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NSE Revokes Licences of 39 Stockbroking Firms (SEE LIST)

By Dipo Olowookere

Not less than 39 stockbroking companies in the country have had their operating licences revoked by the Nigerian Stock Exchange (NSE).

Business Post reliably gathered that the affected firms had their expulsion confirmed by the Council of the NSE on December 13, 2018.

As a result, investors have been cautioned not to deal with stockbrokers, who have been kicked out of the system.

They have been advised to approach the expelled stockbroking firms and request for transfer of their stocks to any active licensed dealing companies.

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A document obtained by Business Post on Friday revealed that the affected companies include Andruche Investments Plc, Angela Eccles Limited, Associated Trust Investment & Finance Limited, Beaver Securities Limited, Betraco Securities Limited, Cobal Ventures Limited, Corporate Focus Securities Limited, Enterprise Discount Bancorp Plc, and Financial Intermediaries Limited.

Others are GF Securities Limited, IB Finance Limited, IMT Securities Nigeria Limited, Integrated Securities Ltd, Integrated Ventures Nigeria Limited, Intercommerce and Consultant Limited, Investment & Capital Development Company Limited, Investment Trust Company Limited, Kamrash Securities Limited, Lakeside Asset Management Limited, M & F Investment & Securities Limited, Milestone Investment Services Limited, Millennium Investment Trust Limited and Moji Securities & Investment Nigeria Limited.

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Also on the list are Morgan Trust Asset Management Plc (formerly known as IMB Morgan Plc and formerly known as IMB Securities Plc), Multibank International Securities Limited, Nationwide Finance And International Securities Limited, Novelty Investment Limited, Optimus Finance and Securities Limited, Pabod Finance & Investment Company Limited and Pabofin Securities Limited.

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The remaining are Path Securities & Investment Ltd, Price Securities Limited, Shiroro Finance Ltd, SMDAC Resources Limited, Tassel Finance & Investment Company, Unique Securities & Finance Services Ltd, Upper Credit Securities and Investments, Wellsfargo Capital Limited, and Westland Investment Ltd.

Business Post gathered that as Monday, December 24, 2018, the capital market has a total of 195 active dealing member firms, 51 inactive dealing member firms, 5 dealing member firms deregistered by the Securities and Exchange Commission (SEC), 5 resignation in progress, 39 revoked licenses and 121 expelled dealing member firms.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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