NGX Regco Imposes N291.29m in Fines on Five Brokers for Market Infractions

The regulatory arm of the Nigerian Exchange Group has slapped a total of N291.29 million in sanctions on five trading license holders. Investigations found recurring wash trades, self-matching transactions and artificial price formations on the exchange floor. In a letter dated March 27, 2026, NGX Regulation Limited confirmed that its Regulation and New Business Committee met in mid-March under Section 33 of the Investments and Securities Act 2025. Cases against the firms followed hearings on February 25 and March 17, 2026. CSL Stockbrokers Limited received a N91.29 million fine. Cowry Securities, Meristem Stockbrokers, SMADAC Securities and Associated Asset Managers were each fined N50 million under Section 139(2)(d)(ii) of the Act. All five firms must also undergo mandatory compliance and market conduct training. These measures aim to deter future violations.

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