The Securities and Exchange Commission has revoked the registration of Mainland Trust Limited as a capital market operator, effective immediately.
This action was taken due to the company’s failure to comply with regulatory directives and unresolved complaints against it.
The revocation was executed under the authority granted by 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 on Friday, the Securities and Exchange Commission stated that Mainland Trust Limited’s failure to comply with regulatory directives led to the cancellation of its registration.
“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.
“This cancelation order is 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.
“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 statement read in part.
As a result, all clients of Mainland Trust Limited have been advised to contact the Central Securities Clearing Systems for assistance in transferring their stocks to a stockbroker of their choice.
Additionally, the SEC has directed major capital market institutions, including the Nigerian Exchange Group, the Institute of Capital Market Registrars, the Chartered Institute of Stockbrokers, and all Capital Market Trade Associations, to halt any dealings with the firm.
