For allegedly participating in illegal investing activities, the Securities and Exchange Commission (SEC) has shut Stockmatch Investments Limited’s offices in Maiduguri, the capital of Borno.
The regulator said in a statement on Tuesday that the action was a part of its commitment to make sure that unregistered entities were barred from performing capital market functions.
The company’s office in Wulari Plaza, Lagos Street, Maiduguri was closed down, according to the SEC, for engaging in fund management-related investment activities without being authorised to do so by the commission.
“This company does not have registration of the SEC to conduct fund management activities and has 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 it down,” the statement reads.
“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.
“The public is hereby reminded 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″.
SEC advised the public to always confirm from it whether an entity providing investment services has been duly registered and whether the investment schemes are authorised.