NGX Regco Sanctions Five Firms N219.29m for Market Infractions

On March 27, 2026, the Nigerian Exchange Group (NGX Regco) announced the imposition of sanctions totaling N219.29 million on five trading license holders: CSL Stockbrokers, Cowry Securities, Meristem Stockbrokers, SMADAC Securities, and Associ Asset Management. This action followed an investigation into allegations of market manipulation, including practices such as wash trading and self-matching transactions that misled market activities.

The investigation was conducted by a panel that heard the case on February 25, 2026, and March 17, 2026. The financial penalties included N91.29 million for CSL Stockbrokers, N50 million for Cowry Securities, and similar amounts for the other firms, reflecting the seriousness of the infractions.

Ugochi Ek signed the notification letter addressed to the directors of the firms, emphasizing the mandatory compliance with market conduct training as part of the sanctions.