SEC to delist 157 CMOs for inactivity, policy changes

[By VICTOR NZE]

Securities and Exchange Commission (SEC) has notified a total of 157 capital market operators (CMOs) in the country of its plan to cancel or withdraw their certificates of registration for failing to render statutory returns to the agency.

With Custodian & Allied Insurance Plc, Cutix Plc, Leadway Assurance Co. Ltd, LASACO

Assurance Plc, NICON Trustees Ltd  to, and accountantsping the list of firms under threat, the rest include; equity fund managers, brokers, dealers, capital managers, venture capital managers, investment advisers, ratings agencies, issuing houses, registrars; issuing trustees, receiving bankers and fund/portfolio managers.

In a notice titled; ‘Pre-Notice On Cancellation/Withdrawal Of Certificates Of Registration Of Inactive Capital Market Operators,’ posted on its website and addressed to the affected firms, the SEC said some of these listed companies had their capital eroded while others were affected by policy changes.

The agency, therefore, told the affected companies to ‘make presentations to the Commission, on or before 13th November, 2020, giving reasons why their registration should not be cancelled.’

“The under-listed one hundred and fifty-seven (157) Capital Market Operators (CMOs) 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, had their capital eroded, while others were affected by policy changes.

“In view of this fact, the Commission hereby request the affected CMOs to make presentations to the Commission, on or before 13th November, 2020, giving reasons why their registration should not be cancelled.

 “Hard copies of the presentations should be forwarded to the Commission’s head office while soft copies should be sent to the following email addresses: monitoring@sec.gov.ng  and  inspectorate@sec.gov.ng

Other affected CMOs include; AS Amao Consult, Adamawa Securities Limited, AIMS Asset Management Limited, AIQ Venture Capital Fund Managers Limited, Private Allbond Investment Limited, Amalgamated Capital Funds Ltd, Arnold Portfolio Co., Associated Investment Trust Co. Limited, Bayhead Alpha Capital Ltd, Bendu Peter Ser. Nig. Ltd, Bluebird Capital Limited, and a host of others.

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