The Securities and Exchange Commission has announced the cancellation of the registration of Mainland Trust Limited and the suspension of Centurion Registrars.

The commission in separate circulars issued at the weekend said the sanctions were imposed following the failure of both firms to comply with regulatory directives.

The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.

“This cancellation order is made pursuant to the powers of the commission under Section 38(4) of the Investments and Securities Act, 2007and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

“The commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.”

It directed stakeholders to discontinue capital market related dealings with the company.

The SEC also suspended Centurion Registrars Limited, its Directors and sponsored individuals from Capital Market activities with immediate effect.

“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.

“In addition, the Nigerian Exchange Group(NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers”. The Circular stated.