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Nigerian Exchange (NGX) has mandated Abbey Mortgage Bank to attend a compliance training session, that will reinforce adherence to regulatory standards.
Rather than penalise Abbey Mortgage Bank for breach of rule which
governs the period of closure for trading activities by insiders who possess material, non-public information, the bank is mandated to take compliance training.
Newsconnect gathered that the mandated training costs one million, two hundred and thirty thousand, one hundred and eighty naira. (1,230,180).
A press statement released by Abbey Mortgage Bank acknowledged the decision of NGX towards upholding transparency.
It says:
“This positive resolution highlights the importance of due process and the NGX’s role in maintaining transparency while supporting the growth and integrity of listed companies. Abbey Mortgage Bank’s proactive response and subsequent exoneration reinforces its reputation as a trusted and compliant financial institution, poised for continued success in the mortgage banking sector”.