MON MARCH 17 2025-theGBJournal| The Securities and Exchange Commission (SEC) has suspended Centurion Registrars Limited, its Directors and sponsored individuals from Capital Market activities.
In same vein, the Commission announced the cancellation of Registration of Mainland Trust Limited as a capital market operator, with immediate effect.
The measures are in furtherance of the Commission’s ”unwavering commitment to the maintenance of a zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies,” the Commission said Sunday.
SEC said the decision of the cancellation of the registration of Mainland Trust Limited stems from the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
SEC consequently, has ordered the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS), to discontinue capital market related dealings with the company.
Similar punishment has also been dealt Centurion Registrars Limited, and the Commission advised all Centurion’s clients to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
SEC noted that the suspension order is made pursuant to the powers of the Commission under Section 38(4) and (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
”The enforcement strategy underscores the Commission dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations,” SEC said.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
