots securities without prior approval from SEC or violates any provisions of its regulations will be liable to a penalty not less than N10 million in the first instance and a further sum of N100,000 for every day the violation continues.
The proposed fine is outlined in the new rules on the issuance and allotment of private companies and securities prepared by the Securities and Exchange Commission.
These rules apply to debt securities issuances by private companies, whether through…
Source: Nigerian Tribune
