Heritage Bank distances self from Heritage Capital
Heritage Bank has said that there is no business relationship or association with Heritage Capital Market Ltd recently suspended by the Securities and Exchange Commission (SEC).
In a statement issued yesterday, the management of Heritage Bank stated: “Our attention has been drawn to a certain recent publication in some of the national dailies regarding the suspension of a certain “Heritage Capital Market Limited” by the Securities and Exchange Commission (SEC).
“Our concern stems from the resemblance in its name to our organization, and the impression that this might leave on the minds of our dear customers.
“We wish to hereby state that Heritage Bank Plc has no business relationship or association with the affected company – “Heritage Capital Market Limited.”
“Heritage Bank Plc remains resolute and committed to our customer’s upholding in trust the privilege to partner with them in fulfilling your financial objectives.”
It would be recalled that SEC, in a circular, stated that it suspended Heritage Capital Markets “in connection with the unauthorised sale of shares belonging to an investor.”
SEC also suspended the directors and sponsored individuals of the company, including two former presidents of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Chidi Ajaegbu, and Mrs. Ibironke Osiyemi. Ajaegbu is the Managing Director of Heritage Capital Markets Limited while Osiyemi chairs the board.
According to SEC, Heritage Capital Markets failed to comply with the Commission’s directives to restitute the affected investor.
Other suspended directors included Dr. Elijah Ogbuokiri, Prof Emmanuel Emenyonu, and Oluseyi Olanrewaju. Suspended sponsored individuals included Paul Onalo, chief compliance officer, and Oyafemi Titus, a stockbroker.
Incorporated in November 1997, Heritage Capital Markets Limited is licensed by the Nigerian Stock Exchange (NSE), SEC and FMDQ to operate as broker-dealer in the Nigerian capital market as well as offer brokerage services in fixed income securities. It has authorized share capital of N2 billion and shareholders’ funds of more than N1 billion.
The latest suspension came on the heels of the expulsion of three stockbrokers and an accountant for shares fraud by the council of the Nigerian Stock Exchange (NSE) earlier this month. The expulsion earlier in December brought the number of stockbrokers that had been sanctioned in 2016 to about seven as the Exchange seeks to protect the market integrity against the tempting recourse to illegal shares sale by hard-pressed stockbrokers.
