The expelled dealing firms included Resano Securities Limited, Transafrica Financial Service Limited, Mercov Securities Limited, Angela Eccles Limited, Associated Trust Investment & Financial Limited, Beaver Securities Limited, Betraco Securities Limited, Cobal Venture Limited, Corporate Focus Securities Limited, Andruche Investment Limited, Financial Intermediaries Limited, IB Financial Limited, Integrated Securities Limited, Intercommerce and Consultant Limited, Investment & Capital Development Company Limited, Kamrash Securities Limited, e.t.c
The Nigerian Stock Exchange (NSE) has expelled 38 firms from the capital market and these might cause some expulsion on the members and management of these firms.
The firms shall not be able to trade on the Nigerian stock market and other international markets that Nigeria has Memorandum of understanding ( MoU) with, even with their licences.
The Nigerian capital market authority have standing agreement with several other countries, including Angola, China, Kenya, Malaysia, Mauritius, South Africa, Tanzania, Morocco, and Uganda.
The investors who had invested account with these firms are required to move their account due to expelling deals.
Olufemi Shobanjo, Head of Broker Dealer Regulation Department of NSE signed the circular expulsion deal, and dealing members are strongly advised not to engaged in any activity with the above firms.
The constitution under Rule 6.12 of the Rule book of Exchange, 2015 members of the Exchange are disallowed from employing any directors, clerks, chief financial officer, chief executive officer, chief risk officer, chief compliance officer, who has been indicated by the Exchange or the commission without regulatory approval.