Morgan Capital has announced that its Online Stock Broking Platform iTrade is shut down following the company’s suspension from the Nigerian Stock Exchange’s NSE FIX Trading System. They confirmed this via an email sent to its users over the last two working days. Here is the full press release;
Dear Esteemed Customer,
We regret to inform you that we have been suspended from the NSE FIX trading system by the Nigerian Stock Exchange (“NSE”), our clients will therefore not be able to trade using the MorganCapitaliTrade TM platform. We are currently sorting out some corporate governance issues with regards to succession of some key management staff with the NSE, this has however been resolved internally.
We assure you that this has nothing to do with liquidity or distress. MorganCapital Securities remains a healthy stockbroking firm in the Nigerian Capital Market. The firm is very safe and client’s assets are well secured. We sincerely regret any inconvenience this situation may cause. We expect to be reconnected on or before 4th November, 2016.
If you have further questions or need clarifications, please reach us on; Phone: +234-(1) 3429613, +234-(1) 4540114, +234-8107596134,
Your will recall that Morgan Capital lost its founder Mr. Ayoleke O. Adu, who died earlier in the year at age 44. He was at the time aide to President Buhari.