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SEC seals Stockmatch office over illegal investment activities

The Securities and Exchange Commission (SEC) on Tuesday announced the sealing of the office of Stockmatch Investments Ltd in Maiduguri, Borno State, for allegedly engaging in illegal investment activities.

The commission, in a statement issued on the regulatory action, maintained that the sealing of the firm’s premises was in furtherance of its commitment to ensure that unregistered entities are not allowed to engage in capital market functions.

According to the SEC, the office of the company located in Wulari Plaza on Lagos Street Maiduguri, was closed for allegedly engaging in investment operations in the form of fund management without authorization by it.

It clarified: “This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down.

“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.

“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007″, the SEC added.

The Commission advised the public to always confirm from the commission whether or not an entity providing investment services had been duly registered and whether the investment schemes were authorized by it.

While cautioning members of the public that anyone dealing with unregistered entities is doing so at his/her own risk, the capital market regulator advised them to always exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website.

Techrectory with agency report

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