CERTAIN PUNCTUATIONS IN PUBLIC OFFERS AND SALE OF SECURITIES IN NIGERIA COMPANY LAW

This paper will be treated in two phases, namely as treated in the Companies and Allied Matters Act (CAMA) 2004 and in the Securities and Investment Act (ISA) 2007, as well as in the Securities and Exchange Commission (SEC) (Rules) 2007'. Because of the fact that the provisions of the CAMA 2004, are at variance with those of ISA 2007 and the SEC Rules 2007, the two Acts and SEC Rules will be treated differently. ° The main characteristics of a public company is the fact that it can offer its securities for sale or subscription. In order to protect the investing public from the danger of losing their money in fake investments, various restrictions are placed on the invitation of a company to the public to sell or buy or subscribe to its securities. Securities for this purpose include shares, stocks, debentures, debenture stock, bonds, notes (other than promissory notes) and units under a unit trust scheme (Section 117 CAMA, 2004)