As part of efforts to rid the capital market in Nigeria of fraudulent operators and create a veritable opportunity for legitimate businesses to thrive in the system, the Securities and Exchange Commission (SEC), on Tuesday, December 12, 2023, sealed the premises of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.
This was made known in an official statement issued by the commission where it stated that the office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja, was sealed up and shut down for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.
The scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes to, the Commission said.
According to the statement by SEC, Ready Finance Investors Limited was not registered with the commission to conduct any activity in the capital market, rendering its operations and activities therein illegal.
“The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution,” SEC said in the statement.
The commission also stated that the general public has been advised that any person subscribing to any of the company’s products/schemes or dealing with it in any capital market-related business was doing so at his/her own risk.
SEC said in addition to sealing up the premises of the suspected ponzi cheme operator, other efforts by the commission to curb the operations of illegal capital market operators in Nigeria include the amendment of its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 in line with the findings from the National Residual Risk Assessment (NRRA) exercise; new frameworks on the implementation of Targeted Financial Sanctions (TFS), Risk-based Supervision and guidance on Politically Exposed Persons (PEPs).
