The Securities and Exchange Commission (SEC) has revoked the licenses of 53 Fund Management Companies.

SEC, in a statement explained that the revocation follows the companies’ failure to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”

Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches. The SEC has concluded after extensive engagement with these institutions that their continuous existence in the light of their conduct poses severe risks to the stability of the capital market and to the interests of investors,” the statement further explained.

The action was taken pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.

SEC also explained that the revocation is “in accordance with its mandate of protecting investors and the integrity of the capital market.”

SEC and its authorized agents will secure the premises of the affected companies for further investigations under section 26 of the Act.

In addition, the SEC has notified the Registrar of Companies of the revocation of these licenses and has requested that the Registrar petitions the High Court to commence winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the statement added.

Below is the list of the affected companies

  1. All-Time Capital Partners Limited
  2. Alpha Cap Securities Limited
  3. Axe Capital Advisors Limited
  4. Apex Capital Partners Revoked
  5. Beige Capital Limited Revoked
  6. Brooks Asset Management Limited
  7. Cambridge Capital Advisors Limited
  8. Canal Capital Limited Revoked
  9. Corporate Hills Investment Ltd.
  10. Dowjays Investment Limited
  11. EM Capital Limited Revoked
  12. Energy Investments Limited
  13. Fromfrom Capital Limited
  14. Frontline Capital Advisors Limited
  15. FirstBanc Financial Services Limited
  16. Galaxy Capital Limited
  17. Gold Coast Fund Management Limited
  18. Gold Rock Capital Management Limited
  19. Goldstreet Fund Management Limited
  20. Heritage Securities Limited
  21. Ideal Capital Partners Limited
  22. Integrity Fund Management Limited
  23. Intermarket Asset Management Ltd
  24. Kripa Capital Ltd.
  25. Kron Capital Limited
  26. Legacy Financial Services
  27. Liberty Asset Management Limited
  28. Kamag Kapital Limited
  29. Mak Asset Management Limited
  30. Man Capital Partners Limited
  31. Mec-Ellis Investment(Ghana) Limited
  32. McOttley Capital Limited
  33. Monarch Capital Limited
  34. Mutual Integrity Assets Management Limited
  35. Nesst Capital Limited
  36. Nickel Keynesbury Limited
  37. Nordea Capital Limited
  38. Omega Capital Limited
  39. Procap Finance Company Limited
  40. QFS Securities Limited
  41. SGL Royal Kapita Limited
  42. Sirius Capital Limited
  43. Strategic Hedge Capital Limited
  44. Standard Securities Limited
  45. Supreme Trust Capital Limited
  46. Tikowrie Capital Ltd.
  47. Unisecurities Limited
  48. Universal Capital Management
  49. Ultimate Trust Fund Management Ltd.
  50. Ultimate Trust Fund Management Ltd.
  51. Utrak Capital Management Limited
  52. Wealth Vision Financial Services Limited
  53. Weston Capital Limited
    Voluntary Cessation

HFC Capital Partners Limited
Attai Capital Limited

Serengeti Capital Limited

Indigo Investment Management Limited

Verit Investment Advisory Limited


Leave a Reply