SEC to Withdraw, Cancel Certificates of Registration of Inactive CMOs

SEC to Withdraw, Cancel Certificates of Registration of Inactive CMOs

The Nigerian Securities and Exchange Commission (SEC) has announced plans to cancel or withdraw the registration certificates of up to 157 capital market operators (CMOS) that are inactive.

Some of the notable Capital Market Operators on the list released by SEC include CDL, Asset Management Ltd, First Marina Trust Limited, Leadway Assurance Co. Ltd, and Wema Asset Management Ltd among others.

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,” SEC said in a statement.

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

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SEC to Withdraw, Cancel Certificates of Registration of Inactive CMOs