By Modupe Gbadeyanka
About 443 capital market operators may lose their registration due to non-compliance with the directive to provide updated information of their companies by July 31, 2017.
A statement by the Securities and Exchange Commission (SEC) noted that the affected market operators and professionals have failed do as directed.
According to SEC, pursuant to the powers conferred on it by the Investments and Securities Act (ISA) 2007, it directed all Capital Market Experts or Professionals to provide updated information of their companies/firms in December 2016 and February 2017.
However, it observed that a large number of Capital Market Experts or Professionals comprising Reporting Accountants, Solicitors, and Estate Surveyors/Valuers etc. did not respond to the request and this made the capital market regulator to extend the registration to July 31, 2017.
“All concerned Capital Market Experts or Professionals are required to comply with this directive on or before July 31, 2017 as any firm whose response is not received within this time frame would be considered inactive and the SEC would exercise its power to revoke its registration,” SEC stated.
The agency listed the affected firms and said they were required to indicate their interest in retaining their registration with SEC as Capital Market Experts or Professionals by providing updated information on their companies through http://sec.gov.ng/capital-market-operators-data-update.
“In recognition that a larger number of Capital Market Experts or Professionals have offices in Lagos, the commission in January 2017 relocated its Registration and Inspectorate Divisions to Lagos. The concerned Capital Market Experts or Professionals are enjoined to visit any of the Commission’s Offices for further clarification,” SEC said in the statement.
The affected firms can be viewed here
Dipo Olowookere 
Adedapo Adesanya