SEC expels 84 capital market firms (See full list)

Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator, has revoked the operational license of 84 capital market firms. The Commission stated that the licences of the firms were withdrawn because of their inactivity.

“The Nigerian Stock Exchange (NSE), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc, all Capital Market Trade Groups, the investing public and all stakeholders are hereby directed to desist from dealing with them,” Sec stated.

A new rule on the revocation of dealing licences and expulsion of inactive stockbroking firms came into effect on June 29, 2015. The new rule and amendments on revocation of dealing licences was earlier approved by the SEC in February 2015 but the NSE delayed the implementation.

According to the new rules, where a dealing member is inactive for a period of six consecutive months, the Exchange shall revoke the license of the dealing member.
“Under no circumstances shall a dealing member cease to carry out its day to day business activities for which it was licensed to operate without any reasonable cause,” the rules stated.

A dealing member may be deemed inactive voluntarily and involuntarily. Voluntary inactivity occurs where the firm has not recorded any trading activity without being suspended by the Exchange or SEC. Involuntary inactivity occurs where the firm has been suspended by the NSE or SEC for any infraction.

However, where a firm has been involuntarily inactive for the stipulated period of six months, the Exchange shall exercise its discretion in determining whether to revoke the firm’s dealing licence.

Read also: SEC to revoke licences of 94 firms

“Where the Exchange revokes a dealing member’s license, The Exchange shall immediately commence the process of expelling such dealing member,” the rules stipulated.
Also, under the new amendments, suspension of any stockbroking firm by SEC will lead to immediate suspension by the NSE while revocation of any broker’s registration will lead to expulsion of the firm by the NSE.

“Without prejudice to all the remedies open to the dealing member, where a dealing member is suspended by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of suspension or expulsion of the dealing member.

“Where a Dealing Member’s registration is revoked by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of expulsion of the dealing member,” the rules stated.

Below is the list of affected firms
S/N FIRM FUNCTION(S)
1. AIQ VENTURE CAPITAL FUND MANAGERS LTD Private Equity Fund Manager
2. ALLBOND INVESTMENT LIMITED Broker/Dealer
3. AMALGAMATED CAPITAL FUNDS LTD Venture Capital Manager
4. ASSOCIATED INVESTMENT TRUST CO. LIMITED Fund/Portfolio Manager
5. BAYHEAD ALPHA CAPITAL LTD Fund/Portfolio Manager
6. BLUEBIRD CAPITAL LTD Issuing House
7. BOSTON CAPITAL INVESTMENTS LIMITED Corporate Sub-Broker
8. BRICKFIELD ROAD ASSOCIATES LTD Rating Agency
9. CAPITAL PARTNERS LIMITED Corporate Investment Adviser, Fund/Portfolio Manager
10. CAPITAL STRUCTURES LTD Portfolio Manager, Corporate Investment Adviser
11. CIRCULAR TRUST LTD Portfolio Manager
12. CITI ASSET MGT LTD Fund/Portfolio Manager
13. CITIZENS INV. & SEC. LTD. Venture Capital Manager
14. CITY INVESTMENT MANAGEMENT. LTD Broker/Dealer
15. CONSOLIDATED INVESTMENT LIMITED Broker/Dealer
16. CONSULT & CAPITAL LIMITED Fund Manager
17. DAKAL SERVICES LIMITED Broker/Dealer
18. DE-CANON INVESTMENT LIMITED Broker/Dealer
19. DEVELOPMENT BUSINESS CO. Fund/Portfolio Manager
20. DOLBIC FINANCE LIMITED Corporate Investment Adviser, Portfolio Manager, Broker/Dealer
21. DVCF OIL & GAS PLC Venture Capital and Fund Manager
22. DYNAMIC TRUST & SECURITIES LTD Fund/Portfolio Manager
23. EAZYTRADE CONCEPT LTD. Portfolio Manager
24. ELYON’S ASSET MANAGEMENT LTD Fund Manager
25. EMI CAPITAL RESOURCES LTD Broker/Dealer
26. ENTERPRISE CAPITAL MGT. LTD. Venture Capital Manager
27. EQUINOX ASSET MANAGEMENT LIMITED Corporate Investment Adviser, Portfolio Manager
28. EXPRESS DISCOUNT LIMITED Fund/Portfolio Manager, Corporate Investment Adviser
29. FB ASSET MGT. LIMITED Portfolio Manager, Corporate Investment Adviser
30. FIRST MARINA TRUST LIMITED Broker/Dealer
31. FITTCO SECURITIES LIMITED Broker/Dealer
32. FLOODGATE FINANCE & SEC. LIMITED Corporate Sub-Broker
33. G. AKOMAS & PARTNERS Fund/Portfolio Manager
34. GLOBAL CAPITAL MARKET LTD. Issuing House
35. GLOBAL INV. & SEC. LTD. Broker/Dealer
36. HABITAT TRUST LTD Fund Manager
37. HAZONWAO ASSETS MANAGEMENT LTD Fund Manager
38. HONEY COMB ASSET MGT. LTD. Fund/Portfolio Manager
39. INDEMNITY FINANCE LIMITED Broker/Dealer
40. INTEGRATED CAPITAL SERVICES LTD Issuing House
41. INVESTMENT MONITORS LTD Corporate Sub-Broker
42. JUBILEE GLOBAL FUND PLC Fund Manager
43. KENDALL SECURITIES LIMITED Broker/Dealer
44. KINGSWAY SECURITIES LIMITED Corporate Sub-Broker
45. KOLTRON LTD Fund Manager
46. LOMBARD ASSET MGT. LIMITED Fund/Portfolio Manager
47. LYNAC SECURITIES LIMITED Broker/Dealer
48. MALACHAI FUNDS & ASSETS MGT. LTD Fund/Portfolio Manager
49. MANINVEST ASSET MANAGEMENT PLC Broker/Dealer
50. METROPOLITAN TRUST NIGERIA LIMITED Broker/Dealer
51. NCDF INVESTMENT LIMITED Venture Capital Manager
52. N-CHEQUE SECURITIES LTD Portfolio Manager
53. NICHE SECURITIES LIMITED Broker/Dealer
54. NICON Trustee LTD Corporate Investment Adviser, Registrar, Trustee, Fund/Portfolio Manager
55. NMA INVESTMENT & SECURITIES LTD Portfolio Manager
56. NOBLE FINANCIAL TRUST LTD. Fund/Portfolio Manager, Corporate Investment Adviser
57. NOVARE INVESTMENTS LTD Fund/Portfolio Manager
58. OCEANIC TRUSTEE LTD Trustee
59. OMAS INVESTMENT & TRUST COMPANY LIMITED Broker/Dealer
60. OMNISOURCE INTERNATIONAL LTD. Broker/Dealer, Corporate Investment Adviser, Portfolio Manager
61. PAN SECURITIES LIMITED Portfolio Manager, Issuing House
62. PEACH & PRIME LTD. Portfolio Manager
63. PEAK SECURITIES LIMITED Broker/Dealer
64. PENINSULA ASSET MANAGEMENT & INVESTMENT COMPANY LIMITED Broker/Dealer
65. PHB ASSET MANAGEMENT Fund/Portfolio Manager
66. PLATINUM CAPITAL LIMITED Issuing House, Broker/Dealer, Fund/Portfolio Manager
67. PRUDENTIAL SECURITIES LIMITED Broker/Dealer
68. SEASONS TRUST & INVESTMENT LTD Portfolio Manager
69. SECURITIES SOLUTIONS LIMITED Broker/Dealer
70. SECURITIES TRADING & INVESTMENTS LIMITED Broker/Dealer
71. SKYLIMIT INVESTMENT LTD Corporate Sub-Broker
72. SLAMAD SECURITIES LTD Corporate Sub-Broker
73. STOCK INVESTMENT SEC. LTD. Corporate Investment Adviser, Fund Manager
74. SYNERGY INV. & SEC. LIMITED Registrars,Trustee, Corporate Investment Adviser, Fund/Portfolio Manager
75. TARICOL INVESTMENT LTD Fund/Portfolio Manager
76. TREASURELINE INTERLINK LTD Fund Manager
77. TRUEVINE GLOBAL ASSET MGT. LIMITED Corporate Investment Adviser, Portfolio Manager
78. UTB TRUSTEE LIMITED Trustee
79. VENTURES & TRUST LIMITED Corporate Investment Adviser, Fund Manager
80. VILEO CAPITAL & ASSET MGT. LTD Fund/Portfolio Manager
81. VISA INVESTMENTS & SEC. LTD Portfolio Manager
82. WIZETRADE CAPITAL & ASSET MANAGEMENT LIMITED Broker/Dealer
83. WT SECURITIES LIMITED Broker/Dealer
84. ZUMA SECURITIES LIMITED Broker/Dealer

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