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SEC suspends Shalom Investment

By on June 3, 2014

The Securities and Exchange Commission has suspended Shalom Investment and Securities Limited from all capital market activities.

In a notice of the decision, SEC said the suspension became effective on May 20 and affected all sponsored individuals by the company.

“The general public is hereby informed that Shalom Investment and Financial services Ltd and its sponsored individuals have been suspended from all capital market activities effective May 20, 2014,” the notice said.

According to the capital market regulator, the suspension is as a result of Shalom Investment’s refusal/failure to comply with the commission’s directive.

The company failed to “purchase completely client’s shares paid since 2008”; “resolve the other complaints against it” and “pay the penalty imposed by the commission.”

SEC and the Nigerian Stock Exchange maintained a tough stance against capital market infraction in recent times with errant firms, operators and quoted companies facing stiff sanctions.

The Director-General, SEC, Ms. Arunma Oteh, has over time reiterated the commission’s commitment to its zero tolerance policy for sharp practices. The Chief Executive Officer, NSE, Mr. Oscar Onyema, has also worked towards strengthening corporate governance and encouraging transparency in the capital market.

The Communications Adviser to the SEC DG, Mr. Obi Adindu, explained late last year that the tough stance on market infractions and all forms of illegality was aimed at protecting the investors and positioning the market for growth.

He said, “Unflagging commitment to a policy of zero tolerance for malpractices in the capital market protects the investor as does the adoption of a new code of corporate governance for quoted companies.

“In line with its zero tolerance policy for market infraction, SEC has in the course of the year sealed off several illegal operators, while urging investors to only patronise licensed operators.”

 

[Punch]