— NSE Nigeria (@nsenigeria) November 8, 2016
Since the 21st of October, users of the Morgan Capital iTrade platform to purchase stocks have been unable to trade with their accounts or withdraw their cash. After a lengthy silence, management of the company stated that it was due to a “management transition”. They had been suspended from trading by the NSE and the impression created was that it would be resolved in a few days.
The NSE confirmed the suspension via a reply to our tweet (see above) and referred us to page 19 of the current Broker Trax of Regulatory sanctions.
However, Nairametrics has also been informed by sources with knowledge of the matter that a post no debit order has been placed on the bank accounts of Morgan capital thus, preventing clients from withdrawing from their brokerage accounts.
We will continue to keep readers updated.