Registrar-General set to meet creditors over liquidation of failed investment firms

The Registrar-General’s Department (RGD) has scheduled September 7 to September 11 to commence processes to wind down the Fund Management Companies (FMCs) whose licences were revoked.

Serving as the Liquidator, the Registrar General Department is undertaking the processes following a High Court order.

Consequently, The RGD has issued a circular informing creditors that links to the virtual meetings would be connected to them via text.

A total of 22 companies have been earmarked for to be dissolved. However two firms – QFS Securities Limited and Ultimate Trust Limited – are yet to have their liquidation orders gazetted to have the RGD complete the exercise.

Those who have not received text messages are being encouraged to call 0244369143 to have their contact details rectified to receive an invitation to the meeting.

Registrar-General, Jemima Oware, has assured customers of the firms of receiving bailouts of which the payment is expected to commence in September in batches.

The 22 firms under official liquidation include Alpha Capital Securities Limited, Alltime Capital Limited, Axe Capital Limited, Brooks Asset Management Limited, CDH Asset Management Limited (Intermarket) and Fromfrom Capital Limited.

Others are Galaxy Capital Limited, Lifeline Asset Management Limited (Kamaag), Mak Asset Management Limited, Man Capital Limited, Mec-Ellis Investment (Ghana) Limited, Mutual Integrity Limited, Nesst Capital Limited and Nickel Keynesbury Limited.

The rest are Nordea Capital Limited, QFS Securities Limited, Sirius Capital Limited, Standard Securities Limited, Supreme Trust Capital Limited, Tikowrie Capital Limited, Ultimate Trust Limited and Weston Capital Management Limited.


The SEC, acting in accordance with Section 122 (2) (b) of the Securities Industry Act (SIA), 2016 (Act 929), revoked the licences of 53 FMCs on November 8, last year, as part of a general financial sector clean-up.

Eight of the firms appealed against the revocation decision to the Administrative Hearings Committee (AHC) but only three were successful.

Following the revocation of the licences, the SEC took certain actions to protect investors.

They included notifying the Registrar of Companies/Registrar-General to petition the court for orders to commence the official liquidation of the 53 FMCs under the relevant law, as well as the appointment of an agent to take copies of records and lock up premises to secure the assets of the affected companies, in line with the relevant provisions of the SIA.

It also mandated the agent to receive claims from the clients of the affected companies, acknowledge receipt of same and also validate the claims.

SEC on August 30,  said the government was set to announce a bailout package for clients of the 53 defunct Fund Management Companies (FMCs).

According to SEC, the package will be given in phases with the first phase covering clients of the twenty-two (22) companies currently under official liquidation.

It further noted that the Official Liquidator, the Registrar General, will communicate details of the payment process to affected clients starting in September 2020.

It, however, noted that no action could be taken for clients of Blackshield Capital Management Limited, Firstbanc Financial Services Limited, Apex Capital Partners and Ideal Capital Partners Limited since they have filed applications in court to challenge the revocation of their licences by the Securities and Exchanges Commission.

This is due to ongoing court processes and inaccessiblity to the databases of some of the firms to verify claims.

The release drew anger from the Coalition of Aggrieved Customers of Collapsed 53 Fund Management Companies who demanded inclusion.

They further went ahead with a demonstration at the Ministry of Finance leading to the arrest of the three persons.




  1. Clement says

    What is the Fath of Legacy Fund Management in this bail out program e. There are part of the revoked companies but have not been mentioned in the batches named.

  2. Clement says

    What is the faith of Legacy Fund Management in this bail out program . They are part of the revoked companies but have not been mentioned in the batches named.

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