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SEC begins refund to investors of Dantata ponzi scheme

By Michael Eboh

The Securities and Exchange Commission, SEC, Tuesday, said it has commenced the verification exercise for investors in the illegal investment scheme organised by Dantata Success and Profitable Company ahead of the planned refund of their money.

Dantata ponzi scheme
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In a statement in Abuja, SEC disclosed that it has started verifying claims of 4,160 unpaid investors, adding that the verification exercise commenced on Monday July 15th and was expected to last till Saturday July 20th, 2019.

SEC said investors were required to go along with the original receipts evidencing their payments or bank tellers for deposit into the company’s account, valid means of identification and bank account details.

It said the commencement of the verification exercise was sequel to the appointment of joint administrators/trustees for Dantata Success and Profitable Company and in pursuant to section 13 and 173 of the Investment and Securities Act, and consequent to an Ex parte Order granted by the Federal High Court, Kano.

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According to the commission, a total of 478 investors were scheduled for Monday, 780 for Tuesday, 1,272 for Wednesday and Thursday, and 1,630 for Friday and Saturday.

SEC said, “The verification exercise will hold in Kano from 9:00am to 4:00pm daily. All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable.”

SEC had in February, according to the statement, sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in illegal capital market activities, saying its investment operations fell within fund management without registration with the commission

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It said the company was not registered and that it was using a strategy to solicit funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of between 25 to 50 per cent, depending on the nature and type of the investment.

The company, according to SEC, sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5m.

SEC had first indicated its plans to commence a verification exercise for people who invested with the company in May.

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