Wasilat AzeezThe Securities and Exchange Commission has warned members of the public not to deal with FinAfrica Investment Limited and Poyoyo Investment Nigeria Limited., SEC said both companies are operating illegally without any form of registration by the commission.
“The Commission hereby notifies the investing public that Poyoyo Investment Nigeria Limited have no tangible business model; hence it is a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission,” the circular reads. Ijiomah, who disclosed that the partnership had been going on for six years, said that the SEC had never written the company to notify them that their dealings were not in line with their regulations.