The SEC said that the revocations were done pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.
A statement issued by SEC explained that the revocation follows comes after the companies failed to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”
Here is the full list of the affected institutions;
All-Time Capital Partners Limited
Alpha Cap Securities Limited
Axe Capital Advisors Limited
Apex Capital Partners Revoked
Beige Capital Limited Revoked
Brooks Asset Management Limited
Cambridge Capital Advisors Limited
Canal Capital Limited Revoked
Corporate Hills Investment Ltd.
Dowjays Investment Limited
EM Capital Limited Revoked
Energy Investments Limited
Frontline Capital Advisors Limited
FirstBanc Financial Services Limited
Gold Coast Fund Management Limited
Gold Rock Capital Management Limited
Goldstreet Fund Management Limited
Global Investments Bankers Limited
Heritage Securities Limited
Ideal Capital Partners Limited
Integrity Fund Management Limited
Intermarket Asset Management Ltd
Legacy Financial Services
Liberty Asset Management Limited
Mak Asset Management Limited
Man Capital Partners Limited
Mec-Ellis Investment(Ghana) Limited
Mutual Integrity Assets Management Limited
Nickel Keynesbury Limited
Procap Finance Company Limited
Strategic Hedge Capital Limited
Standard Securities Limited
Supreme Trust Capital Limited
Universal Capital Management
Ultimate Trust Fund Management Ltd.
Utrak Capital Management Limited
Wealth Vision Financial Services Limited
HFC Capital Partners Limited
Serengeti Capital Limited
Indigo Investment Management Limited
Verit Investment Advisory Limited