Illegal fund manager – Dantata Success and Profitable Company

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Monday, February 25, 2018 06:30PM / By SEC Nigeria / Image Credit: Oriental News Nigeria


The Securities and Exchange Commission (the Commission) pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019 sealed up the business premises of Dantata Success & Profitable Company (DSPC), a company that had been engaging in illegal activities in the Nigerian capital market. In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

The company was not registered or authorized by the Commission to engage in any activity in the capital markets, however it targeted and reached Nigerian investors through radio programs in the Kano area of Nigeria and collected large sums of money from investors under the guise of a “structured investment”. The activities of the company contravene the provisions of Section 38(1) and 67(1) of the Investments and Securities Actwhich respectively, prohibit unregistered and unauthorized entities/persons from operating any investment business or making any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call.

The Commission hereby issues a warning to the public that Dantata Success & Profitable Company and any individuals representing them are not registered and therefore not entitled to provide investment advisory or services in Nigeria. The Commission further warns the public to exercise utmost caution before deciding to subscribe to investment schemes. The Commission advises the public to always confirm the registration status of any company or individual and the products they are offering before entering into any transaction with them.

 

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