Proshare Logo
   Market Date: 02-09-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

NSE denies knowledge of Afroil, Capital Oil suspension

Category: Frauds & Scandals


  Read (1487)
NSE denies knowledge of Afroil, Capital Oil suspension

The Nigerian Stock Exchange has said it is not aware of the indefinite suspension placed on trading in the shares of Afroil Plc and Capital Oil Plc by the Securities and Exchange Commission.

The Principal Manager, Corporate Affairs, NSE, Mr. Shola Oni, said on Thursday that the NSE was yet to receive any information from SEC on the suspension of the shares of the two oil companies.

Oni said, “We read the story on the pages of the newspapers just like every other person and I think that will not be the best for the system. The relationship between the stock exchange and SEC has always been cordial, but there should always be due process.”

SEC had, on Wednesday, announced an indefinite suspension of trading in the shares of Afroil and Capital Oil on the NSE. The commission said the decision was a fallout of an investigation into the activities of six companies, announced on February 15, 2008.

According to the commission, the two companies were involved in insider dealings.

The commission had declared that the basis for the continued trading and rise in the prices of the shares on the exchange, no longer existed, adding that the decision was to protect stock market investors.

Prior to the commencement of the investigation, the Director-General, NSE, Prof. Ndi Okereke-Onyiuke, had flayed SEC for not informing the Exchange about the activity.

Our correspondent gathered that, despite the suspension, there was still trading in the shares of the companies.

Some stock brokers said that the shares of the companies were, largely, in offer on Thursday as investors were apprehensive over the announcement.

The stock brokers, who spoke on the condition of anonymity, berated SEC for not informing the NSE before carrying out any activity on the Exchange.

According to them, the perceived unhealthy relationship between both organisations can create tension in the capital market.

“We all agree that SEC is the regulator of the capital market, but there should be due process in everything. The commission has to understand that the NSE, to an extent, is also a regulatory body.

Without the stock exchange, I don’t think there will be anything for SEC to regulate,” a stockbroker said.

At the end of trading on Thursday, Afroil, which sold at N24.13, traded 4,424,117million shares, valued at N106.754m in 342 deals.

For capital oil, 3.414 million shares worth N55.006m were traded in 144 transactions. It sold at N16.11 - Punch




Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Frauds & Scandals

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint