NGX Regulation Limited, the regulating body of the Nigerian Exchange Group (NGX Group) has imposed a sum of N291. 29 million sanctions on CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited over stock market infractions.
Ugochi Eke on behalf of the NGX Rego in a signed letter addressed to the Director-General, Securities & Exchange Commission (SEC), dated March 27, 2026 with title, “Notification of Disciplinary action-sanctions of five trading license Holders” stated that the regulation and the New Business Committee (RNBC) of NGX Regulation Limited met on Monday , 16 March 2026 and Tuesday March 17, 2026 pursuant of Section 33 of the investments and Securities Act 2025 (ISA)
According to the document, these five firms cases were referred by the investigation panel arising from its hearing held on February 25, 2026 and March 17, 2026 in respect of alleged market manipulation and illegal market dealings.
It explained further that recurring patterns of wash trades and self- matching transactions, artificial price formation , misleading market activity ,etc were carried out by these five firms on the floor of the Exchange.
The board of NGX Regco in a meeting held on March 27, 2026 imposed a financial penalty of N91.29 million on CSL Stockbrokers Limited.
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The board also imposed a financial penalty of N50 million to reflect the sanction provided in Section 139 Subsection 2 (d) (ii) of the investment and securities Act 2025 on Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited respectively.
Eke in the letter noted that a mandatory compliance and market conduct training for CSL Stockbrokers Limited, Cowry Securities Limited, Meristem Stockbrokers Limited, SMADAC Securities Limited and Associated Asset Managers Limited
“These sanctions are commensurate to the infractions and to serve as a deterrence of these violations,” the statement added.
