SEC Xrays & Warns Against The Activities Of Some Unlawful Trading Market Operators

The Securities and Exchange Commission wish to draw the attention of the investing public to the activities of unlawful/unlicensed market operators and promoters of other fraudulent schemes.

The Commission, in recent time, has observed the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment. These activities are perpetrated by suspected promoters of Ponzi and other fraudulent schemes under the following identities:

Loom Nigeria, MoneyBox Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment, No Failure Development and Empowerment Nig. Ltd, MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd, United Capital Investment Company Limited.

Members of the public are to note that by virtue of the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, only persons registered with the Commission can engage in capital market activities, thus making the actions of these entities listed above unlawful.

Consequently, the general public is hereby advised to refrain from investing in any scheme of the entities listed above, and WARNS that any person who invests in an unlicensed/unlawful scheme does so at his own peril.
SIGNED
MANAGEMENT
NB: Recall that the acting Director-General of SEC, Ms Mary Uduk, had in a recent statement said such outfits were not registered to carry out fund management functions of any sort, stressing that those who stubbornly patronize them end up burning their fingers.
According to her, the capital market has been properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein.
She added that SEC has sustained its investor education programme to assist people understand whatever issues they have around the capital market.
“But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes, Chymall E-commerce Trading and we encourage Nigerians to be part of these and others,” Ms Uduk said.
The Acting DG said the SEC is presently undertaking various initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.