NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others - Investment

NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others - Investment - Nairaland

Nairaland Forum › Nairaland General › Investment › NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others (4862 Views)

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NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by AnonPoet(op): 6:42am On Apr 01

NGX Regulation Limited, the regulating body of the Nigerian Exchange Group (NGX Group) has imposed a sum of N291. 29 million sanctions on CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited over stock market infractions.

Ugochi Eke on behalf of the NGX Rego in a signed letter addressed to the Director-General, Securities & Exchange Commission (SEC), dated March 27, 2026 with title, “Notification of Disciplinary action-sanctions of five trading license Holders” stated that the regulation and the New Business Committee (RNBC) of NGX Regulation Limited met on Monday , 16 March 2026 and Tuesday March 17, 2026 pursuant of Section 33 of the investments and Securities Act 2025 (ISA)

According to the document obtained by THISDAY, these five firms cases were referred by the investigation panel arising from its hearing held on February 25, 2026 and March 17, 2026 in respect of alleged market manipulation and illegal market dealings.

It explained further that recurring patterns of wash trades and self- matching transactions, artificial price formation , misleading market activity ,etc were carried out by these five firms on the floor of the Exchange.

The board of NGX Regco in a meeting held on March 27, 2026 imposed a financial penalty of N91.29 million on CSL Stockbrokers Limited.

The board also imposed a financial penalty of N50 million to reflect the sanction provided in Section 139 Subsection 2 (d) (ii) of the investment and securities Act 2025 on Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited respectively.

Eke in the letter noted that a mandatory compliance and market conduct training for CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited

“These sanctions are commensurate to the infractions and to serve as a deterrence of these violations,” the statement added.

https://www.thisdaylive.com/2026/03/31/ngx-regco-imposes-n219-29m-sanctions-on-csl-cowry-meristem-others/

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Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by jojothaiv(m): 7:08am On Apr 01

Omo..

I don't understand what this is all about but make I shout omo once again.

Now understand,

Their corner corner form of trades, anyhow transaction and lie lie pricing na him make the NGx samma dem wetin no good.

3 Likes 2 Shares

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Gertyman: 7:11am On Apr 01

Na big big grammars dey here o. How will this news increase my account balance.

1 Like

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Gotocourt: 7:12am On Apr 01

These five firms cases were referred by the investigation panel arising from its hearing held on February 25, 2026 and March 17, 2026 in respect of alleged market manipulation and illegal market dealings.

Recurring patterns of wash trades and self- matching transactions, artificial price formation , misleading market activity[b][/b] 🤷🏿

Which way Nigeria angry

1 Like

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by free2ryhme: 7:14am On Apr 01

AnonPoet:
https://www.thisdaylive.com/2026/03/31/ngx-regco-imposes-n219-29m-sanctions-on-csl-cowry-meristem-others/

These five firms carried out wash trades and self- matching transactions, artificial price formation and misleading market activity

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by inoki247: 7:18am On Apr 01

To trade stock dey always fear person manipulation jus full everywhere...

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Cmeo(m): 7:25am On Apr 01

The regulator is doing well. We must ensure the transparency and accountability of the market players so as to sustain the newly grown interest in stock market and not make investors lose their hard earned money like they did 18 years ago.

2 Likes 2 Shares

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Fgo31: 7:35am On Apr 01

jojothaiv:
Omo..

I don't understand what this is all about but make I shout omo once again.

Now understand,

Their corner corner form of trades, anyhow transaction and lie lie pricing na him make the NGx samma dem wetin no good.

In summary, they engaged in what is known as market manipulation. In a lay man language. Robbing Paul to pay Peter.

2 Likes

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by phemmie06(m): 7:49am On Apr 01

Let's there be sanity in our market.

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by jojothaiv(m): 7:53am On Apr 01

Fgo31:
In summary, they engaged in what is known as market manipulation. In a lay man language. Robbing Paul to pay Peter.

Sharp!

You sabi, I later read am too na lack of patience kee me that time.

1 Like

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Kobicove(m): 8:01am On Apr 01

Na so so wayo full everywhere for Nigeria sad

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by ppogba: 8:15am On Apr 01

So say I am disappointed in Meristem will be an understatement.

One of the most responsible Nigerian company you can ever wish to deal with.

But as we used to say , it is what it is.

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by ppogba: 8:18am On Apr 01

Surprisingly, Meristem and Cowry are regular features in the top trade, top volume performers regularly whether quarterly or even my monthly.

#lack of institutional integrity.

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by Codes151(m): 9:16am On Apr 01

Make nothing do my money o.

Blood go flow o.

Cowyry , meristem and co. Make Una coordinate Una self o. Blood go flow o

1 Like

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by ATTAHDYE(m): 12:17pm On Apr 01

We are about to witness a repeat of what played out before and during the stock market crash of 2008.

We use to have CashCraft, it is the equivalent of Meristem of today.

These guys get too comfortable, greedy and start to play God with people's funds and the market, before you know it, the market will crash and confidence will be eroded.

We hope that these measures will be sufficient to save the market.

ppogba:
So say I am disappointed in Meristem will be an understatement.

One of the most responsible Nigerian company you can ever wish to deal with.

But as we used to say , it is what it is.

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by AlphaTaikun: 9:29pm On Apr 03

AnonPoet:
NGX Regulation Limited, the regulating body of the Nigerian Exchange Group (NGX Group) has imposed a sum of N291. 29 million sanctions on CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited over stock market infractions.

Ugochi Eke on behalf of the NGX Rego in a signed letter addressed to the Director-General, Securities & Exchange Commission (SEC), dated March 27, 2026 with title, “Notification of Disciplinary action-sanctions of five trading license Holders” stated that the regulation and the New Business Committee (RNBC) of NGX Regulation Limited met on Monday, 16 March 2026 and Tuesday March 17, 2026 pursuant of Section 33 of the investments and Securities Act 2025 (ISA)

According to the document obtained by THISDAY, these five firms cases were referred by the investigation panel arising from its hearing held on February 25, 2026 and March 17, 2026 in respect of alleged market manipulation and illegal market dealings.

It explained further that recurring patterns of wash trades and self- matching transactions, artificial price formation , misleading market activity ,etc were carried out by these five firms on the floor of the Exchange.

The board of NGX Regco in a meeting held on March 27, 2026 imposed a financial penalty of N91.29 million on CSL Stockbrokers Limited.

The board also imposed a financial penalty of N50 million to reflect the sanction provided in Section 139 Subsection 2 (d) (ii) of the investment and securities Act 2025 on Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited respectively.

Eke in the letter noted that a mandatory compliance and market conduct training for CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited

“These sanctions are commensurate to the infractions and to serve as a deterrence of these violations,” the statement added.
https://www.thisdaylive.com/2026/03/31/ngx-regco-imposes-n219-29m-sanctions-on-csl-cowry-meristem-others/

NGX Regulation Limited, the regulating body of the Nigerian Exchange Group (NGX Group) has imposed a sum of N291. 29 million sanctions on CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited over stock market infractions.

Re: NGX Regco Imposes ₦219.29 Million Sanctions On CSL, Cowry, Meristem, Others by connkg(m): 9:29pm On Apr 08

ATTAHDYE:
We are about to witness a repeat of what played out before and during the stock market crash of 2008.

We use to have CashCraft, it is the equivalent of Meristem of today.

These guys get too comfortable, greedy and start to play God with people's funds and the market, before you know it, the market will crash and confidence will be eroded.

We hope that these measures will be sufficient to save the market.

I am surprised they haven't imposed any sanctions on Cashcraft!

1 Reply

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