Following a special meeting held on 13 December 2018, the National Council of the Nigerian Stock Exchange has decided to expel 35 stockbroking firms.
The firms affected include:
- Andruche Investments Plc
- Angela Eccies Limited
- Associated Trust Investment and Finance Limited
- Beaver Securities Limited
- Betraco Securities Limited
- Cobal Ventures Limited
- Financial Intermediaries Limited
- Corporate Focus Securities Limited
- GF Securities Limtied
- IB Finance Limited
- Intergrated Securities Limited
- Integrated Ventures Nigeria Limited
- Intercommerce and Consultant Limited
- Investment and Capital Development Company Limited
- Investment Trust Company Limited
- Kamrash Securities Limited
- Lakeside Asset Management Limited
- M and F Investment and Securities Limited
- Milestone Investment and Securities Limited
- Millennium Investment Trust Limited
- Moji Securities and Investment Nigeria Limited
- Morgan Trust Asset Management Limited (formerly known as IMB Morgan Plc/IMB Securities Limited).
- Multibank International Securities Limited
- Nationwide Fiannce and International Securities Limited
- Novelty Investment Limited
- Optimus finance and securities Limited
- Pabod Finance and Investment Company Limited
- Pabofin Securities Limited
- Path Securities and Investments Limited
- Shiroro Finance Limited
- Tassel Finance and Investment Limited
- Unique Securities and Finance Services Limited
- Upper Credit Securities and Investments Limited
- WellsFargo Capital Limited
- Westland Investment Limited.
The expulsion takes immediate effect and the affected firms have been informed that their rights, incidences and privilege of membership automatically cease. The Nigerian Stock Exchange also informed the general public not to deal with the expelled firms in relation to transactions on the exchange.
Any investor who holds a stockbroking account in these firms should transfer their books to any active licensed stockbroking firm that is a dealing member of the exchange.