The action was taken 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.
The revocation of the licences follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations,” SEC said in a statement explaining its decision.
It added that the revocation was “in accordance with its mandate of protecting investors and the integrity of the capital market.”
“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches."
The statement added: "The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their conduct poses severe risks to the stability of the capital market and to the interests of investors."
The statement also noted that SEC has notified the Registrar of Companies of the revocation of these licenses and has requested that the Registrar petitions the High Court to commence winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the statement added.
Below is the list of the affected companies
- 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
- Fromfrom Capital Limited
- Frontline Capital Advisors Limited
- FirstBanc Financial Services Limited
- Galaxy Capital 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
- Kripa Capital Ltd.
- Kron Capital Limited
- Legacy Financial Services
- Liberty Asset Management Limited
- Kamag Kapital Limited
- Mak Asset Management Limited
- Man Capital Partners Limited
- Mec-Ellis Investment(Ghana) Limited
- McOttley Capital Limited
- Monarch Capital Limited
- Mutual Integrity Assets Management Limited
- Nesst Capital Limited
- Nickel Keynesbury Limited
- Nordea Capital Limited
- Omega Capital Limited
- Procap Finance Company Limited
- QFS Securities Limited
- SGL Royal Kapita Limited
- Sirius Capital Limited
- Strategic Hedge Capital Limited
- Standard Securities Limited
- Supreme Trust Capital Limited
- Tikowrie Capital Ltd.
- Unisecurities Limited
- Universal Capital Management
- Ultimate Trust Fund Management Ltd.
- Utrak Capital Management Limited
- Wealth Vision Financial Services Limited
- Weston Capital Limited
- HFC Capital Partners Limited
- Attai Capital Limited
- Serengeti Capital Limited
- Indigo Investment Management Limited
- Verit Investment Advisory Limited