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Securities and Exchange Commission (SEC) is set to commence the refund process for unsuspecting individuals that fell victims to the illegal capital market activities of Dantata Success and Profitable Company.

SEC explained that claims belonging to subscribers, who invested in the company, would be settled as soon as verification is completed. The regulatory authority is now in a discussion phase with the Administrators/Trustees and the management of Dantata Success and Profitable Company.

Securities Exchange Commission

What did Dantata do? Dantata Success & Profitable Company solicited from unsuspecting members of the public, whilst enticing them with mouth-watery monthly returns of between 25% to 50% of their investments. The company claimed to be involved in trading, general merchandise, transportation, import, export and general contract.

Nairametrics had reported that the firm based in Kano had been sealed off by SEC for allegedly engaging in “illegal capital market activities” after investigations revealed that it was offering fund management services without first registering and obtaining the necessary regulatory approval from SEC.

[READ MORE: Ponzi Schemes beware, SEC is coming for you)

In order to forestall any fraudulent activity, SEC released a statement informing investors in Nigeria that the company was not licensed to carry out any form of investment in the country. And for violating the Investments and Securities Act (ISA), 2007, the promoters of the company had been arrested and detained by the police, even as all the bank accounts affiliated to it had been frozen.

It’s time to settle claims: Now, after the crackdown on Dantata Success and Profitable Company in February last year, investors, who took part in the scheme, are close to regaining their investment in the unauthorised capital market activity.

“The commission urges members of the public who subscribed to the schemes to be calm as all efforts are being made to resolve the matter.

“The commission remains committed to its core mandate of protecting investors and assures the general public that it shall perform this function in line with extant securities legislation.

“Further information on progress being made will be communicated to the public,” SEC said in a Punch report.

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