SEC issues pre-notice on cancellation of certificates of 157 inactive CMOs

The Securities Exchange Commission (SEC) has issued pre-notice on the cancellation/withdrawal of certificates of registration of inactive capital market operators.

This information is contained in a circular which was issued by the SEC in November 2020.

The SEC stated in the circular that the 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, the CMOs have consistently failed to render their statutory returns to the Commission, had their capital eroded, while others were affected by policy changes.

As a result of this, the Commission hereby requests the affected CMOs to make presentations to the Commission, on or before 13th November 2020, giving reasons why their registration should not be cancelled. SEC also emphasized that the 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 and monitoring@sec.gov.ng.