Modupe Gbadeyanka
By Modupe Gbadeyanka
Nigerians have been warned against investing in unregistered fund managers luring them with juicy returns for their investment in their companies.
This warning was made by the Securities and Exchange Commission (SEC), which listed of these firms it said operate Ponzi schemes.
The agency said these unlawful/unlicensed investment operators promise their victims huge, but unjustifiable returns on investment, stressing that anyone who puts his/her money in them does so at his/her own risk.
SEC listed names of these “fraudulent schemes as Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment and No Failure Development and Empowerment Nig. Ltd.”
It said others include “MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd, United Capital Investment Company Limited.”
“Members of the public are to note that by virtue of the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, only persons registered with the commission can engage in capital market activities, thus making the actions of these entities listed above unlawful,” SEC said in a statement issued by its spokesperson, Mrs Efe Ebelo.
“Consequently, the general public is hereby advised to refrain from investing in any scheme of the entities listed above, and WARNS that any person who invests in an unlicensed/unlawful scheme does so at his own peril,” the statement added.
Recall that the acting Director-General of SEC, Ms Mary Uduk, had in a recent statement said such outfits were not registered to carry out fund management functions of any sort, stressing that those who stubbornly patronize them end up burning their fingers.
According to her, the capital market has been properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein.
She added that SEC has sustained its investor education programme to assist people understand whatever issues they have around the capital market.
“But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes and we encourage Nigerians to be part of these and others,” Ms Uduk said.
The Acting DG said the SEC is presently undertaking various initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience.
“There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.
“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.
“These fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment. They are the ill wind that blows no good and at whose sight you must flee; they are to be avoided.
“This is one message you must keep spreading to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard–earned money,” she added.
Ms Uduk, therefore, advised the general public to distance themselves from such schemes, adding, “Please note that anyone that subscribes to these illegal activities does so at their own risk.”
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Hnnnnnnmmm, sec or what do they call you, how many nigerians read your article? How many nigerians you and your government has sent to frustrated land of no hope? After you fixed money in bank and bank gives you nothing interest and at the same time use hidden charges to remove your money, and you all know that the economy is really biting hard on many nigerians, now that people are striving to survive with their hard earned money by investing it, you just woke up and freez d account. Pls fear God and don’t increase the heart attack of many nigerians if you can’t relief them of the shock you and your economy has caused them. For ur information, I borrowed the money i used for the investment. Plsssss, for God sake ooo.
Hnnnnnnmmm, sec or what do they call you, how many nigerians read your article? How many nigerians you and your government has sent to frustrated land of no hope? After someone fixed money in bank and bank gives you nothing interest and at the same time use hidden charges to remove your money, and you all know that the economy is really biting hard on many nigerians, now that people are striving to survive with their hard earned money by investing it, you just woke up and freez d account. Pls fear God and don’t increase the heart attack of many nigerians if you can’t relief them of the shock you and your economy has caused them. For ur information, I borrowed the money i used for the investment. Plsssss, for God sake ooo.
This group of people that are saying MBA forex is a scam do not want to see people being aliviated from suffering, this are agents that the devil is using to send so many to death . they think they will have it all for themselves and their children alone little do they know that they are putting their families into that put.
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Then sec should list out list out those companies that are duely registered to prevent people from loosing their hard earn money
Pls have MBA investment sold their house to china
I TRADED WITH MY WIFE $1,000 MBA ONLY PAID FOR SIX MONTHS THAT INVESTED FOR, THE REST IS HISTORY TILL DATE.
There are people saying that they are getting paid by MBA Trading, which simply means that MBA Trading is running a Ponzi scheme. It is just collecting money from people and giving it to others. Newer deposits are used to pay out older profits. That’s how Ponzi schemes operate. The question here is what’s the payment source?
You start “earning” the day you give these guys your funds but the funds are not actually channelled to any forex trading but are laundered.
Recently, they changed their schemes to ensure they hold on to “investors” funds for longer periods. It is just a matter of time before this scam crashes like a pack of cards. I guess that people whose funds are already trapped in this Ponzi will keep writing all sorts in it’s defense but I’ll advise prospective victims to be cautious, your funds will only pay out older investors.
Sorry to say this, but MBA HAS BEEN PAYING ME FOR 2 YEARS NOW AND STILL PAYING, PLEASE DON’T DISCRIMINATE A GOOD CONAONY LIKE MBA, FOREX TRADING IS NOT A PONZI SCAM, THANK YOU
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Licensed Forex Trading is a legitimate business, however, MBA Forex is definitely a Ponzi scheme that uses Forex Trading as a cover.
I will highlight some points below.
Firstly, they do not have the license to engage in capital market activities which they do by sourcing for billions of naira from the general public.
Secondly, most reputable financial institutions who previously were transacting with them have distanced themselves from this MBA Forex Trading and terminated their relationships. The few remaining financial institutions desperately need the investors funds to meet liquidity requirements.
Thirdly, my extensive investigation has shown that the billions invested by the populace are not channeled into Forex Trading but actually are laundered.
Fourthly, after SEC called out MBA forex as a Ponzi scheme earlier this year they quickly changed their name (these info is accessible at CAC).
I understand that there’s limited investment options at the moment but I urge all investors to thread cautiously.
If
Approval ke? The individuals who trade forex as a livelihood, which approval do they have? Plz leave MBA forex out of this. They are legit. Dunno about others. Insecurity is your problem, dear SEC reporter….
Don’t you think that SEC is the greatest ponzi scheme in Nigeria. I invested 80,000 naira in fidelity bank shares in 1996 but today the value is less than 10,000 naira.
Mutual funds was mentioned, which one in particular…. Because I wouldn’t want to go through scamming again, or losing money, please who knows about this mutual fund mentioned by the Sec ?
Hello Sharon, there are a couple of mutual funds from reputable companies like Stanbic IBTC, FGBQuest, United Capital, amongst others.
Don’t you think that SEC is the greatest ponzi scheme in Nigeria? I invested 80,000 naira in fidelity bank shares in 1996,today the value is less than 10,000 naira.
No, it is not. The stock market is a very volatile sector all around the world.
Normally, you are supposed to monitor your investment to take critical decisions to hold, sell or buy more when you see the movement of the market.
It might interest you to know that some investors too bought shares at very low prices many years ago, which are selling high today.
not understand why the policies and agencies we have in Nigeria never do things to benefit the citizens. They always clamp down on life-changing prospects and frustrate people. MBA is really changing lives and this SEC is out to destroy people’s lives. It is very sad and bad. Well I will trade with them, let them eat my money if they like. What has Nigeria done for me? I wish to plead with Mr Maxwell not to stop what he is doing already but be spurred to do more. Generations will not forget how much he changed people’s story. I am a struggling fellow seeking a way to survive and finding one, SEC comes to return me to ground zero. I reject it.
I do not understand why the policies and agencies we have in Nigeria never do things to benefit the citizens. They always clamp down on life-changing prospects and frustrate people. MBA is really changing lives and this SEC is out to destroy people’s lives. It is very sad and bad. Well I will trade with them, let them eat my money if they life. What has Nigeria done for me?
I WANT TO LEARN FOREX TRADING
I will tell my reader today that God and RISK are the vital key to wealth, many are afraid to invest their money in other to earn because they know nothing about this professional work called Forex , I am not MBA staff nor MBA investor but im just here to lit light on some doubting mind. If truly MBA deal with foreign exchange then you have no fear in investing with them , I am also a forex trader with over 10 years of experiences in the market and I also manage account for people and earn the good return even more than MBA. You have nothing to fear about if mba are truly into forex trading and if they know what they are doing they will still go more viral.
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Hello vita
Read more about my personal experience with mba forex here
https://kurotonic.com/forex-investment-companies-in-nigeria/
Is forex trading a ponzi scheme???
don’t the banks trade forex?
Forex trading is not a Ponzi scheme, but SEC is only warning investors to be weary of some companies carrying out capital market operations without approval
Atara Felix. Pls, may I know more about the MBA forex ? Thank you
You are really funny journalist you know
its not on their website or anything, so how do we know this article wasn’t forged
Forged? for what purpose exactly? We have a name to protect. Copy a part of the quotes in the article and paste on Google search engine. Regards
I hope the link from SEC below clears your doubts
https://sec.gov.ng/activities-of-unlawful-market-operators/
Do have a nice day.
So Forex Trading is now part of Capital Market Activities? Please go and read what the definition of Capital Market is and also do some reading on Forex Trading, may be you can enlighten CAC. MBA Forex has no business in that list.
Sec
Please the author of this article should at least add a direct link to where this Information from the SEC was posted. I’m currently on the SEC website and I can’t seem to verify the info.
The article was based on a press statement sent to us by SEC.
https://www.today.ng/news/nigeria/anti-corruption-unit-calls-transparency-ethical-transactions-forex-trading-243967
MBA can never be part of it
https://www.today.ng/news/nigeria/anti-corruption-unit-calls-transparency-ethical-transactions-forex-trading-243967
https://sec.gov.ng/activities-of-unlawful-market-operators/
The SEC spokesperson probably needs an education on what a ponzi scheme is.
Forex trading is no ponzi scheme. I definitely do not know about the other companies listed above, but I’ve worked closely with MBA Forex and I’ve seen their processes…
Almost every industry and sector in our world is being disrupted by technology and unorthodox alternatives. And there’s so much information out there to provide some direction for anyone who wants to advance.
The people who lead our regulatory systems should be smart enough to learn and adapt. Some of the things they learned in school may not hold water anymore. We don’t want to be regulated back into the ice ages.
They should go and research what foreign companies like FTMO are doing…
People have lost faith in our capital markets. Casting aspersion on the alternative won’t fix that. They’ve got more important work to do. They should get on with it.
SEC themselves are thieves. They wait till When many Nigerians have put in lots of money in these companies then thats when they come in close them and freeze their accounts and take possession of the money claiming it will be refunded to the investors which they NEVER do. SEC should say happened to funds recovered from Yaun Dong?
SEC themselves are thieves. They wait till When many Nigerians have put in lots of money in these companies then thats when they come in close them and freeze their accounts and take possession of the money claiming it will be refunded to the investors which they NEVER do. SEC should say happened to funds recovered from Yaun Dong?
SEC is funny. You know they are practicing unlawful activities and you have not shut them down since. It is when millions of Nigerians have put in millions and invited their friends to put in millions that they will wake up one morning and close it down.