The Securities and Exchange Commission (SEC) has warned investors to desist from dealing illegally with Famzhi Interbiz Limited.
The commission announced that Famzhi Interbiz Limited has being unlawfully carrying out unapproved investment service with a promise of a guaranteed return on investment.
According to a public disclosure signed by the management of the commission on Friday, December 18, 2020, Famzhi Interbiz Limited is not registered to operate in the capital market for its inability to fulfil the necessary requirements to operate in the capital market.
The public disclosure reads that:
“The Commission wishes to inform the public that FAMZHI INTERBIZ LIMITED 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 grant of registration.
Despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.”
The commission has also announced that it had “referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.”
The commission has further advised the general public to always confirm the registration status of any company on it’s website before transactions.
“In view of the above, the general public is ADVISED to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission’s website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.”