SEC has issued a circular effective immediately on its website stating that it is now illegal to trade unlisted securities off a SEC recognised platform. The implication of this new rule is that investors in unlisted companies who seek to trade their holdings should approach an OTC registered broker to trade them on their behalf on a SEC recognised platform such as the NASD OTC.

An unlisted company is a company's shares not trading on the traditional exchange ( Nigerian Stock Exchange) such as Friesland Campina WAMCO, IGI Plc, Acorn Petroleum Plc, Geo-fluids Plc, SWAPS Technologies Plc, FAN Milk, Lacasera Plc,Dufil Prima Plc (Indomie) CSCS Plc etc..

The NASD OTC is a SEC recognised platform where trades of unlisted/unquoted companies are facilitated and executed. NASD OTC currently have 20 trading securities available to trade on its platform. Pls check NASD's website for more information on its approved brokers, pricelists and many other information that will interest you.

Sharesholders in unlisted securities can now approach their brokers to trade their shares through a SEC registered tradepoint such as the NASD OTC.

There are penalties for capital market operators who refuse to transact in accordance to the rule. The rule is to be complied to by all market operators. You can find the rule on SEC website using this likn below....

http://www.sec.gov.ng/approved-new-rules-and-amendments.html