Sunday, March 16, 2025

SEC Cancels Mainland Trust Limited Registration, suspend the registrars of Centurion

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The Bag and Securities Commission (SEC) has announced the cancellation of the Trust Limited Continental Registry and the suspension of Centurion registrars.

The commission in separate circulars issued over the weekend said the sanctions were imposed after the fact that both companies comply with the regulatory directives.

The circular of the limited continent confidence says: “The stock exchange and values ​​commission notifies the general public that the continental confidence registration Limited as operator of the capital market has been canceled with immediate effect.

Read also: SC Approves the extension of the correct number of N599.1bn of NB PLC

“This cancellation order is carried out in accordance with the powers of the Commission under section 38 (4) of the Investment and Securities Law, 2007 and rule 34 (1) (e) of the rules and consolidated regulations of the Sec 2013.

“The decision of the commission is informed by the company's breach to comply with the regulatory directives and the non -resolution of several complaints against them.

“All Continental Trust Limited customers are advised, is advised to communicate with the Central Securities Clearing Systems PLC (CSCS) to obtain proper guide on the transfer of their actions to another stockbroker of your choice.”

In addition, the Circular declared that the Nigerian exchange group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Of Stockbrokers (CIS) Institute, the Central Clearing System of Securities Clearing (CSC) PLC and all the capital trade associations are aimed at discontinuing treatment related to the capital market with the company.

Similarly, the SEC announced the suspension of Centurion Registry Limited, its directors and individuals sponsored by capital market activities with immediate effect.

The SEC said that the suspension order is carried out in accordance with the powers of the Commission under section 38 (4) and (5) of the Investment and Securities Law, 2007 and rule 34 (1) (e) of the rules and consolidated regulations of the Sec 2013.

The decision of the commission is informed by the company's breach to comply with the regulatory directives and the non -resolution of several complaints against them.

“It is recommended to all Centurion Registrars Limited customers to communicate with prudential PLC Africa to obtain adequate guide on the transfer of their portfolios to another registrar of their choice.

“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered of Stockbrokers (CIS) Institute, the central securities cleaning system (CSCS) PLC and the entire capital association of the capital market are aimed at discontinuing the deals related to the capital market with the company and its main officials”, the circular Stated.

The SEC also stated that in the unwavering commitment of the commission with the maintenance of a zero tolerance for infractions in the Nigerian capital market and in line with their reviewed compliance strategies, interested parties and the general public are reported by the present “, here of the commission “.

“The publication would be additional to the sanctions/sanctions for the respective infractions prescribed in the ISA 2007 and the rules and regulations of the SEC.

“This application strategy underlines the dedication of the Commission to safeguard the integrity and stability of the Nigerian capital market, protect investors and guarantee strict adherence to the established rules and regulations.

“Interested parties are advised and the CMOs that are guided accordingly,” added the commission.

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