Uche Usim, Abuja
For the umpteenth time, the Securities and Exchange Commission (SEC ) has warned Nigerians against patronising fund managers not registered with the Commission.
SEC said it recently observed the proliferation 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 Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment and No Failure Development and Empowerment Nig. Ltd
Others are “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
Its Acting Director General, Ms Mary Uduk, had said such outfits are 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.