Nigeria’s apex capital market regulator, Securities and Exchange Commission , has alerted the investing public of activities of 12 fraudulent ‘ponzi’ schemes with bogus investment and return claims.
SEC outlined that the identified suspected promoters of ponzi and other fraudulent schemes included Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment, No Failure Development and Empowerment Nig. Ltd, MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd and United Capital Investment Company Limited.
SEC had in 2019 blocked assets valued at about N2.35 billion belonging to ponzi schemes as the Commission pushes to further confiscate illegal assets and prosecute operators of unapproved schemes. Acting Director-General, Securities and Exchange Commission , Ms Mary Uduk, said the Commission has recorded significant successes in its efforts to protect the public from unscrupulous persons.