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Illegal Capital Market Operator Jailed in Kaduna

By Dipo Olowookere

An illegal capital market operator has been jailed for five years by a Federal High Court Kaduna Division.

The convict, Mr Moses Samanja, is the managing director of Marian Moses Ventures Limited.

According to a statement issued by the Securities and Exchange Commission (SEC), the judgment was passed on October 27, 2016.

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It was further disclosed that the Corporate Affairs Commission (CAC) has been directed to “wind up Marian Moses Ventures Limited, while funds in the accounts of the firm should be used to restitute its clients.”

Mr Samanja was said to have used Mariam Moses Ventures Ltd to solicit and collect “deposits from unsuspecting members of the public with unrealistic return on investment without a SEC registration or CBN licence.”

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SEC said this conviction “serves as warning to perpetrators of illegal investment schemes that regulators will not ‘fold their arms’ in the fight against the activities of illegal Fund/Investments Managers.”

It advised “investing public to always demand for a SEC Registration or CBN License before making deposit or subscribing to a scheme promoted by any firm.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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