SEC used N8bn of N9bn revenue to service staff — SENATE

By Obas Esiedesa, Abuja

The Securities and Exchange Commission (SEC), yesterday, disclosed that it has sealed the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities.

The SEC in a statement in Abuja explained that the offices of the companies in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within ambit of fund management without registration with the apex regulator contrary to the provisions of the Investments and Securities Act 2007.

According to the Commission, “These companies do not have registration of the SEC to conduct fund management activities and have been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut them down’

“The Commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC. 

“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007”.

SEC stated: “The General public is strongly advised to always confirm from the Commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by the Commission. Any member of the investing public dealing with unregistered entities is doing so at his/her own risk”.

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