-by our correspondent.
The Securities and Exchange Commission (SEC) has wash it’s your hands of the activities of Famzhi Interbiz Limited, noting that neither the entity nor the illegal products they offer are registered or regulated by the Commission.
SEC in a statement said “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 fulfil certain regulatory pre-conditions required for the grant of registration.”
Director General, SEC Lamido Yuguda
The regulator indicated that despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on product(s) 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.
Consequently, the Commission said 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.
The statement therefore, advised 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 visit any of the Commission’s offices.
It further warned that any person who subscribes to any product of an unregistered entity or enters into any dealing with such entity, does so at his or her own risk.