SEC Alerts on the Activities of Unlawful Market Operators

March 27, 2020/SEC Nigeria

The Securities and Exchange Commission wish to draw the attention of the investing public to the activities of unlawful/unlicensed market operators and promoters of other fraudulent schemes.

The Commission, in recent time, has observed the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment. These activities are perpetrated by suspected promoters of Ponzi and other fraudulent schemes under the following identities:

  1. Loom Nigeria Money
  2. Box Value Trading Company Ltd
  3. Now-Now Alert
  4. Flip Cash Investment
  5. Result Investment Nigeria Limited
  6. Helping Hand and Investment
  7. No Failure Development and Empowerment Nig. Ltd
  8. MBA Forex and Investment Ltd
  9. Federate Investors Trading Company
  10. Jamalife Helpers Global Ltd
  11. Flexus Global Solutions and Investment Ltd
  12. 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 hereby advised to refrain from investing in any scheme of the entities listed above, and WARNS that any person who invests in an unlicensed/unlawful scheme does so at his own peril.

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