The Securities and Exchange Commission (SEC) has sealed the office of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.
A statement by the commission said the office located at AYA Memorial Plaza, Area 11, Garki, Abuja, was shut down for offering financial investment services suggestive of a covert Ponzi scheme.
The SEC said the move was part of efforts to rid the market of fraudulent capital market operators and create a veritable opportunity for legitimate businesses to thrive.
It said the company enticed clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribed.
According to the commission, Ready Finance Investors Limited is not registered with the SEC to conduct any activities in the capital market, rendering its operations and activities illegal.
The commission advised the public against dealing with the company.”
The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.
Other efforts by the commission to curb the operations of illegal capital markets are the amendment of its Anti-Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022.”
This is in line with the findings from the National Residual Risk Assessment (NRRA) exercise, among others,” the commission said.
