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.
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;
- Mercov Securities Limited
- Resano Securities Limited
- Transafrica Financial Services Limited
- Andruche Investments Plc
- Angela Eccles Limited
- Associated Trust Investment & Finance Limited
- Beaver Securities Limited
- Betraco Securities Limited
- Cobal Ventures Limited
- Corporate Focus Securities Limited
- Financial Intermediaries Limited
- GF Securities Limited
- IB Finance Limited
- Integrated Securities Ltd
- Integrated Ventures Nigeria Limited
- Intercommerce and Consultant Limited
- Investment & Capital Development Company Limited,
- Investment Trust Company Limited
- Kamrash Securities Limited
- Lakeside Asset Management Limited
- M & F Investment & Securities Limited
- Milestone Investment Services Limited
- Millennium Investment Trust Limited
- Moji Securities & Investment Nigeria Limited
- Morgan Trust Asset Management Plc
- Multibank International Securities Limited
- Nationwide Finance and International Securities Limited
- Novelty Investment Limited, and ten others.