They outlined the downsides of insider trading on the economy and sought stringent regulation.[1] This recommendation of the Nigerian Law Reform Commission was what led to the development and execution of of provisions on insider trading regulation as contained in sections 614 – 620 of Companies and Allied Matters Act.[2]  Since that point, there have been several bodies of legislation which have been passed to control and regulate the occurrence of insider trading in Nigeria.[3] Unfortunately, the sad reality is that there have been no celebrated or known cases of conviction or punishment for the offence since the introduction of the Investment and Securities Act of 2007, which is the most recent insider trading regulation in Nigeria

[1] Report on Company Law Reform in Nigeria (Lagos: Federal Government Printer, 1992); & Dominic, A., & Olong M., The Corporate Investigative Powers of the Corporate Affairs Commission in the Promotion of Corporate Governance’, Available at < > Accessed 28th January 2019

[2] Ibid.

[3] Investment and Securities Act 2007

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