Mainland Trust Limited is currently facing challenges as the Securities and Exchange Commission (SEC) has canceled its registration as a capital market operator over “regulatory breaches.”
In a statement released on Friday, SEC explained that the decision was made under its authority as outlined in Section 38(4) of the Investments and Securities Act, 2007, and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations, 2013.
The SEC noted that the revocation resulted from the company’s failure to adhere to regulatory directives and its failure to address multiple complaints lodged against it.
“The commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it,” the SEC stated.
The SEC also advised all clients of Mainland Trust Limited to contact the Central Securities Clearing Systems Plc (CSCS) for guidance on transferring their stocks to another stockbroker of their choice.
Additionally, the commission instructed the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the CSCS, and all capital market trade associations to cease all capital market-related dealings with the company.