25.7 C

Wema Assets Management Plc, UAC Registrars Ltd and other inactive capital market operators to be delisted by SEC

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The capital market regulator, the Securities and Exchange Commission has signalled its preparedness to withdraw the registration certificates of about 157 inactive Capital Market Operators (CMOs).

The Commission disclosed this in a pre-notice information posted on its website.

It said the decision followed the failure of the operators to render their statutory returns to the Commission and added that they either had their capital eroded or were affected by policy changes.

The notice requested affected CMOs to make presentations to the Commission on or before Nov. 13, giving reasons why their registration should not be cancelled.

It urged the CMOs to forward hard copies of their presentations to its head office while electronic copies should be sent to inspectorate@sec.gov.ng and also to monitoring@sec.gov.ng.

Lamido Yuguda, Director General, Securities and Exchange Commission

Top on the list of those to be affected, if the decision is carried out are NICON Trustee Ltd., Leadway Assurance Co. Ltd., LASACO Assurance Plc. and Platinum Capital Ltd. Others are Prudential Trust Co. Ltd., UAC Registrars Ltd., Unic Insurance Plc., Union Homes Savings and Loans Plc. and Wema Assets Management Plc.

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