A statement released from the Securities and Exchange Commission (SEC) indicates that clients of four (4) fund management companies would be initially left out of any redemption payouts.
According to the SEC, these four fund management companies namely Firstbanc Financial Services Limited, Blackshield Capital Management Limited (formerly Gold Coast Securities Ltd), Apex Capital Partners and Ideal Capital Partners Limited have challenged their license revocation in court.
There are six (6) others who the SEC has advised they do not have access to their records. The six companies are Firstbanc Financial Services, Kripa Capital, EM Capital, Omega Capital, Nickel Keynesbury and Heritage Securities (Future PIP Management Ltd.). For Firstbanc SEC is yet to do validation of client’s claims because of Firstbank’s initial failure to cooperate with SEC, and the filing of an application for an injunction pending appeal at the High Court.
The 4-page full press release is attached below