SEC revokes licences of 84 inactive capital market operators

Securities-and-Exchange-Commission-buildingThe Securities and Exchange Commission (SEC) says it has revoked the operational licences of 84 Capital Market Operators (CMOs).
This is contained in a statement issued by the commission on Saturday in Lagos.

It said that the CMOs’ accounts had remained inactive in spite of the commission’s earlier notice to them to rectify their accounts.
According to the statement, the commission Is empowered under Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke inactive operational licences of any capital market operator.

The statement listed the affected firms to include: “IQ Venture Capital Fund Managers Ltd., (private equity fund manager) Allbond Investment Ltd., (broker/dealer), Amalgamated Capital Funds and Associated Investment Trust Ltd.

Others are: Ventures & Trust Ltd., Vileo Capital & Asset Management Ltd., Visa Investment & Securities Ltd., Wizetrade Capital & Asset Management Ltd., and WT Securities Ltd.

They also include Eazytrade Concept Ltd., Elyon’s Asset Management, EMI Capital Resources Ltd., Enterprise Capital Management Ltd. and Equinox Asset Management Ltd.

The statement said that SEC had directed the Nigerian Stock Exchange (NSE), Chartered Institute of Stockbrokers, Central Securities Clearing System, investing public and all capital market trade groups to desist from dealing with them.

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