NICON Trustee, Leadway, LASACO, others may lose registration certificate — SEC

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By Kayode Tokede

The Securities and Exchange Commission (SEC) may soon withdraw the registration certificates of about 157 inactive Capital Market Operators (CMOs).

The Commission issued a pre-notice for the cancellation or withdrawal of the certificates and posted same on its website.It said the decision followed the failure of the operators to render their statutory returns to the Commission and added that they either had their capital eroded or were affected by policy changes.

The notice requested affected CMOs to make presentations to the Commission on or before Nov. 13, giving reasons why their registration should not be cancelled.

It urged the CMOs to forward hard copies of their presentations to its head office while electronic copies should be sent to: inspectorate @sec.gov.ng and also to: monitoring @sec.gov.ng

Prominent among CMOs listed are NICON Trustee Ltd., Leadway Assurance Co. Ltd., LASACO Assurance Plc. and Platinum Capital Ltd.

Others are Prudential Trust Co. Ltd., UAC Registrars Ltd., Unic Insurance Plc., Union Homes Savings and Loans Plc. and Wema Assets Management Plc.