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How Issuing houses undermined Underwriting Rules

Fresh facts have emerged on how Issuing Houses undermined Security and Exchange Commission (SEC)’s rules on underwriting of public offers and hence compelled the Commission to amend the rules to favour them. Recently, the Securities and Exchange Commission (SEC), adopted the recommendations of the Dotun Sulaiman-led Committee on the Review of Capital Market Structure and Processes, which abolished mandatory underwriting of public offers and replaced it with Book- Building or discretionary underwriting

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Access Homes funds Yaba housing project

Access Homes, a subsidiary of Access Bank Plc, is funding a new housing project that will comprise 88 housing units in the Yaba area of Lagos mainland. The project, christened Alcove Homes, which has has taken-off with preliminary works involving site clearing and sand-filling is being jointly developed by GlobalMix Capital Limited in partnership with
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In last week’s article, “Dollar Reserves: Who Owns What?” we endeavoured to lift the shroud over the amorphous concept of Nigeria’s foreign reserves. Incidentally, the Senate has lately in consonance with our position, also frowned at the illegality of the component of the reserves defined as excess crude account! (See Daily Independent headline of 23/10/2009, “Sharing of $2bn Excess Crude Fund Illegal – Senate”).

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