The Securities and Exchange Commission (SEC) has suspended Heritage Capital Markets Limited.
The suspension of Heritage Capital Markets Limited together with its directors and sponsored individuals became effective on Wednesday December 21, 2016, according to the apex capital market regulator.
Heritage Capital Markets Limited is licensed by the Nigerian Stock Exchange, Securities and Exchange Commission and FMDQ OTC Securities Exchange to operate as broker/dealer in the capital market and to offer brokerage services in fixed income securities.
The company which was incorporated on November 24, 1997 now has an authorized share capital of N2billion in shares of N1 each and shareholders’ fund in excess of N1billion.
The regulatory hammer which fell on Heritage Capital Markets Limited unexpectedly was in connection with said unauthorized sale of shares belonging to an investor and the company’s refusal to comply with the Commission’s directives in that regard.
In view of the above, SEC informed the general public that the suspension is indefinite and “shall remain in force pending the resolution of the matter against the operator”.
Iheanyi Nwachukwu
