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Wednesday, October 27, 2021

Nigeria SEC suspends Cashcraft Management Ltd, directors from market

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Nigerian Securities
and Exchange Commission (SEC) has suspended
Cashcraft Asset Management Limited
, its
Directors and Sponsored Individuals from all capital market activities.
9k=
SEC DG, Oteh
In a statement published on its website, the apex regulator of
the capital market said the company and its promoters are suspended “as a
result of the company’s violation of Section 155 of the ISA 2007 in its
management of Anchor and Bedrock Unit Trust Scheme.”
According to SEC, Cashcraft Management Limited contravened the
provisions of the ISA as follows:
1.   
Co-mingling of Funds’ assets with its own
2.   
Violation of the Funds’ Trust Deed and Asset Allocation Policy
3.   
Failure to file the requisite returns to the Commission
4.   
Failure to maintain the relevant records/books for the Funds
5.   
Failure to facilitate the auditing of the Funds’ accounts and
consequently hold an AGM
“The
Operator failed/refused to comply with the Commission’s directive to transfer
the management of the Fund to another Fund Manager.
“The
company, its Directors and Sponsored Individuals shall remain suspended until
they are cleared by the Commission.”
Promoters
of the company include Otunba J.A Ogunfunwa, who is the chairman of the board,
Deola Ireyemi, excutive vice chairman, Anthony Ikpea, Managing director and
Alhaji Idris Muhammed Idris, director.
Cashcraft
is a dealing member of the Nigerian Stock Exchange and the company was incorporated
in 1991 as broker, dealer, issuing house and fund managers.

The
company operates from 22 locations across the country, with an authorized capital
of N3 billion and shareholders’ funds of about N1.5 billion. 

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