For allegedly involving in illegal capital market activities, the Securities and Exchange Commission (SEC) has sealed off the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise.
Investors King gathered that the companies’ offices in Lagos, Port Harcourt and Abuja were shut down for allegedly carrying out investment operations that fall within the ambit of fund management without registration with the apex regulator.
According to a statement by the commission, this is 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.
“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 commission said in the statement.
Meanwhile, SEC has advised members of the public to always confirm whether an entity providing investment services had been duly registered and whether the investment schemes are authorised by the Commission. It warned that any member of the investing public dealing with unregistered entities was doing so at their own risk, further advising the public to exercise due diligence and caution when making investment decisions.
The commission also disclosed that a list of valid operators can be obtained on its website.
Investors King recalls that SEC had sealed other similar companies engaging in illegal market activities which are within the purview of its regulation. The commission had also created a dedicated email account for the submission of Annual Financial Statements by all Capital Market Operators (CMOs). According to the commission, those who do not comply with the submission directives will be penalized, as prescribed in the SEC Rules and Regulations.
