Nigerian’s apex capital market regulator, Securities and Exchange Commission (SEC) has described the operations of FinAfrica Investment Limited and Chimark Group as illegal, warning the investing public against the two firms.
The SEC had, in a circular, explained that its attention had been drawn to the activities of an illegal operator, FinAfrica Investment Limited, which stated to be an investment company that engages in business development in commercial sectors of the economy but uses the funds in entities under Chimark Group.
According to SEC, “Neither FinAfrica Investment Limited nor Chimark Group is registered by the Commission and the investment schemes being promoted by these entities are also not authorized by the SEC. In view of the above, the general public is hereby warned that any person dealing with the within named company in any capital market related business is doing so at his or her own risk”.
The latest circular came on the heels of the declaration of another firm, Poyoyo Investment (Pilvest) Nigeria Limited, as a Ponzi scheme, poised to defraud unsuspecting investors of which SEC had calimed that electronic and WhatsApp messages were being circulated to investors on behalf of Pilvest by unidentified persons.