This document summarizes key Securities and Exchange Commission rules regarding private placements and collective investment schemes in Nigeria. It outlines limitations on private placements including restricting the number and type of investors, as well as requirements for SEC approval and post-transaction filings. Private placements by public companies are subject to conditions like demonstrating the need for funds and limiting shares offered to 30% of existing capital. Issuers must also exercise care to prevent investors from becoming underwriters and reselling shares without registration.