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SEC shuts down illegal capital market operator in Kano

By Nkiruka Nnorom

Securities and Exchange Commission, SEC, has sealed off the premises of Dantata Success and Profitable Company, Kano, for  carrying out investment operations that falls within fund management without registration.

Securities and Exchange Commission
SEC

SEC, in a statement, also said the promoters have been arrested.

According to it, “they do not have registration with SEC and the Commission has powers, according to Section 13 of ISA 2007, to shut down any company carrying out capital market activities without due registration.

“Nigerian laws provide that business activities in the country have to be regulated, in this case SEC is supposed to regulate them.”

On Dantata Success’ mode of operation, SEC said: “The Company solicits funds from people by enticing them with returns of monthly interest of between 25 percent to 50 percent.

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“They also indicated a registration period of February 5 to 15 in one of their numerous notices, directing all prospective customers to make deposits into their bank accounts.

“The company sells its forms to prospective investors according to their investment plans, ranging from N1, 000 to N3, 000. The minimum amount investable is N50, 000 while the maximum is N5, 000,000

“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 12 months with offer of interest rates on short and medium term basis.”

 

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