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More revelations at the House capital market probe

08 May 2012, 07:49

Abuja - The House of Representatives probe of the activities of the Nigerian Stock Exchange (NSE) took another dimension, yesterday, when the director-general of the Securities and Exchange Commission, Arunma Oteh, disclosed that the market fell from a combination of indiscretions, including celebrity lifestyle, financial recklessness of administrators.

The Nation said Oteh cited examples of how the NSE bought a yacht for N37milion and wrote down the book value within one year when it was actually not documented.

Also, N186 million was spent on Rolex watches for awardees, out of which 73 pieces were unaccounted for.  

For more, please read The Nation


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