The Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and the Central Bank of Nigeria (CBN) last August reached an agreement that made CBN to discontinue its pre-allotment verification of bank offers. SEC also gave all companies six weeks to submit allotment proposals after the closure of an issue. The commission thereafter directed that share certificates should be dispatched to investors not later than 15 working days from the date of clearance of allotment but this appears to be a mere paper directive.
It's been complaints galore as many investors are yet to receive their share certificates in respect of bank and other offers months after the clearance of allotment.
Are the banks and companies making public offers too powerful and above the law?
Why have the regulatory bodies not wielded the big stick to serve as a deterrent?
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