Another Ponzi scheme Yuan Dong shuts down, Masterminds Arrested

Racheal Ishaya: (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country. The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors. “Investments in the scheme…

SEC lifts suspension on Heritage Capital Markets

The Securities and Exchange Commission (SEC) Nigeria’s apex capital market regulator, has lifted the suspension on Heritage Capital Markets Limited and its directors, returning the firm to its position as a virile capital market operator. SEC in a circular, indicated it had “lifted the suspension of Heritage Capital Markets Ltd together with its directors and…

SEC shuts down ‘ponzi firm’ Tine God Networks over fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has sealed off the premises of Tine God Networks Limited as part of efforts to curb activities of illegal operators of fraudulent investment schemes. SEC in a public notice stated that Tine God Networks had been claiming to be an investment company that engages in…

SEC bans another operator Okafor from capital market

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has banned a capital market operator, Mr. George Nchedo Okafor, from being employed anywhere in the capital market. Okafor was also banned from holding the position of director in any corporate entity operating in the Nigerian capital market. These were the decisions of the SEC…

SEC slams life ban on Okumagba, Edozie, BGL over N6bn fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has slammed a life ban on Group Managing Director, BGL Group, Mr. Albert Okumagba and deputy managing director, Mr. Chibundu Edozie. The Commission also cancelled the licenses of two of Okumagba’s companies, BGL Assets Management Limited and BGL Securities Limited. Okumagba, a former president of…

Securities and Exchange Commission Set N5bn to Protect Investors

    (NAN) The Securities and Exchange Commission (SEC) says it has instituted a N5 billion investors protection fund to compensate  investors in line with the Capital Market Master Plan. The Director-General, SEC, Mr Mounir Gwarzo said this in an interview with our correspondent. According to Gwarzo, the commission will pay an investor as much…

EFCC, SEC seal MoU to fight capital market fraudsters

The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have sealed a relationship to fight fraud in Nigeria’s capital market. Both the EFCC and SEC this week signed a Memorandum of Understanding (MoU) which will among others promote the efficient investigation and conclusion of all capital market cases as well…

MMM: EFCC, SEC jointly declare total war on ponzi schemes

The Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, on Thursday vowed to clamp down on fraudulent operators in the Nigerian capital market. Ibrahim Magu, Acting Chairman, EFCC, and his SEC counterpart, Mournir Gwarzo made the pledge while signing a Memorandum of Understanding, MoU, for cooperation at the EFCC head…

EFCC, SEC Declare War on Fraudulent Capital Market Operators

The Economic and Financial Crimes Commission, EFCC, and the Securities and Exchange Commission, SEC, have vowed to clamp down on fraudulent operators in the Nigerian capital market.   Ibrahim Magu, Acting Chairman, EFCC, and his SEC counterpart, Mournir Gwarzo made the pledge  Thursday, January 19, 2017  while signing a Memorandum of Understanding, MoU, for cooperation…

Investors receive N30bn unclaimed dividends

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has stated that more than N30 billion has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. In a statement, the Commission said that as a means to further reduce the unclaimed dividends profile and curb its…

Investigations… SEC suspension of Heritage and the untold story

The Securities and Exchange Commission (SEC) had recently informed Nigerians that it had suspended Heritage Capital Markets Limited indefinitely from all capital market activities. The regulator however did not tell industry stakeholders and Nigerians in general of the circumstances that led to the action, or how its own internal communications gabs led to what could…

SEC slams suspension on Heritage, ex-ICAN presidents over shares fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has slammed an indefinite suspension on Heritage Capital Markets, a stockbroking and dealing firm, over alleged illegal sale of investor’s shares. In a circular announcing the decision, SEC stated that it has suspended indefinitely Heritage Capital Markets Limited and its directors and sponsored individuals “in…