BREAKING: SEC moves to delete 157 capital market firms

TRACKING____The Securities and Exchange Commission (SEC) has commenced process that may lead to cancellation and withdrawal of certificates of not less than 157 inactive capital market firms.

In a circular dated November 10, 2020 and titled “Pre-Notice on Cancellation/Withdrawal of Certificates of Registration of Inactive Capital Market Operators,” SEC stated the 157 capital market operators, which were registered for various functions in the capital market, have consistently failed to meet extant regulations.

According to the Commission, the operators have consistently failed to render their statutory returns to the Commission, had their capital eroded while others were affected by policy changes.

“In view of this fact, the Commission hereby requests the affected capital market operators (CMOs) to make presentations to the Commission, on or before 13th November, 2020, giving reasons why their registration should not be cancelled,” the circular stated.

The affected firms included 2AS Amao Consult, Adamawa Securities Limited, AIMS Asset Management Limited, AIQ Venture Capital Fund Managers Limited, Allbond Investment Limited, Amalgamated Capital Funds Ltd, Arnold Portfolio Co, Associated Investment Trust Co. Limited, Bayhead Alpha Capital Ltd, Bendu Peter Ser. Nig. Ltd, Bluebird Capital Limited, Boston Capital investments limited, Brickfield Road Associates Ltd, Bytofel Trust & Securities Ltd, Cadington Securities Ltd, Capital Partners Limited, Capital Structures Ltd, CDL Asset Management Ltd, Circular Trust Ltd, Citi Asset Management Limited, Citizens Inv. & Sec. Ltd, City Investment Management Ltd, Consolidated Discount Ltd, Consolidated Inv. Limited, Consult & Capital Limited, Cornerstone Asset Management Ltd, Corporate Diamond Securities and investments Limited, Custodian & Allied Insurance Plc, Cutix, Dakal Services Limited, Dambale (Nigeria) Limited and De-Canon Investment Ltd.

Others are: Development Business Co. Limited, Dolbic Finance Limited, Dynamic Trust & Securities Ltd, Eazytrade Concept Ltd, Elyon’s Asset Management Ltd, Emerging Capital Ltd, EMI Capital Resources Ltd, Enterprise Bank Plc, Enterprise Capital Management Ltd, Equibond Securities Limited, Equinox Asset Management Limited, Equitorial Trust Bank Plc, ET&F Investment Ltd, Express Discount Limited, FB Asset Management Limited, Femi Ajijala & Co, First Alstate Securities Ltd, First Marina Trust Limited, Fittco Seurities Limited, Floodgate Finance & Sec. Limited, G. Akomas & Partners, Global Capital Market Ltd, Global Inv. & Sec. Ltd, GMT Securities Ltd, Gombe Securities Ltd, Habitat Trust Ltd, Hazonwao Assets Management Ltd, Heap Investment Ltd, Honey Comb Asset Management Ltd, Horizon Stockbrokers Ltd, Imperial Finance & Sec. Ltd, Indemnity Finance Limited and Integrated Capital Services Ltd among others.

Others included International Standard Sec. Ltd, Investment Monitors Ltd, Investment Shark & Asset Management Ltd, IT IS Securities Limited, Jubilee Global Fund Plc, Kedari Securities Limited, Kendall Securities Limited, Kingsway Securities Limited, Koltron Ltd, Lakesworth Inv. & Sec. Ltd, LASACO Assurance Plc, Leadway Assurance Co. Ltd, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Lombard Asset Management Limited, Lynac Securities Limited, Mact Securities Ltd, Malachai Funds & Assets Management Ltd, Maninvest Asset Management Plc, Maven Asset Management Ltd, Mega Asset Managers Ltd. Mercov Securities Limited, Metropolitan Trust Nigeria Ltd, MICC Consult-Mashasha Inv. & Commerce Co. Limited, Monument Sec. & Fin. Ltd, NCDF Investment Limited, N-cheque Securities Ltd, NIC Securities & Trust Ltd, formerly known as NIC Trustees Ltd; Niche Securities Limited, NICON Trustees Ltd, NMA Investment & Securities Ltd, Noble Financial Trust Ltd, Nouveau Delice International Ltd, Novare Investments Ltd, Ocean Securities and Stock Brokers Ltd, Oceanic Trustees Ltd, Omas Inv. & Trust Limited, Omnisource International Ltd, Osunbade, Okiti & Co, Pan Securities Limited, Peach & Prime Ltd, Peak Securities Limited, Peninsula Assets Management & Investment Co. Ltd, Petroleum Inv. Mgt. Limited, Pharez Limited, PHB Asset Management Ltd, Platinum Capital Limited and Professional Stockbrokers Ltd.

Also included are Profund Securities Limited, Prudential Securities Ltd, Prudential Trust Co. Ltd, Real Laam Enterprises, Regency Financings Limited, Resano Securities Limited, Seasons Trust & Investment Ltd, Seclink Nigeria Limited, Securities Solutions Limited, Securities Trading & Invest. Ltd, Sekat Company, Skylimit Investment Ltd, Slamad Securities Ltd, Stacoprime Capital Ltd, Stan Consultants Nigeria, Standard Alliance Insurance Plc, Stanwal Securities Limited, Stock Investment Sec. Ltd, Strategy & Arbitrage Limited, Stronghold Inv. Limited, Summa Guaranty & Trust Co. Plc, Summit Finance Co. Ltd, Supra Commercial Trust Ltd, Synergy Inv. & Sec. Limited, T. A. Oke, Taricol Investment Ltd, TDA Capital Management Ltd, Treasureline Interlink Ltd, Truevine Global Asset Management Limited, UAC Registrars Ltd, Unic Insurance Plc, Unicapital Plc, Union Homes Savings & Loans Plc, Unique Venture Capital Management Co. Ltd, UTB Trustees Limited, Ventures & Trust Limited, Vileo Capital & Asset Management Ltd, Visa Investments & Sec. Ltd, Vono Product Plc, Wema Asset Management Ltd, Wema Securities & Finance Plc, Wizetrade Capital Asset & Management Ltd, WT Securities Ltd and Zuma Securities Limited.