SEC Nigeria Notifies of Illegal Fund Management By Famzhi Interbiz Limited

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Friday, December 18, 2020  / 4:12 PM / By SEC Nigeria / Header Image Credit: Facebook; Famzhi Interbiz Limited

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the illegal fund management operation conducted by FAMZHI INTERBIZ LIMITED.

The Commission wishes to inform the public that FAMZHI INTERBIZ LIMITED is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to operate in the capital market but was unable to fulfil certain regulatory pre-conditions required for the grant of registration.

Despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.

Consequently, the Commission has referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.

In view of the above, the general public is ADVISED to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission's website or by visiting any of the Commission's offices.

Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his/her own risk.


* This post was first published on SEC Nigeria's website on Friday, December 18, 2020.

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