Okereke-Onyuike Blames CBN, SEC over Stock Exchange Collapse

It was another day of revelations at the House of Representatives ad-hoc Committee probe on the near collapse of the Capital Market, as the immediate past Director-General of the Nigerian Stock Exchange (NSE), Professor Ndidi Okereke-Onyuike made her presentations.

According to her, the government regulators; the Central bank of Nigeria (CBN) and the Security and Exchange Commission (SEC), failed to provide any guide lines for margin loans which she said banks used to speculate on share prices, leading to the crisis.

“It was margin loans that led to the collapse of the Nigerian Stock Exchange, nothing more” she affirmed. Professor Okereke-Onyuike put all the blame on the doors of the CBN and the SEC for failing to protect investors when margin loans were indiscriminately given out by commercial banks.