SEC Seals Stockmatch Over Illegal Investment Activities

August 29, 2023
SEC seals Stockmatch

By Aduragbemi Omiyale

The premises of Stockmatch Investments Limited in Maiduguri, Borno State, have been sealed by the Securities and Exchange Commission (SEC).

The company was closed down by the apex regulatory agency in the Nigerian capital market because it was not authorised to sell investment products to the public.

In a statement on Tuesday, SEC accused Stockmatch of carry out illegal investment activities, noting that it took the action to seal off the place in its renewed onslaught against promoters of Ponzi schemes in the country.

According to the commission, the office of the company in Wulari Plaza on Lagos Street Maiduguri was shut down for allegedly carrying out investment operations that fall within the ambit of fund management without registration by the SEC.

“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,” a part of the statement said.

“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,” it added.

SEC has, therefore, 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 by it.

It warned that any member of the investing public dealing with unregistered entities was doing so at his/her own risk.

The agency further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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