SEC Gives Reason For Revocation Of 84 Dormant Operators Licenses


The Securities and Exchange Commission (SEC) says it has revoked the operational licences of 84 Capital Market Operators (CMOs).
This is contained in a statement issued by the commission on Saturday in Lagos.
It said that the CMOs’ accounts had remained inactive in spite of the commission’s earlier notice to them to rectify their accounts.
According to the statement, the commission Is empowered under Section 30 (1) and (2) of the Investment and Securities Act (ISA) 2007 to revoke inactive operational licences of any capital market operator.
The statement listed the affected firms to include: “IQ Venture Capital Fund Managers Ltd., (private equity fund manager) Allbond Investment Ltd., (broker/dealer), Amalgamated Capital Funds and Associated Investment Trust Ltd.
Others are: Ventures & Trust Ltd., Vileo Capital & Asset Management Ltd., Visa Investment & Securities Ltd., Wizetrade Capital & Asset Management Ltd., and WT Securities Ltd.

They also include Eazytrade Concept Ltd., Elyon’s Asset Management, EMI Capital Resources Ltd., Enterprise Capital Management Ltd. and Equinox Asset Management Ltd.
The statement said that SEC had directed the Nigerian Stock Exchange (NSE), Chartered Institute of Stockbrokers, Central Securities Clearing System, investing public and all capital market trade groups to desist from dealing with them. (NAN)
Kachikwu promises Refineries Will Work, Availability of Fue At An Affordable Price in a year
Minister of State for Petroleum, Dr Ibe Kachikwu, has promised to bring about fundamental change in Nigeria’s oil sector in 365 days.
“The country’s oil sector will experience a turnaround such that the refineries will work effectively and products will be made available to the people at an affordable price within 365 days,” he said on Saturday when the All Progressives Congress (APC) chieftains in Delta, led by Mr Jones Erue, the party chairman, visited him at his country home in Onicha-Ugbo, Aniocha North LGA.
Kachikwu said that as a technocrat, he came to give his best to turn the petroleum sector around for the benefit of all Nigerians.

However, he called for ideas from the public on best ways to achieve successes in the sector, adding that he was not an epitome of knowledge.
“I came in as a technocrat to give my best to transform the oil industry, but I will welcome ideas from willing and capable Nigerians to build this sector,” he said.
The minister advised the APC to carry others along and give them opportunity to make contributions for the development the country.
Meanwhile, Chairman, Task Force on Distribution of Petroleum Products in Kano StateAlhaji Rabiu Bako, , has warned fuel marketers against diversion of the commodity.
Bako, who is also the Commissioner for Commerce, gave the warning while briefing newsmen in Kano on Sunday.
He said that any marketer found diverting petroleum products in the state would be sanctioned and risked forfeiting the products.
He said that the warning was necessary in order to ensure that all products reached their designated filling stations across the state.
The commissioner said that the state government deemed it necessary to set up the committee so as to ensure that the lingering fuel scarcity in the state was halted.
Bako said filling stations had been directed not to sell more than N5, 000 fuel to motorists to check fraudulent activities at the filling stations being perpetrated by unauthorised marketers.
“The idea behind setting up the committee is to reduce the hardship being experienced by the common man, ” he said.
According to him, the committee will soon begin night operation to ensure total compliance with the government’s order.

NAN reports that the committee chairman had on Saturday visited the NNPC Depot where he held a meeting with the Depot Chief, Mr. Salisu Sardauna.
NAN recalled that Gov. Abdullahi Ganduje had last week inaugurated the 17-member task force as part of efforts to address the lingering fuel scarcity in the state.

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