Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has revoked the operational licenses of eighty-four (84) capital market operators, saying that they are inactive.
Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 empowers the Securities and Exchange Commission to revoke the operational license of capital market operators that are inactive.
To further prove its point on the regulatory decision, the SEC has directed the Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc, all Capital Market Trade Groups, the investing public and all stakeholders to desist from dealing with the affected market operators.
Functions of the revoked 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, Corporate Investment Adviser, Trustee, among others.
The affected Capital Market Operators (CMOs) and their functions are:
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); Boston Capital Investments Limited (Corporate Sub-Broker); Brickfield Road Associates Limited (Rating Agency); Capital Partners Limited (Corporate Investment Adviser, Fund/Portfolio Manager); and Capital Structures Limited (Portfolio Manager, Corporate Investment Adviser).
Other firms whose operational licenses have been revoked are: Circular Trust Limited (Portfolio Manager); Citi Asset Management Limited (Fund/Portfolio Manager); Citizens Investment and Securities Limited (Venture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); 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); and Dynamic Trust & Securities Limited (Fund/Portfolio Manager).
Also included are: Eazytrade Concept Limited (Portfolio Manager); 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); Express Discount Limited (Fund/Portfolio Manager, Corporate Investment Adviser); FB Asset Management Limited (Portfolio Manager, Corporate Investment Adviser); 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); Global Investment & Securities Limited (Broker/Dealer); Habitat Trust Limited (Fund Manager); Hazonwao Assets Management Limited (Fund Manager); and Honey Comb Asset Management Limited (Fund/Portfolio Manager).
Also revoked are the operational licenses of 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); Nicon Trustee Limited (Corporate Investment Adviser, Registrar, Trustee, Fund/Portfolio Manager); NMA Investment & Securities Limited (Portfolio Manager); Noble Financial Trust Limited (Fund/Portfolio Manager, Corporate Investment Adviser); 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); Prudential Securities Limited (Broker/Dealer); Seasons Trust & Investment Limited (Portfolio Manager); and Securities Solutions Limited (Broker/Dealer).
Other firms affected are: Securities Trading & Investments Limited (Broker/Dealer); Skylimit Investment Limited (Corporate Sub-Broker); Slamad Securities 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); Taricol Investment Limited (Fund/Portfolio Manager); 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); Wizetrade Capital & Asset Management Limited (Broker/Dealer); WT Securities Limited (Broker/Dealer); and Zuma Securities Limited (Broker/Dealer).
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