The Securities and Exchange Commission (SEC) has revoked the licenses of five investment companies.
Customers transact business with Georgetown Capital Partners Ltd, Equity Capital Ltd, Index Analytics Ltd, DM Capital Ltd and Oxygen Advisory Ltd at their own risk, according to the regulator.
SEC revoked their licenses pursuant to Section 122 of the Securities Industry Act, 2016 (Act 929).
The companies are not mandated to carry out any Fund Management activities, the Commission said.
“The Commission hereby assures all investors, market operators and the general public that it is committed to ensuring rigorous enforcement of all the rules for operators in the capital market as spelt out in its core mandate,” it said in a statement.
The Securities and Exchange Commission is the statutory body mandated by the Securities Industry Act to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
The general public is also advised to contact the Commission on its Toll-free number: 0800-100-065 for any further clarification.
(by Abubakar Ibrahim)