SEC pencils 94 market operators certificate for cancelation

Failure to render statutory returns and comply with the new minimum capital requirements by the Securities and Exchange Commission (SEC) may cost certificates of registration of Citi Asset Management Limited, Gombe Securities Limited, Unic Insurance Plc, Nicon Trustee Limited, and 90 others.

The apex regulator of Nigeria’s capital market said in a recent notice available to BusinessDay that the affected CMOs have consistently failed to render their statutory returns to the Commission and “may have been unable to comply with the new minimum capital requirements which expired on September 30, 2015.

However, SEC has directed the affected CMOs to make presentations to the Commission on or before December 4, 2015 giving reasons why their registration as CMOs should not be cancelled.

The functions of the affected Capital Market Operators cut across individual sub-broker, Private Equity Fund Manager, Broker/Dealer, Venture Capital Manager, Fund/Portfolio Manager, Issuing House, Corporate Sub-Broker, Rating Agency, Corporate Investment Adviser, Registrars and Trustee, among others.

Further checks on the SEC identified the operators and their functions revealed the affected operators of which most of them are inactive, on suspension, and under liquidation to include: 2AS Amao Consult (individual sub-broker); AIQ Venture Capital Fund Managers Limited (Private Equity Fund Manager); Allbond Investment Limited (Broker/Dealer); Amalgamated Capital Funds Limited (Venture Capital Manager);  Associated Investment Trust Company Limited (Fund/Portfolio Manager);  Bayhead Alpha Capital Limited (Fund/Portfolio Manager); Bluebird Capital Limited (Issuing House); and  Boston Capital Investments Limited (Corporate Sub-Broker).

The affected capital market operators also include: Brickfield Road Associates Limited (Rating Agency); Capital Partners Limited (Corporate Investment Adviser, Fund/Portfolio Manager); Capital Structures Limited (Portfolio Manager, Corporate Investment Adviser); Circular Trust Limited (Portfolio Manager);Citizens Investment and Securities Limited (Venture Capital Manager); City Investment Management Limited (Broker/Dealer); Consolidated Investment Limited (Broker/Dealer); Consult & Capital Limited (Fund Manager); Dakal Services Limited  (Broker/Dealer);  Deap Capital Management & Trust Plc (Fund/Portfolio Manager, Issuing House);  De-Canon Investment Limited (Broker/Dealer); Development Business Company  (Fund/Portfolio Manager); Dolbic Finance Limited (Corporate Investment Adviser, Portfolio Manager, Broker/Dealer); DVCF Oil & Gas Plc (Venture Capital And Fund Manager);  Dynamic Trust & Securities Limited (Fund/Portfolio Manager); and Eazytrade Concept Limited (Portfolio Manager).

Other capital market operators that face the risk of losing their registration status according to the circular signed by the SEC management on November 20, 2015 are: Elyon’s Asset Management Limited (Fund Manager); Emi Capital Resources Limited (Broker/Dealer); Enterprise Capital Management Limited (Venture Capital Manager); Equinox Asset Management Limited (Corporate Investment Adviser, Portfolio Manager Inactive); and Express Discount Limited (Fund/Portfolio Manager, Corporate Investment Adviser).

Also included are: FB Asset Management Limited (Portfolio Manager, Corporate Investment Adviser); First Alstate Securities Limited (Broker/Dealer); First Marina Trust Limited (Broker/Dealer); Fittco Securities Limited (Broker/Dealer); Floodgate Finance & Securities Limited (Corporate Sub-Broker); G. Akomas & Partners (Fund/Portfolio Manager);  Global Capital Market Limited (Issuing House); and Global Investment & Securities Limited (Broker/Dealer).

Other are: Habitat Trust Limited (Fund Manager); Hazonwao Assets Management Limited (Fund Manager); Honey Comb Asset Management Limited  (Fund/Portfolio Manager); Indemnity Finance Limited (Broker/Dealer); Integrated Capital Services Limited (Issuing House); Investment Monitors Limited (Corporate Sub-Broker); Jubilee Global Fund Plc (Fund Manager); Kendall Securities Limited (Broker/Dealer); Kingsway Securities Limited (Corporate Sub-Broker); Koltron Limited (Fund Manager); Lombard Asset Management Limited (Fund/Portfolio Manager); Lynac Securities Limited (Broker/Dealer); Malachai Funds & Assets Management Limited (Fund/Portfolio Manager);

Maninvest Asset Management Plc (Broker/Dealer) Metropolitan Trust Nigeria Limited (Broker/Dealer); NCDF Investment Limited (Venture Capital Manager); N-Cheque Securities Limited (Portfolio Manager); Niche Securities Limited (Broker/Dealer);  NMA Investment & Securities Limited (Portfolio Manager) Noble Financial Trust Limited (Fund/Portfolio Manager, Corporate Investment Adviser);  and Nouveau Delice International (Venture Capital Manager).

Other are: Novare Investments Limited (Fund/Portfolio Manager); Oceanic Trustee Limited (Trustee); Omas Investment & Trust Company Limited (Broker/Dealer);  Omnisource International Limited (Broker/Dealer, Corporate Investment Adviser, Portfolio Manager); Pan Securities Limited (Portfolio Manager, Issuing House); Peach & Prime Limited (Portfolio Manager); Peak Securities Limited (Broker/Dealer); Peninsula Asset Management & Investment Company Limited (Broker/Dealer); PHB Asset Management          (Fund/Portfolio Manager);  Platinum Capital Limited (Issuing House, Broker/Dealer, Fund/Portfolio Manager); and Prudential Securities Limited (Broker/Dealer).

The SEC identified other affected market operators as:  Prudential Trust Company Limited (Issuing House); Real Laam (Individual Sub-Broker); Seasons Trust & Investment Limited (Portfolio Manager); Securities Solutions Limited (Broker/Dealer); Securities Trading & Investments Limited (Broker/Dealer); Skylimit Investment Limited (Corporate Sub-Broker); Slamad Securities Limited (Corporate Sub-Broker); Stacoprime Capital Limited (Corporate Sub-Broker); Stock Investment Securities Limited (Corporate Investment Adviser, Fund Manager); Synergy Investment & Securities Limited (Registrars, Trustee, Corporate Investment Adviser, Fund/Portfolio Manager); and Taricol Investment Limited (Fund/Portfolio Manager).

The list also include: Treasureline Interlink Limited (Fund Manager);  Truevine Global Asset Management Limited (Corporate Investment Adviser, Portfolio Manager); UTB Trustee Limited (Trustee); Ventures & Trust Limited (Corporate Investment Adviser, Fund Manager); Vileo Capital & Asset Management Limited (Fund/Portfolio Manager); Visa Investments & Securities Limited (Portfolio Manager); West African Infrastructure Investments Managers  Limited (Fund Manager) Wizetrade Capital & Asset Management Limited (Broker/Dealer);  WT Securities Limited (Broker/Dealer); and Zuma Securities Limited (Broker/Dealer).

Iheanyi Nwachukwu