Universal Insurance did her private placement last year. it was supposedly successful given the large amount of funds pooled from the exercise. stock brokering firms including emerging capitals collected funds from investors for onward remittance to Universal Insurance which allegedly cleared the funds.

However, during allotment, investors were not alloted shares neither were their funds refunded. The matter has even been taken to EFCC for investigation.

The issue now is what becomes of investors' funds In this age of burgeoning primary market activities being fuelled by private placements from various companies. Who protects investors since these companies don't fall within the regulatory purview of SEC & NSE