SEC Seals Premises of Farmforte, Vektr Capital Over Improper Funds Management
As obtained in the official website of Securities and Exchange Commission (SEC) www.sec.gov.ng.
The premises of Farmforte Agro-Allied Solutions Limited/Agro Partnerships, Vektr Capital Investment/Vektr Enterprise and Oxford International Group/Oxford Commercial Services have been shut down by this commission.
The agency accused the companies of carrying out capital market activities without authorisation by the Nigerian government.
Organisations intending to operate in the sector are first required by law to register with SEC as it involves funds of investors.
According to SEC, the offices of the companies in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within the ambit of fund management without registration contrary to the provisions of the Investments and Securities Act 2007.
“These companies do not have registration of the SEC to conduct fund management activities and have 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 them down.
“The commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC,” a part of the statement read.
The agency reminded the investing public 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 general public is strongly advised to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by the commission. Any member of the investing public dealing with unregistered entities is doing so at his/her own risk,” the SEC added.
SEC, therefore, advised the public to exercise due diligence and caution in making investment decisions.