LIST OF STOCKBROKING FIRMS BANNED FROM OPERATING BY THE NIGERIA STOCK EXCHANGE - CALIPHATE MEDIA

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Monday, 11 December 2017

LIST OF STOCKBROKING FIRMS BANNED FROM OPERATING BY THE NIGERIA STOCK EXCHANGE




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Nigerian Stock Exchange (NSE) has today withdrawn the operating license Midland Capital Markets Limited from the capital market, the decision was taken by the National Council of the Exchange, the highest administrative organ of the NSE. This has increased the total number of stock broking firms that have been expelled from the capital market this year to 90

With this action taken against Midland Capital Markets Limited, it has also been deregistered as a capital market operator by the Securities & Exchange Commission (SEC). Though no reason have been given for the action, it is generally believed to be linked to fraud and inability to meet major operating requirements for the function. An inside source at the exchange hinted us that the stock broking firm was expelled following a recommendation of the disciplinary committee of the council and final approval of the National Council of the Exchange.

With the expulsion, the stockbroking firm will not be able to trade in the Nigerian stock market and other international markets that Nigeria has Memorandum of Understanding (MoU) with. Nigerian capital market authorities have standing bilateral agreements with several other jurisdictions including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.
 Image result for nigeria stock exchange
The stockbroking firms so far expelled and banned from trading include:

 ATIF Securities Limited

Abacus Securities Limited

ABC Securities Limited

Akitorch Securities Limited

All Wealth Securities Limited

Apex Securities Limited

Asset Plus Securities Limited

Associated Securities Limited

 Avon Finance and Securities Limited

Beachgroove Securities & Investments Limited

Broadedge Securities Limited

 Bullion Securities Limited

Bytofel Securities and Investment Limited

Cardinal Securities Limited

 City Investment Management Limited

Comment Finance & Securities Limited

Corporate Trust Limited

Crown Merchant Securities Limited

Dalgo Investment & Trust Limited

Devcom Securities Limited

Devserv Finance & Securities Limited

EBN Securities Limited

Equity securities Limited

Farida Investment and Finance Limited

Gilts and Hedge Finance Limited

Global Investment & Sec Limited

Goldworth Securities Limited

Haggai Investment & Trust Limited

Halsec Finance Limited

HP Securities Limited

Investicon Nigeria Limited

Investment Resources Limited

Island Securities Limited and Jenkins Investments Limited.

 Kapital Securities Limited

Lozinger Securities Limited

Midland Capital Markets Limited 


M&M Securities Limited

M. J Securities & Investment Limited

Majestic Securities Limited

Matrix Capital Management Limited

 MBA Securities Limited

MBCOM Securities Limited

Merchant Securities Limited

Metropolitan Trust Nigeria Limited

MMB Securities & Trust Limited

MMG Securities Limited

Nationwide Securities Limited

New Horizons Finance and Investment Limited

Nigbel Securities Limited

Omega Securities Limited

Omnisource International Limited

OpenGate Finance Company Limited

Pacific Securities Limited

Pamal Finance Limited

Peak Securities Limited

Prime Securities Limited

Prudent Stockbrokers Limited

Royal Securities Limited

Source Finance and Trust Company Limited

Supreme Finance & Investment Co. Limited

Synergy and Assets Trust Limited

Thomas Kinsley Securities Limited

Tradestamp Securities Limited

Trust Securities Limited

Unit Trust Securities Limited

Universal Securities Limited

Viva Securities Limited

 Wintrust Limited.

 Allbond Investment Limited

Consolidated Investment Limited

Dakal Services Limited

Emi Capital Resources Limited

First Equity Securities Ltd

Ideal Securities Limited

Maninvest Asset Management Plc

Metropolitan Trust Nigeria Limited

Omas Investment & Trust Company Limited


Pennisula Asset Management & Investment Company 
Limited

 Prudential Securities Limited

Securities Trading & Investments Limited

Transglobe Investment & Finance Company Limited,

Tropics Securities Limited

Wizetrade Capital & Asset Management Limited

WT Securities Limited


Zuma Securities Limited

Bosson Capital Assets Limited

KFF Worldwide Solutions Limited

Silver & Gold Securities Limited

 First Alstate Securities Limited

With the expulsion, the stockbroking firms will not be able 
to trade in the Nigerian stock market and other international markets that Nigeria has Memorandum of Understanding (MoU) with. Nigerian capital market authorities have standing bilateral agreements with several other jurisdictions including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.

Also, directors, executives and top management and other employees of the stock broking firms will not be able to secure any employment in the capital market without prior clearance and written consent of the exchange.
With the expulsion, investors and the general public are advice not to do any business with the above listed firms and investors who have their investment account with the expelled stock broking firms are also advised to move their accounts to other functional stockbroking firms.


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