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Shun illegal fund managers, SEC advises Nigerians

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The Securities and Exchange Commission (SEC) has warned Nigerians against patronising unregistered fund managers.

The organisation said it had observed lately the proliferation of unlicensed investment schemes with promises of huge returns on investments.

SEC Acting Director General, Mary Uduk, noted: “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. Limited.

“Others are MBA Forex and Investment Ltd; Federate Investors Trading Company; Jamalife Helpers Global Ltd.; Flexus Global Solutions and Investment Ltd.; and United Capital Investment Company Limited.”

She advised the public 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.”

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Uduk therefore counselled Nigerians to distance themselves from such schemes, adding: “Please note that anyone that subscribes to these illegal activities does so at his or her own risk.”

The warning was contained in a statement issued by the commission’s Head of Media, Mrs. Efe Ebelo, yesterday in Abuja.

According to the SEC boss, the capital market had been well positioned to attract Nigerians and provide benefits to those that invest therein.

She added that the commission had sustained its investor education programme to assist people understand whatever issues they needed to know about the market.

The Acting DG said the SEC was undertaking various initiatives to make the capital market more user-friendly for investors’’ comfort.

Uduk went on: “There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to double any amount of money you make available to them as investment value.”

She added: “These fraudsters or promoters of ponzi schemes are the false prophets of the investment environment. They are the ill wind that blows no good and at whose sight you must flee. They are to be avoided.

“This is one message you must keep spreading to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard-earned money.”

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