Nigeria: SEC to Cut Down on Number of Brokerage Firms

8 February 2011

Lagos — Following economic reasons, the Securities and Exchange Commission (SEC) has concluded plans to drastically reduce the numbers of dealing members on the stock market so as to ensure sanity in the equities market.

SEC said the move follows its recent study of other developing market in Malysia and South Africa wherein both market have about 35 and 60 brokerage firms and their market capitalisation is higher than the Nigerian capital market.

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