The Security and Exchange Commission just announced that they are investigating the controversy surrounding the technical suspension of Access Bank shares back in September. The Commission also confirmed that it had indeed instructed the Exchange to lift the suspension on September 23.
See the Press Release below;
PRESS RELEASE – RECENT TECHNICAL SUSPENSION OF TRADING IN ACCESS BANK PLC SHARES BY THE NIGERIAN STOCK EXCHANGE
The attention of the Commission has been drawn to a number of publications regarding the recent technical suspension placed on trading of Shares of Access Bank PLC by the Nigerian Stock Exchange.
The Commission is aware that the Nigerian Stock Exchange in September 2014 placed the trading of Shares of Access Bank PLC on technical suspension following the proposal of Rights Issue by the Bank.
The Commission wishes to state that it had in September 2009 directed the NSE to discontinue the practice of placing securities of listed company on technical suspension during capital raising exercise as it is not a best practice.
It was in furtherance of this discontinuance of technical suspension of trading in listed securities in the Nigerian Capital Market that the Commission directed the NSE on September 23, 2014 to immediately lift the technical suspension on Access Bank PLC Shares and the Exchange has since complied with the directive.
The Commission therefore reiterates its earlier directive that no technical suspension shall be placed on trading in the Securities of any company involved in capital raising in the Nigerian Capital Market in order to avoid unfair market practices.
The Commission is however investigating the circumstances surrounding the action of the NSE in imposing the technical suspension on Access Bank PLC Shares as no such suspension was placed on the Shares of other listed companies who undertook capital raising recently.
The Commission wishes to assure the investing public and stakeholders of its commitment to ensure the sustenance of investor confidence and the integrity of the Nigerian Capital Market.