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SEC moves to help Nigerians who invested in this Ponzi Scheme

The [@SECNigeria] has issued a notice to begin the commencement of the verification exercise for 4,160 Nigerians who participated in an illegal investment (known as Ponzi Scheme) organized by Dantata Success and Profitable company (DSPC).

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Ponzi, SEC, SEC, FCCPC sign MoU to simplify merger process for quoted companies, Rights issue dominates quoted companies capital raise in 3 years, Victims of ponzi scheme, Dantata Success and Profitable Company, to be settle

The Securities and Exchange Commission (SEC) has issued a notice to begin the commencement of verification exercise for 4,160 Nigerians who participated in an illegal investment (Ponzi Scheme) organized by Dantata Success and Profitable Company (DSPC).

This information was revealed in a circular titled, “Notice of commencement of verification of claims of unpaid investors,” which was made available by the Exchange Commission on its website. According to the circular, investors are required to approach the Commission with pieces of evidence to verify their claims.

Sequel to the appointment of Joint Administrators/Trustees for Dantata Success and Profitable Company by the Securities and Exchange Commission (SEC), pursuant to Sections 13 and 173 of the Investment and Securities Act, and consequent to an Order Exparte granted by the Federal High Court, Kano, notice is hereby given to members of the investing public that invested in the entity’s illegal collective investment scheme to come forward for verification of claims.”

[READ ALSO: Angry Nigerians storm Loom office as Ponzi scheme crashes]

The back story: The notice of SEC’s intervention is coming months after the Commission sealed the premises of the company in Kano on 6th February 2019, for its engagement in illegal capital market activities.

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SEC earlier declared that the company engaged in operations that fall within the fund management investment category, without registering with the Exchange Commission. In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

Also according the Commission, the company disguised under an investment scheme, a strategy to solicit funds from gullible members of the public through attractive monthly returns of between 25%- 50% on their investments.

Meanwhile, interest paid was dependent on the nature and type of investment with forms sold by the company, in accordance with investment plans to prospective investors. The forms were priced from N1000 to N3000, as investors were allowed a minimum investment of N50,000 and maximum of N5 million. Hence, this suggests SEC is ready to disburse the money back to investors who fell victims.

[READ MORE: SEC warns ponzi-thirsty Nigerians against Loom Money Nigeria]

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Angry Nigerians at a Ponzi Scheme office after crash

Verification plans: Although plans were underway by the Commission to begin the verification exercise for earlier investors in the company as of May 2019, the Commission has scheduled the exercise to begin on July 15 and run through July 19. The venue is Kano City, for the four batches. The schedule is as follows.

  • On July 15, a total of 478 persons shall be verified in batch 8.
  • Batches 9 and 10 are slated for 16th and 17th of July with 780 and 1272 persons to be verified respectively.
  • A total number of 1630 persons are to be confirmed on the last day on the 19th of July.

Requirements for the exercise: All unpaid DSPC Scheme investors are necessarily advised to attend in person, as attendance by proxy is not acceptable. Claimants must bring the following documentary evidence/information along, for the verification exercise.

1.      All original documents and proofs of evidence of investment in the illegal scheme including Bank Teller, Bank Deposit Slip, Bank Online Transfer Advice, Completed DSPC Investment Form, E-mail/WhatsApp Correspondence and DSPC Payment Receipt.

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2.      Any acceptable means of identification such as National Identity Card, Driver’s License, Permanent Voter’s Card or International Passport.

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3.      Detail of Claimant’s Bank Account and Bank Verification Number (BVN).

[READ FURTHER: Again, SEC cracks down on another ponzi scheme firm]

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What this means: The step taken by SEC is a deliberate attempt to clean the financial sector of any illegal activity aimed at defrauding citizens of their funds. However, the harsh economic condition in the country led most credulous Nigerians into Ponzi schemes to make quick and fast cash out.

Meanwhile, for SEC, this does not seem to be a frequent move. As attractive as Ponzi schemes are, they come with a lot of risks, without the the approval of the Exchange Commission. This makes it illegal and unsafe.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Coronavirus

COVID-19: FG to disburse N10 billion for local vaccine production

The Minister of Health has disclosed that Nigeria is exploring options for the licensed production of COVID-19 vaccine.

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The Federal Government, through the Ministry of Finance, has announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.

This was disclosed by the Minister of Health, Dr Osagie Ehanire, at the daily Covid-19 briefing by the Presidential Task Force on Monday in Abuja.

  • “The Ministry of Finance has released N10billion to support domestic vaccine production. While we are working to develop our own vaccines, Nigeria is exploring options for licensed production, in collaboration with recognised institutions. We are also exploring the option of local production of the vaccines in the country.”

He also warned Nigerians to ignore news about vaccines being for sale in Nigeria, as the procedures to acquire vaccines have to pass through due process.

  • I advise all citizens to disregard these claims, as they are criminal. There are procedures for vaccine acquisition and use, which include appropriate regulations and certification by National Agency for Food and Drug and Administration and Control (NAFDAC).
  • “I advise against fake vaccines, as there is no one approved for use in the country. The National Primary Health Care Development Agency (NPHCDA) is the only authorised vaccine administrator in Nigeria.”

He also stated that as Nigeria is experiencing the second wave, the FG needs to change its response procedures through infection mitigations and vaccines.

  • “There is no doubting the fact that we are deeply into the second wave of the pandemic which requires that PTF and FMoH review our strategies to respond to the challenge. The Federal Ministry of Health has outlined three approaches to confront the pandemic – Infection mitigation, Therapeutics and Vaccines.”

What you should know 

  • Nairametrics reported in November 2020, that the Health Minister announced Nigeria’s plans to set up a vaccine production company in Nigeria to boost local COVID-19 vaccine production.

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Coronavirus

COVID-19 Update in Nigeria

On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 112,004 confirmed cases.

On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria.

To date, 112,004 cases have been confirmed, 89,939 cases have been discharged and 1,449 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.17 million tests have been carried out as of January 17th, 2021 compared to 1.15 million tests a day earlier.

COVID-19 Case Updates- 18th January 2021,

  • Total Number of Cases – 112,004
  • Total Number Discharged – 89,939
  • Total Deaths – 1,449
  • Total Tests Carried out – 1,172,234

According to the NCDC, the 1,617 new cases were reported from 18 states- Lagos (776), Kaduna (147) Kwara (131), FCT (102), Plateau (78), Edo (59), Ogun (53), Osun (45), Rivers (37), Taraba (36), Nasarawa (34), Adamawa (33), Kano (26), Delta (20), Ebonyi (16), Bayelsa (11), Gombe(11) and Borno (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 41,400, followed by Abuja (14,700), Plateau (6,831), Kaduna (6,325),  Oyo (4,695), Rivers (4,429), Edo (3,320), Ogun (2,912), Kano (2,617), Delta (2,122), Ondo (2,070), Katsina (1,723), Kwara (1,697), Enugu (1,583), Gombe (1,500), Nasarawa (1,335), Ebonyi (1,275), Osun (1,260),  Abia (1,134), and Bauchi (1,107).

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Borno State has recorded 867 cases, Imo (857), Sokoto (677), Akwa Ibom (667), Benue (657), Bayelsa (619), Adamawa (573), Niger (547), Anambra (515), Ekiti (473), Jigawa (425), Taraba (294), Kebbi (251), Yobe (211), Cross River (169),  Zamfara (162), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

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On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Around the World

US Capitol complex temporarily shut down

The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.

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The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.

The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.

READ: President Trump says he won’t attend Joe Biden’s inauguration

Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.

While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.

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The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.

READ: US Supreme court dismisses Texas bid to overturn presidential election results

The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’

The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.

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The fire department said, “There were no injuries. This accounts for smoke that many have seen.”

READ: Huawei accuses the United States of hacking

What you should know

  • President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
  • Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.

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