Nigeria: Capital Market Crash - Banks Perpetuated Illegality - Ican Boss

THE President of the Institute of Chattered Accountants of Nigeria (ICAN), Chief Richard Uche, has attributed the sudden crash in the nation's capital market to illegalities perpetuated by banks which did not only give individuals loans to buy shares but also to their subsidiaries to buy their own shares.

Speaking with journalists as part of the activities of the on-going 4th Northern Districts Conference in Abuja, he said the crash in the market had created sour debts for banks which might require government intervention.

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