The Securities and Exchange Commission (SEC) has suspended Heritage Capital Markets Limited- a capital market operator over unauthorized sale of shares.

The SEC in a notice on its official website said it suspended Heritage Capital Markets Ltd together with 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.

“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,” the notice read.

The suspension which is in a bid to protect investors from fraudulent activities and encourage the return of investors’ confidence, aligns with the commissions policies for market recovery.

Director General (DG) of the Commission Mr. Mounir Gwarzo had earlier outlined policy alternatives for economic recovery, placing national investor protection as a key policy.

According to him, the national investor protection policy is one of the series of efforts by the SEC to achieve long term development objectives of the capital market.


SEC had barred and blacklisted Taofik Lawal and Mrs. Iyabode Lawal, directors of WT Securities Limited, from operating in the Nigerian Capital market for life, following investigations of complaints against WT Securities Ltd., while the said directors were found culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorized sale of the Nigerian Breweries Plc. shares belonging to Ngozi Onyekwere Nwachukwu.


The SEC thus advised the investing public to desist from engaging dealings in any capital market related capacity.



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