The Securities and Exchange Commission (SEC) has declared the activities of Famzhi Interbiz Limited illegal as neither the company nor their products are registered or regulated by the Commission.
This disclosure was made by Mrs Efe Ebelo, the Head, Corporate Communication of SEC.
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According to the Commission, despite that the company has not been registered by the Commission, the company had gone ahead to solicit funds from the investing public on product(s) neither registered nor approved by it.
The Commission is also quite displeased that Famzhi Interbiz is also making promises to unsuspecting investors of guaranteed return on investment, in clear violation of the Securities and Investment Act (ISA) 2007, stating,
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- “The attention of the SEC has been drawn to the illegal fund management operation conducted by Famzhi Interbiz Limited. The Commission wishes to inform the public that the company is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to operate in the capital market, but was unable to fulfil certain regulatory pre-conditions required for the registration.”
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What you should know
- Famzhi Interbiz Limited and its products are not registered and regulated by the SEC.
- The company has been duly referred to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the Investments and Securities Act and other relevant laws in the country.
- Members of the public are required to always confirm the registration status of any entity offering fund management or any other capital market services from its website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.
- The commission warns that any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity does so at his/her own risk.
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Why is it that the government has bent on frustrating genuine businesses that approach them for registration? Commercial bank steals from the people, and nobody speaks for the people.
Why not allow this minor financial institutions to come so the banks can sit up and treat the people properly.