{"id":45532,"date":"2020-12-20T14:21:21","date_gmt":"2020-12-20T13:21:21","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=45532"},"modified":"2020-12-20T14:21:21","modified_gmt":"2020-12-20T13:21:21","slug":"sec-nigeria-disclaims-famzhi-interbiz-limited","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-nigeria-disclaims-famzhi-interbiz-limited\/","title":{"rendered":"SEC Nigeria Disclaims Famzhi Interbiz Limited"},"content":{"rendered":"<div dir=\"ltr\">\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">The Securities and Exchange Commission, SEC has disclaimed the activities of Famzhi Interbiz Limited as neither the entity nor the illegal products they offer are registered or regulated by the Commission.<\/span><\/p>\n<\/div>\n<div dir=\"ltr\">\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">According to the SEC, \u201cThe attention of the Securities and Exchange Commission (the Commission) has been drawn to the illegal fund management operation conducted by\u00a0<\/span><span class=\"yiv3859281027s2\">FAMZHI INTERBIZ LIMITED<\/span><span class=\"yiv3859281027s1\">.<\/span><\/p>\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">\u201cThe Commission wishes to inform the public that\u00a0<\/span><span class=\"yiv3859281027s2\">FAMZHI INTERBIZ LIMITED<\/span><span class=\"yiv3859281027s1\">\u00a0is not registered to operate in the Nigerian Capital Market. The company had applied to the Commission for registration to operate in the capital market but was unable to fulfil certain regulatory pre-conditions required for the grant of registration.<\/span><\/p>\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">The SEC stated that despite not being registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on product(s) neither registered nor approved by the Commission, with the promise of a guaranteed return on investment in clear violation of the Securities and Investment Act (ISA) 2007.<\/span><\/p>\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">Consequently, the Commission stated that it has referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.<\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv3859281027p1\"><span class=\"yiv3859281027s1\">In view of the above, the SEC therefore advised the general public to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission\u2019s website\u00a0<a href=\"https:\/\/sec.gov.ng\/cmos\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" shape=\"rect\">https:\/\/sec.gov.ng\/cmos\/<\/a>\u00a0or by visiting any of the Commission\u2019s offices.<\/span><\/p>\n<\/div>\n<div dir=\"ltr\">\n<p><span class=\"yiv3859281027s1\">\u201cFurthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his\/her own risk\u201d the SEC stated.\u00a0<\/span><\/p>\n<\/div>\n<div dir=\"ltr\">Photo Caption : From Left&#8211;Head Securities and Investments\u00a0Services Department, Securities and Exchange Commission Mr Abdulkadir Abbas,<\/div>\n<div dir=\"ltr\">Senior Adviser to the Vice President on Fiscal and Macro-Economic Matters Dr Olabode Oyetunde and Senior Adviser to the President on Economic Matters Amb Dipeolu Adeyemi during the Public Hearing by the<\/div>\n<div dir=\"ltr\">Senate Committee on Finance, Custom, Excise and Tariff, Investment and<\/div>\n<div dir=\"ltr\">Public Procurment on Finance Bill 2020 at the National Assembly recently<\/div>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission, SEC has disclaimed the activities of Famzhi Interbiz Limited as neither the entity nor the illegal products they offer are registered or regulated by the Commission.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":45533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"coauthors":[2391],"class_list":["post-45532","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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