Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Fixed Income Securities

SEC declares the activities of Famzhi Interbiz illegal

Johnson UchebyJohnson Uche
2 years ago
in Securities, Spotlight
SEC declares the activities of Famzhi Interbiz illegal, SEC announces additional requirements on offer documents to public
Share on FacebookShare on TwitterShare on Linkedin

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.

READ: AMCON seizes assets belonging to Jimoh Ibrahim over N69 billion debt

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,

READ: Over 2.2 million unregistered telephone lines blocked

  • “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.”

READ: Lagos Assembly passes Public Complaints and Anti-Corruption Bill into law

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.

READ: NCC suspends sale of new SIM, activation to audit database

Related

Tags: Business NewsFamzhi Interbiz LimitedNigeria NewsSECSecurities and Exchange Commission

Comments 1

  1. Joseph says:
    December 23, 2020 at 10:21 am

    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.

    Reply

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Dupe Olusola: The Leader Who Has Attested that Success Isn’t the Result; It’s The Impact!
  • Tony Elumelu Brands Himself in these 5 effective ways
  • Nigeria’s problem is growth, not debt, revenue – Dr. Andrew Nevin

Follow us on social media:

Recent News

The Leader Who Has Attested that Success Isn’t the Result; It’s The Impact!

Dupe Olusola: The Leader Who Has Attested that Success Isn’t the Result; It’s The Impact!

February 5, 2023
Tony Elumelu

Tony Elumelu Brands Himself in these 5 effective ways

February 5, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics