SEC closes three investment firms for illegal activities

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

In a statement on Monday, the SEC said the companies’ offices in Lagos, Port Harcourt and Abuja had been closed for carrying out investment transactions under the management of funds without registration with the supreme regulator, contrary to the provisions of investment law. and the Securities Act 2007.

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The statement said in part: “These companies are not registered with the SEC to conduct fund management activities and have been found to promise exorbitant rates of return to attract investors. The SEC exercised its powers under Section 13(w) of the Investments and Securities Act of 2007 to shut them down.

“The Commission hereby notifies the investing public that none of these entities or their investment platforms are registered with the SEC.”

According to the SEC, it is illegal for any private company, whether incorporated or not, to solicit funds from the public by any means, to finance its private companies.

He added that it would contravene the Investments and Securities Act 2007.

“The general public is strongly advised to always confirm with the Commission whether an entity providing investment services has been duly registered and whether investment programs are authorized by the Commission. Any member of the investing public dealing with unregistered entities does so at their own risk,” the SEC added.