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NSE expels 28 firms within 6 months – REPORT

A new report has revealed that 28 stockbroking firms have been expelled from the Nigerian Stock Exchange (NSE) in the last 6 months. This takes the total number of firms expelled in the past two years to 120.

This sanction on the affected firms was ordered by the National Council of the Exchange after investigations into their operations by the management and council of the Exchange.

The resultant effect which includes the heavy penalty of the withdrawal of the dealing firms’ licenses also led to their respective unceremonious expulsion from NSE.

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The investigation into their operations was necessitated by the poor structure of the stockbroking firms which was labelled as the weak points of the market.

The investigation led to the discovery of the following: Acute level of inactivity, irredeemably weak operating status, infractions against the extant rules at the Exchange.

The expelled firms are;

  1. Mercov Securities Limited
  2. Resano Securities Limited
  3. Transafrica Financial Services Limited
  4. Andruche Investments Plc
  5. Angela Eccles Limited
  6. Associated Trust Investment & Finance Limited
  7. Beaver Securities Limited
  8. Betraco Securities Limited
  9. Cobal Ventures Limited
  10. Corporate Focus Securities Limited
  11. Financial Intermediaries Limited
  12. GF Securities Limited
  13. IB Finance Limited
  14. Integrated Securities Ltd
  15. Integrated Ventures Nigeria Limited
  16. Intercommerce and Consultant Limited
  17. Investment & Capital Development Company Limited,
  18. Investment Trust Company Limited
  19. Kamrash Securities Limited
  20. Lakeside Asset Management Limited
  21. M & F Investment & Securities Limited
  22. Milestone Investment Services Limited
  23. Millennium Investment Trust Limited
  24. Moji Securities & Investment Nigeria Limited
  25. Morgan Trust Asset Management Plc
  26. Multibank International Securities Limited
  27. Nationwide Finance and International Securities Limited
  28. Novelty Investment Limited, and ten others.
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