Recapitalisation: SEC revokes licences of 84 operators

Sequel to the new minimum capital requirements deadline stipulated by the Securities and Exchange Commission (SEC), which expired on September 30, 2015, the commission, at the weekend, revoked the operational licences of 84 capital market operators for failure to meet the deadline.

According to SEC, the operators’ accounts had remained inactive despite the commission’s earlier notice to them to rectify their accounts.

The delisted operators are AIQ Venture Capital Fund Managrent Limited, Private Equity Fund Manager, Allbond Investment Limited, Broker/Dealer.

Amalgamate Capital Funds Limited, Venture Capital Manager Association investments Trust Co. Limited, Fund/Portfolio Manager

Others are Bayhead Alpha Capital Limited, Fund/Portfolio Manager, Bluebird Capital Limited, Issuing House, Boston Capital Investment Limited, Corporate Sub-Broker, Brickfield Road Association Limited, Rating Agency, Capital Parners Limited, Corporate Investment Adviser, Fund/Portfolio Manager, Capital Structures Limited, Portfolio Manager, Corporate Investment Adviser, Circular Trust Limited, Portfolio Manager, among others.

According to SEC: ” Securities and Exchange Commission is empowered under section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke the operational license of capital market operators that are inactive.

“Consequent upon the above, the general public is hereby notified that the registration of the under listed market operators have been revoked.

It added: “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.”

Meanwhile, following the inauguration of the National Investor Protection Fund (NIPF) on November 26, 2015, SEC wishes to inform the general public of the official takeoff of the fund.

According to SEC, the verification committee of the NIPF has concluded a rigorous verification of investors’ claims against Mega Asset Managers Limited and subsequently recommended approval of appropriate compensation to the affected investors.

SEC explained that the board of the NIPF at its sitting of December 14, 2015, approved payment of compensation to the complainants/investors of Mega Asset Managers Limited, who appeared before the commission’s Administrative Proceedings Committee (APC) for the matter.