SEC revokes licences of 84 inactive capital market operators

-
The Securities and Exchange Commission (SEC) has announced the revocation of registration of 84 capital market operators (CMOs) that failed to render statutory returns to the commission and their failure to comply with the new minimum capital requirement. Consequently, the commission advised all the stakeholders in the market, including Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc, all Capital Market Trade Groups and the investing public to sever all relationships with the affected CMOs.
The commission said it was 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.
An operator in the capital market is adjudged to be inactive if it has not executed any transaction in the market for a period of six months. Also, operators in the market are required to render quarterly returns to the commission.
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.
The commission had last month notified 94 CMOs of its intention to revoke their operating licences for the above offences. It, however, gave a month grace to adduce reasons why their registration will not be cancelled and warned that it will de-register them in case of failure.
The SEC said: “The 94 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.”
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.

Popular posts from this blog

Enugu sex hawker dies after marathon with customers

-
Image
E NUGU— THE  Enugu State Police command through operatives of the Udenu Division has commenced investigations into an alleged incident of murder in which a commercial sex worker was allegedly killed in a brothel after a marathon sex with a customer. It was gathered that around midnight on October 24, the customer, identified as Ikechukwu Oga had gone to a brothel at Obolloafor, in Udenu Local Government Area of Enugu State where he met with the sex hawker, Roseline and had a sex deal. Police Public Relations Officer, PPRO, Mr. Ebere Amaraizu, DSP, confirmed the incident in a statement made available to newsmen, explaining that the suspect after a bargain with the deceased, agreed to sleep together for a fee. According to the suspect’s confession, ”we bargained and agreed. She told me to come back later as she was already servicing someone. But when I came back, I also discovered that she was still having sex with another customer. Roseline told me to exe...
Read more

2016 Budget: 8th Senate to jettison online budget item – Saraki

-
SENATE President Bukola Saraki, said yesterday that the 8th Senate will break down the budget of the upper Chamber by ensuring that every expenditure and receipt will be broken down into relevant budget heads for easy tracking. Saraki however reiterated his commitment to ensuring that financial dealings of the National Assembly become more open and accessible to the general public. In a statement yesterday by his Special Assistant, New Media, Bamikole Omishore, Senate President Saraki stressed that the days of on line budgets for the National Assembly were long gone. In recent times, Nigerians home and abroad have been canvassing for more accountability and transparency in government, Different youth groups who make up a large population of the country have been pushing for the National Assembly to explain how it spends its now reduced budget of N120bn. According to Omisore, Saraki’s explanations “have put to rest the agitation, with the National Assembly Chairman s...
Read more

Soldiers molesting S-East, S-South travellers at Onitsha bridge – Ohanaeze

-
Image
OHANAEZE Youth Council has condemned what it called molesting of Easterners travelling home for Christmas and new year celebrations at Onitsha Head Bridge, Anambra State allegedly by soldiers from the 302 Battalion of the Nigerian army in Onitsha. Army In a statement by the National President of the Council, Mazi Okechukwu, the council said: “The officers and men of the 302 Battalion of the Nigerian Army at Onitsha appear to have a different agenda in that town. They appear to be there for [alleged] ethnic cleansing. “In the past one month, these raw soldiers have [allegedly] killed more than 20 unarmed Igbo youths. This time around, they waylay Igbos returning home for Christmas and New Year holidays and rough-handle a lot of them. “We can no longer tolerate this brazen act on our own land. We are neither at war nor a conquered people. Mr. President should intervene in this matter before it turns into another thing. We have the right to protect the dignity of our...
Read more