NSE lifts suspension on Cowry Asset, BGL Securities
The Nigerian Stock Exchange (NSE), yesterday lifted the suspension placed on Cowry Asset Management and BGL after they had complied with the regulatory capital requirements.
Both firms were recently listed among the over 57 stockbroking firms suspended by the NSE for their failure to meet the minimum capital base.
According to information made available to Vanguard, both Cowry Assets and BGL Securities traded yesterday got the nod to trade their clients shares at the stock market
In an e-mail to their clients on Wednesday, Cowry Assets said they have resumed full trading on the Exchange and that they are sufficiently capitalized to not only meet the N70 Million requirement for Stock broking, but to cover their other functions as Issuing House, Corporate Investment Advisers and Venture Capital Managers.
They added that the NSE suspension was based on their 2009 audited accounts where “we made provisions for diminution in our stock portfolio as a result of the global financial crisis, in line with our prudent financial reporting standards” and that “we have since regularized this position through recapitalization by our shareholders”.The company further said that it is “in recognition of our current financial position as against the 2009 audited account that the Nigerian Stock Exchange lifted the Suspension of our trading rights”.
They assured all their customers and the public of their commitment to creating wealth for all their stakeholders and premium quality services.
Meanwhile, BGL on its own part said, “ we are glad that this issue was resolved quickly by the NSE. The inclusion of our name on the list came as a shock to us at BGL. This is because we had earlier taken steps to meet the capitalization requirements prescribed by the NSE.
Once we provided the NSE with the required documentation BGL Securities Limited trading rights were immediately reinstated. We would like to reassure our clients and the general public of our ability to continue to meet and surpass regulatory requirements in the discharge of our daily activities”
