Nigeria's Securities and Exchange Commission (SEC) says its taking 260 entities and individuals to a special tribunal over alleged market abuse committed between 2006 and 2008.  

'The SEC in its avowed commitment to restore investor confidence, enhance market integrity and protect everyday investors, is taking 260 entities and individuals to the Investments and Securities Tribunal,' it said in a statement.

The entities and individuals, including banks and other capital markets operators, are alleged to have been involved in price fixing, share price manipulation, fraud and insider trading. 

SEC has not named the offenders but says its seeking seeking injunctions, monetary penalties and the disgorgement of profits gained through market abuse.

The SEC has the power to identify and ban capital markets operators through the Investments and Securities Tribunal.

Nigeria has been trying to restore confidence in its capital markets since last year's $4 billion bailout of nine banks, whose reckless lending was deemed by central bank auditors to have left them so weakly capitalised that they posed a systemic risk.

Credit: Reuters

The central bank is seeking new investors to buy the rescued banks.