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BUSINESS & ECONOMYNEWSLETTER

SEC Lifts Suspension on Heritage Capital Market

Nigeria’s Securities and Exchange Commission, SEC, has lifted the suspension it placed on Heritage Capital Markets in December 2016.

The SEC in a circular issued on Thursday, February 16, said the suspension of the firm together with its directors and sponsored individuals was lifted on Wednesday February 1, 2017.

Heritage Capital Markets was earlier suspended in connection with the unauthorised sale of shares belonging to an investor.

SEC also suspended the directors and sponsored individuals of the company, including two former presidents of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Chidi Ajaegbu, and Mrs. Ibironke Osiyemi. Ajaegbu is the Managing Director of Heritage CapitalMarkets Limited while Osiyemi chairs the board.

According to SEC, Heritage Capital Markets failed to comply with the Commission’s directives to restitute the affected investor, Worldstage reports.

Other suspended directors included Dr. Elijah Ogbuokiri, Prof Emmanuel Emenyonu, and Oluseyi Olanrewaju. Suspended sponsored individuals included Paul Onalo, chief compliance officer, and Oyafemi Titus, a stockbroker.

Incorporated in November 1997, Heritage Capital Markets Limited is licensed by the Nigerian Stock Exchange (NSE), SEC and FMDQ to operate as broker-dealer in the Nigerian capital market as well as offer brokerage services in fixed income securities.

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