chapter  3
Fighting a common enemy: Anglo-American and Japanese attitudes on insider dealing
Pages 43

Nigeria, the most populous country in Africa with an estimated population of 167 million 1 people, is an emerging market. As a developing economy just embracing the tenets of free market economy after long years of debilitating colonial rule followed by several years of successive military regimes, it is interested in building a strong and vibrant securities market attractive to both local and foreign investors. The success stories of the developed markets, especially the United States, United Kingdom and Japan make the idea of copying the regulatory regimes of these systems very tempting. Should it copy wholesale from one of these jurisdictions? Which of these markets should it copy and how far can it go in transplanting the experiences of a particular market into its economy? How well has the system worked in the country of origin? The ultimate aim of this chapter is to learn from the achievements and failures of these developed jurisdictions in addressing some of the abovementioned questions.