SEC Nigeria Makes a List of Ponzi Schemes Nigerians Should Avoid.
The Securities and Exchange Commission of Nigeria alerts Nigerians to be mindful of patronising fund managers that are not registered with the commission.
The capital markets regulator said its aware of the unlicensed investment schemes operating in the country, who end up promising their victims huge, and unjustifiable returns on investment.
According to SEC, “These activities are perpetrated by suspected promoters of Ponzi and other fraudulent schemes under the following identities: Loom Nigeria Money, Box Value Trading Company Limited, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment and No Failure Development and Empowerment Nig. Limited.”
Others are “MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Limited, 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 advised to desist from participatong in any scheme listed above, warning that any person who invests in an unlicensed scheme is doing so at his own risk.
Earlier this month, during a conference in Abuja, Mrs Efe Ebelo, the Head, Corporate Communications of SEC said the commission is out to fight ponzi scheme operators in Nigeria.
Diutocoinnews reports that the Acting Director-General of the commission, Ms Mary Uduk assured investors of the commitment of the commission to fight ponzi schemes during the conference in Abuja.
Meanwhile, the Acting DG said the SEC will be undertaking various initiatives to make the capital market more user-friendly allowing people to participate with greater ease and comfort.
Uduk therefore advised the general public to distance themselves from ponzi schemes and any other illegal funds management including bitcoin ponzi schemes.
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