12 Stock-broking Firms Blacklisted, Sent Out Of Stock Market

The Nigerian Exchange Limited, NGX has blacklisted 12 stock broking firms for non compliance with shareholders fund as required by regulation to operate in the Nigerian stock market.

The affected firms are: First Stockbrokers Limited, GMT Securities Limited, Standard Alliance Capital & Asset Management Limited, Enterprise Stockbrokers Limited, Adamawa Securities Limited, Gombe Securities Limited, CEB Securities Limited, Horizon Stockbrokers Limited, ITIS Securities Limited, ML Securities Limited, and Supra Commercial Trust Company Limited.

NGX noted that the companies have inadequate shareholders fund as at June 19, 2023.

The blacklisted firms are supposed to have minimum capital base of N200 million each. For Dealer’s license N100 million, while broker-dealer license is N300 million.