NGX RegCo Issues 3,792 Regulatory Actions Against License Holders Over 13 Years

Between 2011 and 2023, the Nigerian Exchange Group (NGX), through its regulatory arm, NGX Regulation Limited (NGX RegCo), issued approximately 3,792 regulatory actions against trading license holders, as detailed in the recent BrokerTraX report.

These actions encompassed 193 rule breaches by stockbroking firms, aiming to bolster investor confidence.

A year-by-year breakdown reveals:

– 2011: 257 enforcement actions
– 2012: 436
– 2013: 424
– 2014: 557
– 2015: 608
– 2016: 328
– 2017: 267
– 2018: 171
– 2019: 167
– 2020: 82
– 2021: 148
– 2022: 139
– 2023: 208

The decline to 82 actions in 2020 was attributed to regulatory concessions granted to mitigate COVID-19’s impact on business operations.

Additionally, from January 2012 to November 25, 2024, at least 37 stockbroking firms were implicated in unauthorized sales of investors’ shares and misappropriation of funds. Many of these complaints have been addressed through resolutions or restitutions via the Investors’ Protection Fund (IPF).

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