Ponzi: Famzhi Interbiz CEO jailed five years for N2bn investment scam

Mariam Suleiman, Managing Director of Famzhi Interbiz Limited has been sentenced to five years imprisonment without the option of a fine for defrauding investors of over N2 billion.

Justice Inyang Ekwo of Federal High Court, Abuja, found Suleiman and Famzhi Interbiz Limited guilty on counts one and two of the charges brought against them by the Federal Government. The judge also declared that all properties belonging to the two defendants be sold and the proceeds thereof used to compensate victims of the crime.

Nigeria’s Securities and Exchange Commission (SEC) had three years ago disclaimed the activities of Famzhi Interbiz Limited, warning that neither the entity nor the ‘products’ they offered were registered or regulated by the Commission.

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The SEC further said that despite being unregistered, the company had proceeded to unlawfully solicit funds from the investing public with the promise of guaranteed “Returns on Investment” in clear violation of the Investments and Securities Act (ISA) 2007.

Consequently, the Commission referred the company to the appropriate law enforcement agency for criminal investigation and prosecution in respect of the violation of the provisions of the ISA 2007 and other relevant extant laws.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.