STOCK MARKET LOSES 1.3TRILLION IN 7 MONTHS

Feyisayo Popoola Investors in the nation’s stock market have lost a total of N1.3tn in seven months, as the total market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N11.721tn at the beginning of the year to N10.347tn at the end of July. The market capitalisation of equities (not including the market value of MTN Nigeria Communications Plc and Airtel Africa Plc), closed at N10.347tn on July 31, 2019, the last trading day of the month. The stock market has sustained a bearish trend in the last…

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LARGE SCALE FRAUD ROCKS CAPITAL MARKET AS EFCC PROBES 45 PERSONS AND 13 COMPANIES

The Economic and Financial Crimes Commission (EFCC) is probing 13 firms and 45 persons for allegedly engaging in fraudulent activities in the capital market. The investigation is part of collaboration between capital market regulators and the anti-graft agency. A list of cases under investigation obtained at the weekend by The Nation showed that EFCC is investigating 40 cases involving 13 firms and some 45 persons while the anti-corruption agency is already prosecuting another two firms and 12 persons for involvement in capital market fraud. Under a two-pronged strategy of deterrence and restitution,…

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CAPITAL MARKET FRAUD: OGIEMWONYI BANNED FOR LIFE

Stanley Opara The apex regulator of the Nigerian capital market, the Securities and Exchange Commission, has barred the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi, for life from holding directorship positions in any public company in the country following his alleged unprofessional conduct in the capital market. SEC has also withdrawn the operating licences of Partnership Investment Company Plc and Partnership Securities Limited. The Chairman of the companies, Mr. Henry Omoragbon, was also suspended for a period of five years from engaging in…

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