THE Nigerian Securities and Exchange Commission (SEC) said it had sanctioned Mainland Trust Limited and Centurion Registrars Limited over non-compliance with regulatory guidelines.

The sanctions take immediate effect, SEC, the apex regulator of the Nigerian capital market, said in separate statements on Friday, March 14.

In the notices signed by its management to inform the investing public, the commission stressed that it acted in line with the provisions guiding the operations of the Nigerian capital market.

Mainland Trust registration cancellation

According to SEC, the decision to revoke Mainland Trust’s registration as a capital market operator was informed by the company’s failure to comply with regulatory directives and the non-resolution of several complaints against it.

“This was made pursuant to the powers of the commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice,” SEC stated.

It urged all other regulatory bodies, including the Nigerian Exchange Group (NGX), Institute of Capital Market Registrars (ICMR), Chartered Institute of Stockbrokers (CIS), Central Securities Clearing System (CSCS), and all Capital Market Trade associations to discontinue capital market-related dealings with the company.

Centurion Registrars suspension

According to the apex capital market regulator, Centurion Registrars Limited, its directors and sponsored individuals were suspended from capital market activities.

The decision was informed by the company’s failure to comply with regulatory directives and the non-resolution of several complaints against it.

“This suspension order is made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another registrar of their choice,” SEC also stated.

It directed all the regulatory bodies in the Nigerian capital market to discontinue capital market-related dealings with the company and its principal officers.

The ICIR reports that stakeholders had called on the new board and management under the leadership of the director-general (DG), Emomotimi Agama, to ensure effective regulation of the capital market.

This organisation reported that SEC was expected to utilise various modern regulatory techniques and ensure strict enforcement of market rules in its operations, and punish any infraction.