SEC Shuts Down Abuja Firm Over Illegal Ponzi-Like Activities

The Securities and Exchange Commission (SEC) has taken a decisive step to protect investors by sealing the office of Ready Finance Investors Limited in Abuja.

The company, located at AYA Memorial Plaza, was found to be offering financial investment services, resembling a covert Ponzi scheme, prompting the SEC to crack down on its illegal activities.

This move is part of a broader effort by the SEC to clean up the Nigerian capital market and create a safe environment for legitimate businesses to operate. Ready Finance Investors Limited allegedly enticed clients with promises of guaranteed returns on investments, depending on their chosen package. However, the company was not registered with the SEC, making its operations and activities blatantly illegal.

The SEC has issued a strong warning against engaging in any transactions with Ready Finance Investors Limited, emphasizing that individuals who do so are acting at their peril. The company’s case is now under investigation by law enforcement agencies, potentially leading to criminal charges.

In addition to shutting down Ready Finance Investors Limited, the SEC has recently taken other steps to combat illegal capital market activities. These include amending the Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022, based on insights from the National Residual Risk Assessment (NRRA) exercise.

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”The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.

”Other efforts by the Commission to curb the operations of illegal capital market are the amendment of its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022.

”This is in line with the findings from the National Residual Risk Assessment (NRRA) exercise among others,” the Commission said.

NAN