SEC NIGERIA SUSPENDS HERITAGE CAPITAL MARKETS LTD

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has suspended a registered capital market operator, Heritage Capital Markets ltd with effect from December 21, from all capital market activities.

According to a release posted on the commission's website December 24, the suspension is for an indefinite period.

The release declared in part..SEC Nigeria "0n Wednesday December 21 suspended Heritage Capital Markets ltd together with its directors and sponsored individuals in connection with the unauthorised sale of shares belonging to an investor and its refusal to comply with the commission's directives in that regard".

It then went further to inform that the suspension was for an indefinite period.

For Heritage Capital Markets this must have come as a huge blow because on line, the company prides itself thus:

"Our vision is to build a platform for a sustainable world class legacy in investment banking services, driven by clients' centric philosophy".

Also because, from the website, it parades highly experienced people who have reputation to protect as members of its board of directors.

At the helm as board chairman was Mrs Ibironke Nojisola Osiyemi, herself a chartered accountant of 40 years standing; fellow of the Institute of Chartered Accountants of Nigeria(ICAN) and one time President and chairman of the governing council of the institute

On the board with her were fellows of ICAN too like Mr Chidi Onyeukwu Ajaegbu who is chief executive officer and has to his credit, years in service of ICAN and the chartered institute of stockbrokers.

Other members of the board include Dr Elijah O Ogbuokiri, Phd holder and ICAN fellow; Professor Emmanuel Emenyonu, FCA, LLB and PhD and Mr Oluseyi Olanrewaju, FCA, MBA and string of other relevant degrees and experience.

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