Nigeria: NSE to Sanction Stockbrokers Over Unauthorised Expansion Program

14 January 2010

The Nigerian Stock Exchange (NSE) has announced its decision to impose sanctions on stockbroking firms found opening branches in various locations across the country, without getting its approval.

Speaking during a review of the performance of the capital market in 2009 and the outlook for 2010, Director-General/Chief Executive Officer of the NSE, Professor (Mrs) Ndi Okereke-Onyiuke disclosed that it has come to its notice that a number of stockbroking firms have fraudulently opened branches in different locations across the country under the guise of a liaison office with securing the necessary approval from the authorities.

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