• Tuesday, May 28, 2024
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SEC lifts capital market ban on Ecobank

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The Securities and Exchange Commission (SEC) said on Thursday it had lifted a suspension on Ecobank from capital market activities imposed last month because of irregularities surrounding a margin loan.

“The suspension on Ecobank has been lifted … they can now participate in capital market activities”, SEC spokesman, Yakubu Olaleye, said, according to Reuters.

Last month, the SEC said an Ecobank client, Arian Capital Management, had used capital from another company as collateral for a margin loan from Ecobank. After suspending Arian, the SEC also suspended Ecobank pending an explanation.