The Securities and Exchange Commission (SEC) has sealed the office of a firm based in Abuja for engaging in illegal investment and other capital market activities.
This is according to a statement on Thursday by the Commission, announcing the shutting down of READY FINANCE INVESTORS LIMITED, which is located at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja.
The sealed firm is said to be unregistered, and the Commission has asked relevant law enforcement agencies to investigate the case for further prosecution.
What the statement says
The statement read:
- “As part of efforts to rid the capital market in Nigeria of fraudulent capital market operators and create a veritable opportunity for legitimate businesses to thrive in the system, the Securities and Exchange Commission (SEC), on Tuesday, December 12, 2023, sealed the premises of READY FINANCE INVESTORS LIMITED for engaging in illegal investment and other capital market activities.
- “This was made known in an official statement issued by the Commission, where it stated that the office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, garki, Abuja was sealed up and shut down for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme. The scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes, the Commission said.
- “According to the statement by the SEC, READY FINANCE INVESTORS LIMITED is not registered with the Commission to conduct any activities in the capital market, rendering its operations and activities therein illegal. The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.”
SEC advises Nigerians
SEC further urges Nigerians to refrain from subscribing to any product or schemes from the sealed firm, adding that doing that is at the person’s risk.
It also said that it has put in place certain steps to limit the activities of illegal capital market operators.
Such steps include amending its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 based on the findings from the National Residual Risk Assessment (NRRA) exercise; New frameworks on the implementation of Targeted Financial Sanctions (TFS), Risk-based Supervision and guidance on Politically Exposed Persons (PEPs).