Unapproved Issuance Of Securities To Attract N10m Penalty- SEC

Any person who issues or allots securities without the prior approval of the Securities and Exchange Commission, or violates any provisions of the Commission’s rules will soon be liable to penalty of not less than ₦10m in the first instance and a further sum of ₦100,000 for every day the violation continues.

The recommended fine is contained in the proposed new rules on the issuance and allotment of private companies and securities prepared by the Securities and Exchange Commission.

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