SEC May Revoke Licences of These 157 Stockbrokers, Fund Managers

By Dipo Olowookere

The operating licences of 157 capital market operators in Nigeria may be revoked by the Securities and Exchange Commission (SEC).

The apex regulatory agency in the nation’s capital market, in a notice on Tuesday, disclosed that the operators have been inactive for a while.

It said the affected companies have till Friday, November 13, 2020, to explain why their licences should not be cancelled and get booted out of the space to allow for active firms.

CMOs are required to periodically file their statutory returns to the commission, but the affected organisation, according to the agency, have consistently failed to do this.

“The under-listed 157 Capital Market Operators (CMOs) were registered by the Securities and Exchange Commission (SEC) for various functions in the Nigerian capital market.

“However, these CMOs 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 request the affected CMOs to make presentations to the commission, on or before November 13, 2020, giving reasons why their registration should not be cancelled.

“Hard copies of the presentations should be forwarded to the commission’s head office while soft copies should be sent to the following email addresses: [email protected], [email protected],” the notice said.

Some of the companies, which were given the authorisation to operate as fund managers, stockbrokers etc, include AIMS Asset Management Limited, Bluebird Capital Limited, Cadington Securities Limited, Citi Asset Management Limited, Cornerstone Asset Management Limited, Custodian and Allied Insurance Plc, Cutix Plc, Enterprise Bank Plc, GMT Securities, Wema Securities & Finance Plc, amongst others.

View the full list of the affected companies below: