The operators, who spoke to newsmen in Lagos, argued that margin loans were global investment window that provided high liquidity in capital market operations.

The News Agency of Nigeria (NAN) quotes the President of the Chartered Institute of Stockbrokers (CIS), Mr. Dipo Williams, as saying that dealers lost about N200 billion in the recent global financial crisis.

NAN reports that the CBN had on August 24 said that margin loans of about N400 billion were part of the non-performing loans of the five troubled banks.

According to Williams, the non-performing loans impacted negatively on investors and the market because investors lost about N10 billion cumulatively in the first week of the loan crisis.

In the same vein, the Independent Shareholders Association of Nigeria (ISAN) accused the CBN of lack of respect for the rule of law and the shareholders.

ISAN National Co-ordinator, Mr. Sunny Nwosu, said that although the association welcomed "the cleansing of the nation's financial system, such cleansing must be within the ambit of the law and consideration for the emerging economy."

Nwosu deplored the hurried manner the case of the five banks was handled by the apex bank.

The Guardian Newspaper, Wednesday September 2, 2009.