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Nigeria brings in custody rule for $9.7 billion funds industry By Reuters

by Mike Robinson

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ABUJA (Reuters) – Nigeria has introduced a custody rule for its 4 trillion naira ($9.7 billion) fund management industry, in a bid to protect investors and deepen the country’s capital market, its Securities and Exchange Commission said on Sunday.

Before the new rule, investments managers stored cash and securities, which could have resulted in investors losing their money if they were declared bankrupt or insolvent.

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