SEC to Withdraw Certificates of 157 Inactive Capital Market Operators – See Full List

The Securities and Exchange Commission (SEC) says it will withdraw the certificates of registration of 157 inactive capital market operators over failure to meet existing rules and regulations.

This was contained in a circular, titled: “Pre-Notice on cancellation/withdrawal of certificates of registration of inactive capital market operators”, on Tuesday.

According to the circular, the operators have consistently failed to render their statutory returns to the commission, had their capital eroded while others were affected by policy changes.

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It warned the operators to make a presentation to SEC on or before November 13, 2020, indicating why their registration should not be withdrawn.

“The 157 CMOs were registered by SEC for various functions in the Nigerian capital market,” the circular read.

“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 November 13, 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: inspectorate@sec.gov.ng; monitoring@sec.gov.ng.”

Some of the affected operators include Leadway Assurance, Citi Asset Management, Cornerstone Asset Management, Custodian & Allied Insurance, Equitorial Trust Bank, Ventures & Trust.

See the full list below: