The Securities and Exchange Commission (SEC) has disclaimed the activities of Famzhi Interbiz Limited, stating that neither the entity nor the illegal products they offer are registered or regulated by the Commission.
The Commission disclosed this in a statement at the weekend after its attention was drawn to the illegal fund management operation conducted by aforementioned company.
“The Commission wishes to inform the public that FAMZHI INTERBIZ LIMITED is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to operate in the capital market but was unable to fulfill certain regulatory pre-conditions required for the grant of registration,” it said.
The SEC stated that despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on products neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.
The Commission further stated that it has referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.
“In view of the above, the SEC therefore advises the general public to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission’s website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.
“Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his/her own risk” the SEC stated.
