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Nigeria: CBN, Sec Meet This Week On Public Offer
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Leadership (Abuja)
13 May 2008
Posted to the web 13 May 2008
Following complaints by subscribers who participated in the public offers embarked upon by banks in the country and their inability to access their share certificates, months after the exercise had been concluded, the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) will meet this week to sort out the problem.
The director general of SEC, Musa Al- Faki, who testified before the joint committee on Capital market, banking and currency last week, explained to the panel that both organisations had concluded arrangements to meet next week over the matter.
Al-Faki confirmed that both bodies discovered some challenges in the exercise and would want to ensure that whatever solution that would be worked should be able to address the problems already discovered.
"We had a meeting and we agreed that CBN and SEC should meet to sort out the issues so that the banks could issue the share certificates. There are challenges over the issue of the Initial Public Offers (IPOs). We want to ensure that we come out with the solution to the issues involved," Al-Faki said.
The DG had told the committee that due to the rapid growth of the capital market in the country, it had witnessed some infractions.
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He further listed the infractions to include unauthorised sale of clients' shares, non-execution of clients' mandate, delay or non remittance of proceeds of sale of clients securities, falsification of accounts, illegal transfer of shares and forgery of certificates and dividend warrants. He advised the lawmakers to consider relevant laws that would address the identified lapses.
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