The Securities and Exchange Commission (SEC) has disclaimed the activities of Famzhi Interbiz Limited, saying that neither the entity nor the illegal products they offer in Nigeria is registered or regulated by the Commission.
According to the SEC, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the illegal fund management operation conducted by Famzhi Interbiz Limited.
“The Commission wishes to inform the public that Famzhi Interbiz Limited is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to operate in the capital market but was unable to fulfil certain regulatory pre-conditions required for the grant of registration”, the commission added.
The SEC stated that 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.
Consequently, the Commission stated that it 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.
In view of the above, the SEC therefore advised the general public to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission’s website https://sec.gov.ng/cmos/ or by visiting any of the Commission’s offices.
“Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his/her own risk” the commission cautioned.