By Aduragbemi Omiyale
A popular Nigerian brokerage company, Morgan Capital Securities Limited, has closed its account with Polaris Bank Limited.
Polaris Bank is a commercial bank based in Nigeria acquired by Strategic Capital Investment Limited. It was formed from the defunct Skye Bank Plc and licenced to carry out banking services by the Central Bank of Nigeria (CBN).
Morgan Capital, which helps investors purchase and sell securities, including stocks and others, in a message to its customers on Wednesday, disclosed that it was no longer operating an account with the mid-level retail lender.
The company advised its clients to stop making paying into its former Polaris Bank account as it has closed it, without giving any reason for this.
“Please be informed that we have closed our account (1771365357) with Polaris Bank. Therefore, no deposit/transfer should be made into the account going forward,” a part of the notice seen by Business Post read.
The firm added that, “All payments/deposits should be made into any of our bank account details” with Zenith Bank and Wema Bank.