Section 106: Securities market manipulaton.

(1) A person shall not effect, take part in, be concerned with or carry out, either directly or indirectly, two or more transactions in securities of a body corporate being transactions which have, or are likely to have the effect of raising or lowering the price of securities of the body corporate on a securities exchange or capital trade point with intent to induce other persons to purchase, sell or subscribe for securities of the body corporate or of a related body corporate.
(2) A person shall not effect, take part in, be concerned with or carry out, either directly or indirectly, two or more transactions in securities of a body corporate, being transactions which have or are likely to have the effect of maintaining or stabilizing the price of securities of the body corporate on a securities exchange or capital trade point with intent to induce other persons to sell, purchase or subscribe for securities of the body corporate or of a related body corporate.
(3) A reference in this section to a transaction in relation to securities of a body corporate include:
(a) a reference to the making of an offer to subscribe, sell or purchase such securities of the body corporate; and
(b) a reference to the making of an invitation however made which expressly or impliedly invites a person to offer to subscribe, sell or purchase such securities of the body corporate.
(4) No securities of a public company listed on any recognized securities exchange shall be bought or sold outside the facilities of a recognized exchange on which the securities are listed.
(5) Any person who contravenes the provisions of subsection (4) above shall be liable to a penalty of N500,000 in addition to a nullification of the said transaction.