Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has alerted the investing public of activities of 12 fraudulent ‘ponzi’ schemes with bogus investment and return claims.
In a circular, SEC stated that the 12 companies were neither registered nor licensed for their activities warning the investing public to be wary of these unlawful and unlicensed operators and promoters of fraudulent schemes.
“The Commission, in recent time, has observed the proliferation of the operation of unlawful and unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment,” SEC stated.
SEC outlined that the identified suspected promoters of ponzi and other fraudulent schemes included Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment, No Failure Development and Empowerment Nig. Ltd, 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.
