The licences of ten stock broking firms were over the weekend revoked by the Nigerian Stock Exchange (NSE); no reasons were given by the bourse for the steps.
The revocation was contained in a circular numbered BDR/CIR/1/AAA/02/12 to all dealing members firms. NSE also declared 48 dealing members inactive and 27 others unactivated.
Firms whose licences as at February 10 2012 were revoked included: Apex Securities Limited, Asset Plus Securities Limited, Beachgroove Securities Limited, Broadeage Securities Ltd, IMB Morgan PLC (Morgan Trust Ltd), Jenkins Investment Limited, Prudent Stockbrokers, Source Finance & Trust, Thomas Kinsley Securities Limited and Viva Securities Limited.
The licences of AAA Securities Limited, Adamawa Securities Limited, Belfry Investment & Securities Limited, BIC Securities Limited, CEB Securities Limited, Colvia Securities Limited, Consolidated Investment Limited, Dakal Services Limited, Dependable Securities Limited, Empire Securities Limited, Express Discount Asset Management Limited, and Epic Investment Trust Limited were declared inactive, according to Agency report.
Others are Equator Stockbrokers Limited, First & Foremost Investment Limited, First Atlantic Securities Limited, Folu Securities Limited, FIS Securities Limited, Genesis Securities & investment Limited (Ibadan), HALSEC Finance, Ideal Securities Limited, Indemnity Finance Ltd, Lion Stockbrokers Limited, 23Metropolitan Trust Nigeria Limited ,Midland Capital Markets Limited, Midlands Investment & Trust Limited, Molten Trust Limited, ML Securities Ltd, Perfecta Investment & Trust Limited, Pivot Trust & Investment Co. Limited, Professional Stockbrokers Limited , Regency Finance Ltd, RIV Trust Securities Limited, Riverside Trust Limited (Kaduna), Securities Trading & Inv. Co., Sikon Securities and Investment Trust Limited.