SEC Cautions Nigerians Against Some Ponzi Schemes     

The Securities and Exchange Commission (SEC) has cautioned the entire public over the activities of FinAfrica Investment Ltd and Poyoyo Investment, saying that the companies have not been accredited by the Commission.

SEC revealed this in a circular by the management of the SEC and published on the commission’s website on Tuesday afternoon. VOICE OF NIGERIA reports.Information Guide Nigeria

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”The attention of SEC has been drawn to the activities of an illegal operator, FinAfrica Investment Limited”.

”The company claimed to be an investment company that engages in business development in commercial sectors of the economy and uses the funds in entities under Chinmark Group.jamb results

”The commission hereby notifies the investing public that neither FinAfrica investment Limited nor Chinmark Group is registered by SEC”.

”The investment scheme promoted by these entities are also not authorised by SEC”.

“In view of the above, the general public is hereby warned that any person dealing with the named companies in any capital market-related business is doing so at their own risk.”

The SEC also noted that the attention of SEC had been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“The commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model, hence it is a Ponzi scheme where returns are paid from other people’s invested sum”.

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