The Securities and Exchange Commission (SEC), at the weekend said Famzhi Interbiz Limited is not registered to operate in the Nigerian Capital Market.
According to the SEC management, although the company had applied for registration to operate in the capital market, it “was unable to fulfill certain regulatory pre-conditions required for the grant of registration.”
However, despite this, the capital market regulator accused Famzhi “proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.”
The statement said the commission has since referred the matter “to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.”
It advised the investing public “to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission’s website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.”
Subscribers to products of an unregistered entity or enters into any dealing with an entity, it warned, does so at his/her own risk.