Securities and Exchange Commission (SEC) has revoked the registration of Mainland Trust Limited and suspended Centurion Registrars Limited, along with its directors and sponsored individuals, in a sweeping regulatory action aimed at enforcing compliance and protecting investors.

In separate circulars issued over the weekend, SEC outlined the reasons behind the sanctions, citing failure to comply with regulatory directives and the non-resolution of multiple complaints against both firms.

According to the commission, Mainland Trust Limited’s registration, as a capital market operator, was canceled with immediate effect under Section 38(4) of the Investments and Securities Act, 2007, and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

SEC instructed all clients of the firm to contact the Central Securities Clearing Systems Plc (CSCS) for guidance on transferring their stocks to other stockbrokers.

Additionally, key market institutions, including the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR).