The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) have revoked the licences of 21 firms for various infractions, including inability to meet minimum capital requirement, fraud and inactivity.
With the de-registration of the firms and revocation of their licences, the firms have been expelled from the market. Besides, all former top officials of the firms would have to go through a special screening and approval before they could be employed by any operator.
A circular obtained at the weekend indicated that 17 firms were de-registered by SEC, three expelled for failing to activate their licences and one kicked out for fraud. The notice of expulsion, dated March 29 and signed by Olufemi Shobanjo, head, Broker Dealer Regulation Division at the Exchange, warned firms “not to engage in any activity with the above-mentioned firms” or face the music