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The Securities and Exchange Commission (SEC) has revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory violations and unresolved customer complaints.
The decision, which takes effect immediately, was made in accordance with Section 38 (4) of the Investments and Securities Act, 2007, and Rule 34 (1) (e) of the SEC Consolidated Rules and Regulations 2013.
In a statement released on Friday, the SEC said that Mainland Trust Limited failed to comply with regulatory directives, prompting the cancellation of its licence.
“The Securities and Exchange Commission (“the Commission”) hereby notifies the general public that the registration of Mainland Trust Limited as a capital market has been cancelled with immediate effect,” the statement read.
The SEC further advised the company’s clients to contact the Central Securities Clearing Systems (CSCS) for assistance in transferring their stocks to another stockbroker.
Additionally, the Commission has directed all key players in the capital market, including the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), and other trade associations, to cease any business dealings with Mainland Trust Limited.
