The Nigerian Stock Exchange has expelled 35 stockbroking firms. The exchange disclosed this in a notice published in today’s edition of the Punch newspapers.
The move follows a special meeting of the National Council of the NSE, held on the 13th of December 2018.
Here are the affected firms
- Andruche Investments Plc
- Angela Eccies Limited
- Associated Trust Investment and Finance Limited
- Beaver Securities Limited
- Betraco Securities Limited
- Cobal Ventures Limited
- Financial Intermediaries Limited
- Corporate Focus Securities Limited
- GF Securities Limtied
- IB Finance Limited
- Intergrated Securities Limited
- Integrated Ventures Nigeria Limited
- Intercommerce and Consultant Limited
- Investment and Capital Development Company Limited
- Investment Trust Company Limited
- Kamrash Securities Limited
- Lakeside Asset Management Limited
- M and F Investment and Securities Limited
- Milestone Investment and Securities Limited
- Millennium Investment Trust Limited
- Moji Securities and Investment Nigeria Limited
- Morgan Trust Asset Management Limited (formerly known as IMB Morgan Plc/IMB Securities Limited).
- Multibank International Securities Limited
- Nationwide Fiannce and International Securities Limited
- Novelty Investment Limited
- Optimus finance and securities Limited
- Pabod Finance and Investment Company Limited
- Pabofin Securities Limited
- Path Securities and Investments Limited
- Shiroro Finance Limited
- Tassel Finance and Investment Limited
- Unique Securities and Finance Services Limited
- Upper Credit Securities and Investments Limited
- WellsFargo Capital Limited
- Westland Investment Limited.
The expulsions take immediate effect from the date of the National Council decisions and all rights, incidences and privilege of membership automatically cease. The affected firms are also hereby notified by the notice.
The NSE also stated that the general public should not deal with the expelled firms in relation to transactions on the exchange.
Any investor who holds a stockbroking account in these firms should transfer their books to any active licensed stockbroking firm that is a dealing member of the exchange.
Investors or clients of these firms who may have deposited funds or securities such as share certificates are advised to go and collect such assets directly from these expelled firms.
Here is a list of stockbrokers in good standing.
Why were they expelled? That’s a very important piece of information you omitted.