SEC vows to end illegal investment schemes
The Director General of the Securities and Exchange Commission (SEC) Ms. Arunma Oteh has reiterated that unregistered investment schemes in the country would not be tolerated.
She warned that the commission would invoke the full provisions of the law to deal with those perpetrating such unwholesome acts in the nation’s investment environment.
Oteh, who spoke at the weekend during a Town Hall meeting with the Commission’s staff in Abuja, warned Nigerians to be wary of doubtful investment schemes that promised unusual returns, pointing out that there are avenues for potential investor to ascertain the credibility or otherwise of such schemes whenever they are being flaunted to the investing public.
She lamented: “It is unfortunate that people will set up schemes, enrich themselves and take money from people. They will not be tolerated by the Commission and anyone found engaging in such acts will be made to face the law”
It would be recalled that only last January, the Commission sealed the premises of an unregistered fund manager, New Nation, in 32 states of the federation including the Federal Capital Territory (FCT), in an unprecedented regulatory clampdown that elicited investors’ commendations.
The Commission’s Head of Enforcement, Mr. Eric Elujekor, described the organisation as an illegal fund manager that was not registered with the SEC but existed with the sole aim of deceiving the public.
He disclosed that the SEC has previously sealed some offices of the company in Port Harcourt, Kaduna and Sokoto.
He explained: “It is a company that has so many offices. When we got knowledge of what they say they wanted to do, we invited the person in charge to tell us what he was doing. He came here and told us that he had “21 pillars” and that was the term he used. And those pillars represent a project that they intend to do and all these pillars are under a conglomerate they called New Nation.
Investigations revealed that the company had offices in most states of the country.