Nigeria’s Securities and Exchange Commission has disclaimed the activities of Famzhi Interbiz Limited, stating that the company is not registered to operate in Nigeria’s capital market.
SEC’s Head of Corporate Communication, Efe Ebelo, stated this in a statement on Sunday.
According to her, the company unlawfully solicited funds from the investing public on products neither registered nor approved by the commission and that it made promises of guaranteed return on investment in clear violation of the Securities and Investment Act 2007.
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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 Nigeria’s 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,” the statement disclosed.
Meanwhile, she noted that the commission had reported the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the Investments and Securities Act and other relevant laws of the country.
“Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity does so at his or her own risk,” Ebelo added.
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