PRIVATE PLACEMENT OF SECURITIES: DEVELOPMENT IN NIGERIAN SECURITIES MARKET
ABSTRACT
Many investors in Nigeria are not conversant with and do not avail themselves of the enormous opportunities inherent with private placements of securities. To a lot of these investors, the only way to invest in securities is by responding to a widely advertised offer for subscription- Public offers. However, the act of obtaining funds through the issue of security is a costly, complicated, time consuming and periodically uncertain process. Many of these difficulties can be oveu-eome if sufficient private sources are available and be utilized by the firm. This project attempts to examine the extent to which Nigerian investors avail themselves of the opportunities inherent in private placements of securities and also evaluate the degree to which Nigeria capital market uses private placements in its efforts of transforming capital from saving or surplus units to deficit or investing units. The chi-square test was used to test data collected through the use of questionnaires from selected sample of individual and institutional investors. The study revealed that Nigerian investors are not responsive to private placements of securities. It was
also found that the use of private placement of securities in the Nigerian securities market is grossly in
adequate. Based on the above findings of this study, it is recommended that the Nigerian securities market should
encourage fund seekers to raise funds through private placement to avoid some of the cost associated with a public offering of securities. There is the need to enlighten the investing public on the benefits of private placement of securities, since some investors are not even aware of the existence of such investment opportunity. However, the Securities and Exchange Commission should also regulate private placement of securities in order to increase public confidence on such investment.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
PRIVATE PLACEMENT OF SECURITIES: DEVELOPMENT IN NIGERIAN SECURITIES MARKET
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