Business

SEC seals Abuja firm over illegal investment

As part of efforts to rid the capital market in Nigeria of fraudulent operators and create a veritable opportunity for legitimate businesses to thrive, the Securities and Exchange Commission (SEC) has sealed the premises of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.

This was made known on Thursday in a statement issued by the Commission, where it stated that the office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja was sealed up and shut down on Tuesday for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.

According to the SEC, the scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes.

The SEC said Ready Finance Investors Limited is not registered with the Commission to conduct any activities in the capital market, rendering its operations and activities therein illegal, stressing that the matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.

The Commission advised the general public that any person subscribing to any of the company’s products/schemes or dealing with it in any capital market-related business is doing so at his/her own risk.

In addition to sealing up the premises of offenders, other efforts by the Commission to curb the operations of illegal capital market operators in Nigeria include the amendment of its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 in line with the findings from the National Residual Risk Assessment (NRRA) exercise; New frameworks on the implementation of Targeted Financial Sanctions (TFS); Risk-based Supervision and guidance on Politically Exposed Persons (PEPs).

READ ALSO FROM NIGERIAN TRIBUNE 

Joseph Inokotong

Recent Posts

JAMB: Mass failure, evidence of exams insulation from cheating — Education Minister

“JAMB is a clean exam now, almost 100% thought-free. The pervasive cheating in NECO and…

16 minutes ago

Administer justice without fear, favour, CJN charges new judges

The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun has charged the newly appointed Judges…

37 minutes ago

Stop distracting Tinubu, Activist warns political jobbers

Niger Delta-born human rights activist and development advocate, Comrade Mulade Sheriff, has called on political…

49 minutes ago

ITUC-Africa tasks African leaders on peace, citizen-centered industrialisation

“The fate of our continent cannot be left to chance or the whims of unaccountable…

1 hour ago

Tinubu commends ex-NSITF MD, Somefun, for outstanding performance

In a remarkable affirmation of integrity, transparency, and transformative leadership, the Federal Government has commended…

1 hour ago

NiMet predicts three-day thunderstorms, haziness from Tuesday

“Stay away from tall trees to avoid impact from falling branches and broken trees. Airline…

2 hours ago

Welcome

Install

This website uses cookies.