The Securities and Exchange Commission (SEC), in an effort to rid the Nigeria’s capital market of fraudulent capital market operators have shut down the facility of ‘Ready finance investors ltd’ for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.
The Commission in a statement sent to Businessday said that the company was not registered to conduct any activities in the capital market, rendering its operations and activities therein illegal.
“The office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, garki, Abuja was sealed up and shut down for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.
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“The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.
The general public is hereby advised that any person subscribing to any of the company’s products/schemes or dealing with it in any capital market-related business is doing so at his/her own risk.
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“In addition to sealing up the premises of offenders, other efforts by the Commission to curb the operations of illegal capital market operators in Nigeria include the amendment of its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 in line with the findings from the National Residual Risk Assessment (NRRA) exercise; New frameworks on the implementation of Targeted Financial Sanctions (TFS), Risk-based Supervision and guidance on Politically Exposed Persons (PEPs),” it stated.
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