“The institutional, traditional and asset pricing characteristics of the Nigerian Stock Market were examined. The analysis of the institutional features of the market has revealed the existence of a substantial regulatory framework to protect investors and ensure fair play in the market. The settlement process in the market, however, is fraught with institutional impediments. The process of share transaction takes almost a year to complete while payment of dividends to shareholders is characterised by irregularities, and paid dividends do not get a good number of investors.”
