The Securities and Exchange Commission (SEC) has warned that Famzhi Interbiz Limited, an Abuja- based investment platform, is soliciting funds illegally from members of the public.
Famzhi Interbiz is offering customers 10 percent monthly return on investment (ROI).
In a statement on Friday, SEC warned that the company is not registered to operate in the capital market.
The apex capital market regulator explained that the company had applied for a license but could not meet up with the required regulatory pre-conditions.
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“Despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007,” the statement read.
“Consequently, the Commission has referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.”
SEC advised Nigerians to seek for confirmation of the registration status of any entity offering fund management or any other capital market services from its website or visit any of the commission’s offices.
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It added that any person who patronizes the services of an unregistered company does so at his or her own detriment.
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