Before a pack of MPs, CMA appeared helpless, subdued and uncertain. The order of the day had been CMA’s weak role in protecting investors in Cytonn, Imperial, and Chase bank bonds and the Nakumatt commercial paper. CMA Acting Director Marketing Operations Abubakar Hassan Abubakar was in a collision course with MPs who mistook his passion for arrogance. He was the first to admit regulatory gaps in the CMA law that might have led to the loss of investors’ billions. “While public offers must be approved by CMA before issuance, private offers meeting the above criteria are not approved by CMA before issuance.

Source: Standard Digital July 12, 2021 21:00 UTC