SEC seals Borno firm over illegal investment

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

According to the commission, the office of the company in Wulari Plaza on Lagos Street Maiduguri, was shut down for carrying out investment operations that fell within the ambit of fund management without registration by the SEC. It stated, “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 commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

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FMDQ FX market records $417.9 million turnover in one week.As dollar continues to trade above N900/$ at black marketFMDQ Securities Exchange has posted a total turnover of $417.9 million in its foreign exchange (FX) spot and derivatives market segment for the week ended August 25, 2023.[ad] The figure represents a decrease of 32.61 per cent ($202.2 million) from $620.1 million reported for the week ended August 18, 2023.The drop came amidst continued crisis in the market, the wobbly performance of naira against other currencies and heightened illiquidity across different windows.
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