SEC, NSE De-Register 21 Stockbrokers for Fraud, Others

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By Modupe Gbadeyanka

The operating licences of 21 stockbroking firms have been revoked by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

A circular obtained at the weekend showed that 17 of the companies were de-registered by SEC, while three were expelled for failing to activate their licences and one booted out over allegations bordering on fraud.

In the circular dated March 29, 2017 and signed by the Head of Broker Dealer Regulation Division at the NSE, Mr Olufemi Shobanjo, the stockbroking firms were warned not to engage in any activity in the capital market.

This is because by virtue of their de-registrations and revocation of their licences, they have been expelled from the market.

Also, all former top officials of the firms would have to go through a special screening and approval before they could be employed by any operator.

The affected firms include Allbond Investment Limited, Consolidated Investment Limited, Dakal Services Limited, Emi Capital Resources Limited, First Equity Securities Ltd, Ideal Securities Limited, Maninvest Asset Management Plc, Metropolitan Trust Nigeria Limited, and Omas Investment & Trust Company Limited.

Others are Pennisula Asset Management & Investment Company Limited, Prudential Securities Limited, Securities Trading & Investments Limited, Transglobe Investment & Finance Company Limited, Tropics Securities Limited, Wizetrade Capital & Asset Management Limited, WT Securities Limited and Zuma Securities Limited.

The firms expelled for failing to activate their licences were Bosson Capital Assets Limited, KFF Worldwide Solutions Limited and Silver & Gold Securities Limited while First Alstate Securities Limited was expelled for alleged fraud.

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