The licenses of 35 capital market operators has been withdrawn by the Securities and Exchange Commission on grounds that the defaulting operators failed to measure to its statutory requirements. According to a notice on SEC’s website,
“The general public is hereby notified that the registration of the underlisted capital market operators has been withdrawn.
The Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Institute of Capital Market Registrars (ICMR) and the Central Securities Clearing Systems Ltd (CSCS) are hereby directed to desist from dealing with them.”
Following the revocation of the licenses of the stock broking firms, investors besieged the Central Security Clearing System (CSCS) office as a result of fear as to ensure their investments were not tampered with at the depository agency.
In another statement issued by the commission, the drastic action taken was to protect the interest of the investing public
The affected companies include: AAA Stockbrokers Ltd, Alliance Capital Management Co. Ltd, Apex Securities Ltd, Asset Plus Securities Ltd, BFCL Assets Securities Ltd, BACAD Finance & Investment Co. Ltd, BIC Securities Ltd, City Finance & Securities Ltd, Colvia Securities Ltd, Epic Investment Trust Ltd, Equator Securities & Finance Ltd, First Atlantic Securities Ltd, Folu Securities Ltd, Genesis Securities Ltd, New Horizons Securities Ltd, H.P. Securities Ltd, Ideal Securities & Investment Ltd, Indemnity Finance Ltd, Imperial Securities & Investment Ltd, Jamko Investments Ltd, Jenkins Investments Ltd, Midland Capital Markets Ltd, Midlands Investment & Trust Co. Ltd and Morgan Trust & Asset Management Plc.