SEC of Nigeria, Brokerage Scandal, Access Bank and more...
Dear Africa interested professionals: Find below the verbatim text from the SEC about the Brokerage Scandal in Nigeria. This is classic example of the grandiose speeches I mentioned in my last article that are more focused on self than transparency. The SEC's response is largely defense and pacifying rather than providing clarity and answering questions. Why did the media have to break a story more than four months after SEC knew about it? Now, the SEC wants to respond and feel it is being proactive and transparent. This issue will be buried before you can dig six feet. It is Nigeria; nothing of this nature is new. People are talking as I write and the hook is gradually being removed from the mouth of the fish. Victor Ogiemwonyi will not be sentenced to jail for any financial crime. He has enough people that sit at the top of regulatory bodies to get him off the hook. This is why I continue to repeat; nobody