The Securities and Exchange Commission (SEC) has shut down Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities.
The commission explained in a statement that the offices of the affected firms in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within the ambit of fund management.
It also stated that the companies operated without registration with the apex regulator 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.” it said.
SEC further stated 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.”SEC therefore advised the public to exercise due diligence and caution in making investment decisions, adding that a valid list of lawful operators can be obtained on its website www.sec.gov.ng.”
