Insider trading is the purchase or sale of stock in a publicly-traded company by someone who has non-public, material information about that stock. Material nonpublic information is any information that has not been made public that could have a significant impact on an investor's decision to buy or sell a security. This type of insider trading is illegal and carries severe penalties, including both fines and jail time.
Insider trading is permissible as long as it follows the SEC rules in an ascertained jurisdiction.
In Nigeria’s case, Sections 87, 88, and 93 of the Investment and Securities Act of 2004 address insider trading issues.
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