The Securities and Exchange Commission (SEC) has issued a strong advisory warning Nigerians against transacting with a company known as Forsman & Bodenfors Ltd, popularly referred to as F&B, over alleged fraudulent activities linked to employment and recruitment schemes.
In an official statement signed by the Commission, the SEC disclosed that Forsman & Bodenfors Ltd is being falsely presented by its promoters as the Nigerian subsidiary of a Swedish advertising agency bearing the same name, an act the Commission labeled as having “obvious criminal intent.”
“The attention of the Securities and Exchange Commission has been drawn to the activities of FORSMAN & BODENFORS LTD also known as F&B, which is paraded by its promoters as the Nigerian branch for a Swedish advertising company bearing that name with obvious criminal intent,” the statement read.
SEC Flags F&B as Unlicensed and Fraudulent
According to the SEC, the promoters of the fake entity lure unsuspecting Nigerians with promises of automatic employment in exchange for recruiting additional members and payment of various sums of money to secure job placements.
Preliminary investigations by SEC revealed that F&B’s operations are being actively promoted across social media platforms and online forums, mirroring the hallmark traits of a Ponzi scheme. The Commission clarified that Forsman & Bodenfors Ltd is not registered or licensed to solicit funds or operate within the Nigerian capital market.
“The Commission hereby informs the public that FORSMAN & BODENFORS LTD is NOT REGISTERED by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.”
As part of its investor protection mandate, SEC strongly urges the public to refrain from engaging with Forsman & Bodenfors Ltd or its representatives under any circumstances related to capital market activities.
“The potential risk of losing funds to the fraudulent promoters of the entity is very high,” the Commission warned.
Verification Portal for Investors
To ensure safety and transparency, the SEC reminded the investing public to verify the regulatory status of any company offering investment opportunities via its portal at www.sec.gov.ng/cmos.
“The investing public is further advised to VERIFY the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them,” SEC added.
The Commission reaffirmed its commitment to protecting Nigerian investors and maintaining integrity within the capital market ecosystem.
