Press Release - SEC gives seven-day
ultimatum to the NSEs Director-General
to explain her involvemen


1805hrs, Abuja, Nigeria - 19th August
2009

Directs immediate suspension of affected
Bank Executives from the Council of the
NSE

1.    The Board of the
Commission at its 43rd meeting held
today the 19th August, 2009 noted the
recent developments in the financial
market and affirmed its full support of
the action so far taken by the Central
Bank of Nigeria (CBN) in sanitizing the
banking system and has mandated its
Management to intensify surveillance of
the Capital Market and its Operators.

2.    In order to give
the new Management of the five (5)
affected banks time to settle down and
appropriately brief the market, the
Commission confirms that it had directed
the NSE to place the securities of the
said banks on full suspension for a
period of two (2) weeks.

3.    Furthermore, in
order to protect the integrity of the
Capital Market, the Commission has also
directed the immediate suspension of any
of the affected Executives of the five
(5) banks who are members of the Council
of the NSE pending the conclusion of
investigation of allegations against
them by the CBN.

4.    In furtherance of
its mandate of ensuring the integrity of
the market, the Commission has requested
the DG of the NSE to explain within
seven (7) days the circumstances under
which the name of the company of which
she is the Chairman appeared on the list
of non-performing debtors to the five
(5) banks given the sensitivity of her
position as the Chief Executive Officer
of the NSE where the five (5) banks are
also listed.

5.    The Commission has
also directed that henceforth no
securities of a public quoted company
should be placed on technical or any
other form of suspension without the
prior approval of the Commission.

Apart from the five (5) banks whose
suspension was recently approved by the
Commission, the NSE has been directed to
forward to the Commission, the list of
all quoted companies currently on
technical suspension, for its review.

6.    AP PLC
UNDERWRITING ISSUE

The Board of the commission is very
concerned about the allegations of
alteration in the documentation relating
to the underwriting commitment in the AP
Plc public offer and has mandated
Management to expedite action on its
investigations.


Lanre Oloyi
Head, Media
Securities & Exchange Commission
source of article http://www.proshareng.com/news/singleNews.php?id=7371

At least that's what seems like they are doing - but I wouldn't hold my breath.

Isn't this the same claim government FINALLY moving to clean up the financial sector that was made back during Soludo's time? I mean how many times we go hear this one?