By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) said it’s investigating the technical suspension placed on the trading of shares of top tier lender Access Bank Plc by the Nigerian Stock Exchange (NSE).

The commission in a statement said it’s aware that the NSE in September 2014 placed the trading of shares of Access Bank on technical suspension following the proposal of a 68 billion naira rights issue by the bank.

SEC affirmed that it had in September 2009 directed the NSE to discontinue the practice of placing securities of listed company on technical suspension during capital raising exercise as it is not a best practice.

“It was in furtherance of this discontinuance of technical suspension of trading in listed securities in the Nigerian capital market that the commission directed the NSE on September 23, 2014 to immediately lift the technical suspension on Access Bank Plc shares and the Exchange has since complied with the directive,” SEC said.

The nation’s securities regulator further affirmed that it stands on its earlier directive that no technical suspension shall be placed on trading in the securities of any company involved in capital raising in the Nigerian capital market in order to avoid unfair market practices.

Nigeria’s SEC said following this development, its investigating the circumstances surrounding the action of the NSE in imposing the technical suspension on Access Bank  shares as no such suspension was placed on the shares of other listed companies who undertook capital raising recently.

“The commission wishes to assure the investing public and stakeholders of its commitment to ensure the sustenance of investor confidence and the integrity of the Nigerian capital market,” the statement added.