Nigeria implements guard rule for $ 9.7 billion fund sector By Reuters

ABUJA (Reuters) – Nigeria has introduced a guard rule for its N4 trillion naira ($ 9.7 billion) fund management sector, in a bid to protect investors and deepen the market for capital of the country, announced Sunday its Securities and Exchange Commission.

Before the new rule, investment managers stored securities and cash, which meant investors could lose if any of them went bankrupt or insolvent.

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