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SEC disclaims Famzhi Interbiz activities

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The Securities and Exchange Commission (SEC) has disclaimed the activities of Famzhi Interbiz Limited saying that neither the entity nor their products are registered or regulated by the Commission.

Mrs Efe Ebelo, the Head, Corporate Communication of SEC, made this known in a statement issued in Abuja on Sunday.

The Commission said that the company, in spite of not being registered by the Commission, had proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by it.

The Commission also expressed regrets that the company had made promises of guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.

”The attention of the SEC has been drawn to the illegal fund management operation conducted by Famzhi Interbiz Limited.

“The Commission wishes to inform the public that the company 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 registration.”

The Commission said it had referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the Investments and Securities Act and other relevant laws in the country.

It however advised the public to always confirm the registration status of any entity offering fund management or any other capital market services from its website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.

”Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his/her own risk,” it said.

Ginika Okoye

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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