The Securities & Exchange Commission on Tuesday April 16, 2013 suspended Aims Asset Management Ltd for non-refund of the sum of N300, 000.00 deposited by an investor under a Portfolio Investment Agreement.
The general public is hereby informed that Mr. Adim Jibunoh of Irving Asset & Management Co. Ltd and Mr. Adewale Akinrele of Cashcraft Assets Management Ltd collected the sum of N3,100, 000.00 from an investor with a promise to invest the sum in Investme
The buzz on the street is rising on the imminent class action law suit against a leading Nigerian bank from customers who allegedly suffered humongous pecuniary losses due to fraudulent misrepresentations from the institution.
The Securities and Exchange Commission (SEC) has suspended Ecobank Plc from acting as a receiving banker and from all capital market activities.The suspension is as a result of the role played by the bank in a complaint by Avil Services Ltd relating to a
Washington, D.C., March 11, 2013 The Securities and Exchange Commission today charged the State of Illinois with securities fraud for misleading municipal bond investors about the state's approach to funding its pension obligations.
As the market continues its paradigm shift assimilation phase, arising from the compliance disclosures from the Nigerian Stock Exchange (NSE), and especially over its decision to use public censure as both a teachable moment and a deterrent; it may be nec
I am just going to assume that the news cycle ran out of things to cover in the financial market space for the news of a resignation, an appointment and a response to an observed infraction to become a major news item.
In furtherance of its corporate governance compliance role, the Central Bank of Nigeria (CBN) has taken action to address violations of its rule as it affects members of the board of the quoted financial institution.
The Delta State Government Tuesday said it had blacklisted two banks for failure to remit N1.1billion tax revenue paid into its accounts several days after a multinational oil giant, Chevron Nigeria Limited, allegedly paid the money through the banks.
Federal securities regulators are stepping up oversight of stock exchanges as they scramble to catch up to trading advantages that some say have developed for sophisticated clients at the expense of ordinary investors.
Remember Richard Bowen? He is the former senior executive at Citigroup Inc. (C) who in November 2007 issued a clarion call to his colleagues and Citis board that a major credit-quality problem loomed for the bank.
A judge approved a $71.5 million settlement Tuesday with former partners of defunct law firm Dewey & LeBoeuf LLP, giving the green light to a plan whose speedy resolution could set a new benchmark for unwinding failed partnerships.
An unexpectedly lax stance by the Central Bank of Nigeria (CBN) over fund movements by customers in the banking industry, contrary to the guidelines on remittances via domiciliary accounts, may have put the apex under scrutiny, BusinessDay investigation
The Inspector General of Police, Mohammed Abubakar, on Wednesday vowed to rid the Nigerian capital market of fraudsters saying the options open to fraudulent market operators is to either stop criminal activities or face the full wrath of the law.
Standard Chartered shares jumped after the London-based bank fended off threats by a New York regulator to revoke its banking licence for alleged breaches of US sanctions that it is claimed left the financial system vulnerable to corrupt regimes and weapo
New York's top financial regulator accused a Standard Chartered STAN.LN +2.05% PLC unit of running a "rogue institution" that "schemed" with Iran's government to hide more than $250 billion in illegal transactions for nearly a decade.
The Federal High Court in Lagos ordered Stanbic IBTC Bank to pay a customer N2.5 billion for breach of contract. Justice Charles Achibong ruled that the bank acted "unwise and unprofessionally" when it sold the customer’s shares below the mandated N15 per
Access Bank Plc has notified The Exchange that pursuant to its acquisition and subsequent merger with former Intercontinental Bank Plc ("ICB"), Access Bank Plc assumed all interests in litigation matters involving ICB. It is against this b
Japan's Nomura Holdings Inc. has become the latest casualty of a global regulatory crackdown on investment banks, after its top two executives decided to resign to take responsibility for their company's involvement in alleged insider trading.
The Governor of the Bank of England has asked the heads of the world's leading central banks to come up with proposals to reform the hugely influential London interbank offered rate, which is used as a reference interest rate for $800 trillion in securiti
Aside from the forensic analysis about who said what to whom, there is a very simple question at the heart of the furore of Barclays' involvement in the LIBOR-rigging scandal: is it ever acceptable to lie?
It's not a comfortable weekend for the men heading some of the world's biggest banks. Barclays has already been hit by a £290m fine for rigging interest rates but that could be dwarfed by a series of global lawsuits which could cost banks billions
Just when Britain's banks would have loved some positive publicity, the City watchdog - the Financial Services Authority - has said they were guilty of serious failings in the way they sold complicated products to small businesses that were supposed to pr
These high profile treasury looters feel that there are no social sanctions and mechanisms to bring corrupt and derelict public officials to book, except the decadent judicial system, which has failed in the discharge of its obligations to guarantee justi
A federal jury convicted Rajat Gupta, once an executive and board member at the pinnacle of American business, of insider trading, capping the fall of the most prominent figure caught in the government's drive to stop the leaking of corporate secrets to W
Nigeria continues to witness challenges to its judicial system in dealing with crime in general – in particular, corporate crime. It is now more than three years since the Central Bank of Nigeria moved to take over a number of banks. Several bank executiv