SEC Head Says Some Nigerian Investments "Not On the Level"
6/19/2003
- William Grim
Washington, DC - In shocking testimony yesterday before the Senate Banking Regulatory Subcommittee, Securities & Exchange Commission Chairman Harlan P. Sattleford III stated that "not all Nigerian investment opportunities are on the level." Mr. Sattleford went on to say that "there have even been cases in which Americans have received personal emails from former members of the Nigerian government-in which for a small upfront fee they are promised the opportunity to recover millions of dollars from inactive accounts in Nigerian banks-only to discover that the actual rate of return was far less than that promised in the prospectus."
The news of potential fraud in the highly regarded and closely regulated Nigerian financial planning industry sent shock waves through the Lagos Stock Exchange and led to a selling frenzy. Many Nigerian stockbrokers reported severe cramps in their abacus fingers as they tried to keep up with sell orders.
One Wall Street veteran (who wishes to remain anonymous) told this reporter, "I'm devastated. Nigeria used to be the Switzerland of Africa. You always knew your money was safe in Nigerian hands. I don't know what we'll do now. Thank god there's still Malawi and the Democratic Republic of Congo to rely on for safe investing and rigorous accounting standards.
