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SEC Suspends Heritage Capital Markets Ltd

By Modupe Gbadeyanka

The suspension of capital market operator in Nigeria, Heritage Capital Markets Ltd, has been announced by the Securities and Exchange Commission (SEC).

This action followed an “unauthorized sale of shares belonging to an investor” by the capital market operator

SEC, the regulatory body empowered by the Federal Government to control activities of the market and its players, noted that after Heritage Capital Markets Ltd was involved in the alleged act, it failed to comply with its directives to making things right.

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In a statement issued on Saturday by management of SEC, it warned members of not to have anything to do with the firm until things were sorted out.

SEC said Heritage Capital Markets Ltd was suspended from the market indefinitely.

“The Securities and Exchange Commission (SEC) on Wednesday December 21, 2016 suspended Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives in that regard.

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“In view of the above, the general public is hereby INFORMED that the suspension is indefinite and shall remain in force pending the resolution of the matter against the Operator,” SEC posted on its website on Saturday.

Heritage Capital Markets Ltd is company that trade securities and portfolio management services. It also offers investment guidance and portfolio management to its clients.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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