SEC Moves To Delete 157 Firms From Capital Market

The Securities and Exchange Commission (SEC), has commenced the process that may lead to cancellation and withdrawal of certificates of not less than 157 inactive capital market firms.
In a circular dated November 10, 2020, and titled, “Pre-Notice on Cancellation/Withdrawal of Certificates of Registration of Inactive Capital Market Operators,” SEC stated that the 157 capital market operators, which were registered for various functions in the capital market, have consistently failed to meet extant regulations.
According to the commission, the operators 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 requests the affected capital market operators (CMOs) to make presentations to the commission, on or before 13th November, 2020, giving reasons why their registration should not be cancelled,” the circular stated.
The affected firms include, 2AS Amao Consult, Adamawa Securities Limited, AIMS Asset Management Limited, AIQ Venture Capital Fund Managers Limited, Allbond Investment Limited, Amalgamated Capital Funds Ltd, Arnold Portfolio Co, Associated Investment Trust Co. Limited, Bayhead Alpha Capital Ltd, Bendu Peter Ser. Nig. Ltd.
Others are Bluebird Capital Limited, Boston Capital investments limited, and Brickfield Road Associates Ltd, Bytofel Trust & Securities Ltd, Cadington Securities Ltd, Capital Partners Limited, Capital Structures Ltd, CDL Asset Management Ltd, Circular Trust Ltd, Citi Asset Management Limited, Citizens Inv. & Sec. Ltd, City Investment Management Ltd, Consolidated Discount Ltd, Consolidated Inv. Limited, Consult & Capital Limited, Cornerstone Asset Management Ltd, Corporate Diamond Securities and investments Limited, Custodian & Allied Insurance Plc, Cutix, Dakal Services Limited, Dambale (Nigeria) Limited and De-Canon Investment Ltd.
The rest are, Development Business Co. Limited, Dolbic Finance Limited, Dynamic Trust & Securities Ltd, Eazytrade Concept Ltd, Elyon’s Asset Management Ltd, Emerging Capital Ltd, EMI Capital Resources Ltd, Enterprise Bank Plc, Enterprise Capital Management Ltd, Equibond Securities Limited, Equinox Asset Management Limited, Equitorial Trust Bank Plc, ET&F Investment Ltd, Express Discount Limited, FB Asset Management Limited, Femi Ajijala & Co, First Alstate Securities Ltd, First Marina Trust Limited, Fittco Seurities Limited, Floodgate Finance & Sec. Limited, G. Akomas & Partners, Global Capital Market Ltd, Global Inv. & Sec. Ltd, GMT Securities Ltd, Gombe Securities Ltd, Habitat Trust Ltd, Hazonwao Assets Management Ltd, Heap Investment Ltd, and others.