THE Nigerian Stock Exchange (NSE) has revoked the operating licences of not less than 39 stockbroking companies in the country.
It was gathered that the affected firms had their expulsion confirmed by the Council of the NSE on December 13, 2018.
As a result, the Exchange cautioned investors not to deal with stockbrokers, who have been kicked out of the system, thus advising investors to approach the expelled stockbroking firms and request for transfer of their stocks to any active licensed dealing companies.
The affected companies include Andruche Investments Plc, Angela Eccles Limited, Associated Trust Investment & Finance Limited, Beaver Securities Limited, Betraco Securities Limited, Cobal Ventures Limited, Corporate Focus Securities Limited, Enterprise Discount Bancorp Plc, and Financial Intermediaries Limited.
Others are GF Securities Limited, IB Finance Limited, IMT Securities Nigeria 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 and Moji Securities & Investment Nigeria Limited.
Also on the list are Morgan Trust Asset Management Plc (formerly known as IMB Morgan Plc and formerly known as IMB Securities Plc), Multibank International Securities Limited, Nationwide Finance And International Securities Limited, Novelty Investment Limited, Optimus Finance and Securities Limited, Pabod Finance & Investment Company Limited and Pabofin Securities Limited.
The remaining are Path Securities & Investment Ltd, Price Securities Limited, Shiroro Finance Ltd, SMDAC Resources Limited, Tassel Finance & Investment Company, Unique Securities & Finance Services Ltd, Upper Credit Securities and Investments, Wellsfargo Capital Limited, and Westland Investment Ltd.
and then