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94 capital market operators risk certificate cancellation

SECURITIES and Exchange Commission, SEC, is set to withdraw the licenses of about 94 capital market operators, CMOs, operating in different categories of the market for failing to render statutory returns and complying with the new minimum capital requirement.

While all the affected operators are inactive, 18 of them are under suspension for various infractions. Two of them, Oceanic Trustee Limited and PHB Asset Management, are undergoing liquidation, while one, Unic Insurance Plc, has no information on its shareholders fund.

An operator in the capital market is adjudged to be inactive if it has not executed any transaction in the market for a period of six months. Also, operators in the market are required to render quarterly returns to the Commission. In a notice on its website, tagged, “Pre-Notice on Cancellation of Certificates of Registration of Inactive Capital Market Operators”, SEC gave the affected CMOs until December 4, 2015 to provide tangible reasons why they should retain their registrations as CMOs.

The SEC said: “The 94 Capital Market Operators were registered by the Securities and Exchange Commission for various functions in the Nigerian Capital market. However, these CMOs have consistently failed to render their statutory returns to the Commission and may have been unable to comply with the new minimum capital requirements before the deadline stipulated by the Commission, which expired on September 30, 2015.”

The affected operators are 2As Amao Consult, AIQ Venture Capital Fund Managers Ltd, Allbond Investment Ltd, Amalgamated capital Funds, Associated Investment Trust Co. Ltd, Bayhead Alpha Capital Ltd, Bluebird Capital Ltd, Seasons Trust & Investment Ltd, Securities Solutions Ltd, Securities Trading & Investment Ltd, Skylimit Investment Ltd, Slamad Securities, Stacoprime Capital, Stock Investment Ltd, Synergy Inv. & SEC Ltd, Taricol Inv. Ltd, Treasureline Interlink Ltd, Truevine Global Asset Mgt Ltd, Unic Insurance Plc, UTB Trustee Ltd, Ventures & Trust Ltd, Vileo Capital & Asset Mgt, Visa Investment & SEC Ltd, West African Infrastructute Investment Managers Ltd, WizeTrade Capital & Asset Mgt Ltd, WT Securities Ltd and Zuma Securities Ltd.

Others are Boston Capital Investment Ltd, Brickfield Road Associates Ltd, Capital Partners Ltd, Capital Structures Ltd, Circular Trust Ltd, Citi Asset Mgt Ltd, Citizens Inv. & SEC Ltd, City Investment Mgt Ltd, Consolidated Investment Ltd, Consult and Capital Ltd, Dakal Services Ltd, Deap Capital Mgt & Trust Ltd, De-Canon Investment Ltd, Development Business Co., Dolbic Finance Ltd, EazyTrdae Concept Ltd, Equinox Asset Mgt Ltd, Express Discount Ltd, Fisrt Alstate Securities Ltd and Gombe Securities Ltd, among others.

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