Banks barred from approaching the capital market.
September 17th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
After raising about over N600 billion in 2007 alone from the capital market, intending banks coming to the market might have hit a brickwall as measures are being put into place to bar them from further approaching the market.
The House of Representatives Committee on Capital Market has asked the Securities and Exchange Commission to stop banks from accessing the capital market until some issues have been resolved. The issue of the increase in capital base for stockbroking firms was also questioned y the house.
After debating on some issues, the committee resolved that SEC should “halt and suspend for now, any action for the purpose of implementation and continuation of any directive and further approval as the case may be, in respect of re-capitalisation of stockbroking firms and the continuous approval for banks to access the capital market respectively.
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