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SEC Revokes Licences Of 84 Capital Market Operators

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The Securities and Exchange Commission (SEC) has revoked the operational licences of 84 capital market operators (CMOs) that are inactive.

A statement from SEC which announced that the licences were revoked as a result of the failure of the CMOs to render statutory returns to the commission and their failure to comply with the new minimum capital requirement, also called on the Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc, capital market trade groups, the investing public and others, to desist from dealing with the operators whose licences were revoked.

In a notice on its website, tagged, “Pre-Notice on Cancellation of Certificates of Registration of Inactive Capital Market Operators,” SEC gave the affected CMOs until December 4, 2015 to provide tangible reasons why they should retain their registrations as CMOs.

A statement issued by SEC said “is empowered under Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational licence of capital market operators that are inactive.

“The 84 Capital Market Operators were registered by the Securities and Exchange Commission for various functions in the Nigerian capital market. However, these 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 before the deadline stipulated by the commission, which expired on September 30, 2015,” SEC said.

The operators include: Aiq Venture Capital Fund Managers Ltd, Allbond Investment Limited, Amalgamated Capital Funds Ltd, Associated Investment Trust Co. Limited, Bayhead Alpha Capital Ltd, Bluebird Capital, Boston Capital Investments Limited, Brickfield Road Associates Ltd, Capital Partners Limited Corporate Investment Adviser, Capital Structures Ltd, Circular Trust Ltd, Citi Asset Mgt ltd, Citizens Inv. & Sec. Ltd, City Investment Management Ltd, Consolidated Investment limited, Consult & Capital Limited, Dakal Services Limited, De-canon Investment Limited, Development Business Co, Dolbic Finance Limited, Dvcf Oil & Gas Plc, Dynamic Trust & Securities Ltd, Eazytrade Concept Ltd. Elyon’s Asset Management Ltd, Emi Capital Resources Ltd, Enterprise Capital Mgt. Ltd, Equinox Asset Management Limited, Express Discount Limited, FB Asset Mgt. Limited, First Marina Trust Ltd, Fittco Securities Limited, Floodgate Finance & Sec, G. Akomas & Partners, Global Capital Market Ltd, Global Inv. & Sec. Ltd, Habitat Trust Ltd and Hazonwao Assets Management.

Others are Honey Comb Asset Mgt Ltd, Indemnity Finance Ltd, Integrated Capital Services Ltd, Investment Monitors Ltd, Jubilee Global Fund Plc, Kendall Securities Ltd, Kingsway Securities ltd, Koltron ltd, Lombard Asset Mgt. Limited, Lynac Securities Ltd, Malachai Funds & Assets Mgt. Ltd, Maninvest Asset Management Plc, Metropolitan Trust Nigeria Ltd.