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HomeEconomySEC seals offices of Vektr Capital, Farmforte over illegal investment activities

SEC seals offices of Vektr Capital, Farmforte over illegal investment activities

The Securities and Exchange Commission (SEC), has sealed the premises of Vektr Capital Investment/Vektr Enterprise, Farmforte Agro-Allied Solutions Limited/Agro Partnerships and Oxford International Group/Oxford Commercial Services for illegally engaging in capital market activities.

The agency accused the companies of carrying out capital market activities without authorisation by the Nigerian government.

Organisations intending to operate in the sector are first required by law to register with SEC as it involves funds of investors.

The SEC said the offices of the companies in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within ambit of fund management without registration with the apex regulator contrary to the provisions of the Investments and Securities Act 2007.

What SEC is saying about the sealed companies

According to a statement issued by the agency, the sealed companies were found promising exorbitant rates of returns to lure investors.

“These companies do not have registration of the SEC to conduct fund management activities and have been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut them down.

“The commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC,” a part of the statement read.

What you need to know

In its advisory note to the general public, SEC strongly advised people ask or confirm from the Commission the registration status of any company approaching them for investment opportunities or else they will be doing so at their own risk.

“The general public is strongly advised to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by the commission. Any member of the investing public dealing with unregistered entities is doing so at his/her own risk,” the SEC added.

If you are up for any investment decision, SEC advised you visit its website, www.sec.gov.ng where you can officially obtained a valid list of lawful operators.

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