Nigeria suspends conduct of bourse regulator
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The Associated Press
11:16 AM Wednesday, Jun 13, 2012
ABUJA, Nigeria — The regulator of Africa’s second-largest bourse says a conduct is underneath review over a account mismanagement allegation.
Yakubu Olaleye, a orator for Nigeria’s Securities and Exchange Commission, told The Associated Press on Wednesday that a regulatory body’s house of directors had sent a executive general, Arunma Oteh, on “compulsory leave.”
He pronounced a leave will final until eccentric auditors finish questioning a source of supports for a Securities and Exchange Commission eventuality hold final year, and how those supports were spent.
Oteh could not immediately be reached for comment.
Oteh, who dismissed longtime bourse arch Ndi Okereke-Onyiuke months after presumption bureau in Jan 2010, is widely seen as a reformist.
Okereke-Onyiuke’s exclusion came on a heels of a stock-market pile-up that saw share prices plunge 70 percent from a Mar 2008 high.
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June 13, 2012 03:10 PM EDT
Copyright 2012, The Associated Press. All rights reserved. This element might not be published, broadcast, rewritten or redistributed.
Category: Business
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