The Nigerian Stock Exchange has confirmed that the board of trustees of the Investor Protection Fund will pay the first batch of aggrieved investors whose claims of losses have been verified, early 2014.
The Head, Legal and Regulation Division of the Nigerian Stock Exchange, Ms Tinuade Awe, who was the guest on Channels Television business programme, Business Morning, said that the verification exercise is still ongoing and the monies will be released as soon as the Securities and Exchange Commission, SEC, approves the guidelines.
Meanwhile, the Chairman of the Progressive Shareholders Association, Mr Boniface Okezie who was also part of the programme has asked the regulators to hasten the verification processes and release the funds.
He however took a swipe at what he described as negligence on the part of the regulators in carrying the shareholders along in the constitution of the board of trustees of the fund.
The Nigerian Stock Exchange had in September 2012, inaugurated a board of trustees headed by Dr. Gamaliel Onosode to manage the Investor Protection Fund.
