25 June 2012

Nigeria: SEC DG Meets Stockbrokers

Lagos — The Acting Director-General of the Securities and Exchange Commission (SEC), Mr. Ibrahim Bolaji Bello, Thursday met with the council of the Chartered Institute of Stockbrokers (CIS) as part of efforts to resolve current challenges and move the Nigerian capital market forward.

Bello, who assumed the position of acting DG of SEC last Monday, had promised to meet with the various operators in the market, including the Nigerian Stock Exchange (NSE), the Central Securities Clearing System (CSCS), Chartered Institutes of Stockbrokers and Association of Stockbroking Houses (ASHON) among others.

The meeting was held behind closed doors and details were not made public as at the time of filing this report. However, sources said discussions at the meeting bordered on the need for the SEC and operators to work together with the aim of restoring investors' confidence among others.

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