, Prof. Uche Uwaleke has commended the Securities and Exchange Commission for its new rules on the issuance and allotment of private companies’ securities.
He advised the commission to carry out massive sensitisation of the rules to enhance compliance and reduce violations caused by ignorance. “I think the new rule is a welcome development. The idea of capping the maximum debt capital that can be raised is intended to discourage reckless risk-taking on the part of private companies.
He, however, suggested that maximum capital raise be reduced from N15 billion to N10 billion within one year such that the fine of N100 million minimum will represent one per cent of the amount.
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