NGX Regulation Limited (NGX RegCo) has imposed disciplinary sanctions on five trading licence holders for engaging in infractions related to market conduct, including wash trades and self-matching transactions.
In a formal notification to the Securities and Exchange Commission (SEC), NGX RegCo disclosed that the affected firms are CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited, and Associated Asset Managers Limited.
The sanctions follow findings from investigations conducted by the Exchange’s Investigation Panel, which identified recurring patterns of improper trading activities, including artificial price formation and misleading market behaviour.
As part of the disciplinary measures, CSL Stockbrokers Limited was fined over N91 million, while the other four firms were each penalised N50 million in line with provisions of the Investment and Securities Act 2025. In addition to the financial penalties, all five firms have been mandated to undergo compulsory compliance and market conduct training.
NGX RegCo noted that the sanctions are proportionate to the severity of the infractions and are intended to reinforce market discipline, deter future violations, and uphold the integrity of the Nigerian capital market.
The regulatory action underscores the Exchange’s commitment to maintaining a fair, orderly, and transparent trading environment, while strengthening investor confidence through stricter enforcement of market rules.
