SEC Revokes Kensington Agro Trading's License in Nigeria
The Securities and Exchange Commission (SEC) of Nigeria has revoked the operating license of Kensington Agro Trading Limited, effective immediately. This action, disclosed in a public notice issued on Saturday, aims to strip the firm of its status as a registered capital market operator.
The SEC's decision mandates that all market-related dealings involving Kensington Agro Trading cease immediately. Although the SEC did not specify the infractions leading to this sanction, the action was taken under its statutory authority, referencing Section 61(6) of the Investment and Securities Act 2025 and Rule 34(1) of the SEC Rules and Regulations 2013.
The SEC cited concerns regarding the firm's compliance with regulatory standards and its conduct, which was deemed inconsistent with investor protection and orderly market function. This enforcement action is part of a broader effort to strengthen market discipline and transparency within Nigeria's capital market, following concerns over irregular market activities.
The SEC's move signals that compliance breaches will attract decisive sanctions, prompting stakeholders to reassess their counterparty risks.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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