SEC slams suspension on Heritage, ex-ICAN presidents over shares fraud

SEC slams suspension on Heritage, ex-ICAN presidents over shares fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has slammed an indefinite suspension on Heritage Capital Markets, a stockbroking and dealing firm, over alleged illegal sale of investor’s shares.

In a circular announcing the decision, SEC stated that it has suspended indefinitely Heritage Capital Markets Limited and its directors and sponsored individuals “in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives in that regard”.

The suspended directors and sponsored individuals included two former presidents of Institute of Chartered Accountants of Nigeria (ICAN), Mr. Chidi Ajaegbu and Mrs Ibironke Osiyemi.

Ajaegbu is the managing director of Heritage Capital Markets Limited while Osiyemi chairs the board of directors.

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Other suspended directors and sponsored individuals included Dr Elijah Ogbuokiri, Prof Emmanuel Emenyonu, Oluseyi Olanrewaju, Paul Onalo, chief compliance officer and Oyafemi Titus, a stockbroker.

Heritage Capital Markets Limited was incorporated in 1997 and it is licensed by the Nigerian Stock Exchange (NSE), SEC and FMDQ to operate as broker-dealer in the Nigerian capital market as well as offer brokerage services in fixed income securities.

Its official profile indicates that the firm has authorised share capital of N2 billion and shareholders’ funds of more than N1 billion.

“In view of the above, the general public is hereby informed that the suspension is indefinite and shall remain in force pending the resolution of the matter against the operator,” SEC stated.

 

 

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