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SEC shuts Stockmatch Investment Ltd over alleged illegal activities

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The Securities and Exchange Commission (SEC) has sealed the premises of Stockmatch Investments Limited in Maiduguri, the Borno capital, for allegedly engaging in illegal investment activities.

In a statement on Tuesday, the regulator said the move was part of its commitment to ensure that unregistered entities were not allowed to carry out capital market functions.

“This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 Investments and Securities Act 2007, to shut it down,” the statement reads.“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.

 

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