By Modupe Gbadeyanka
The office of an alleged illegal capital market operator, Tine God Networks Limited, has been sealed by the Securities and Exchange Commission (SEC)
According to a statement issued by management of the capital market regulator, it took this step following complaints from some investors.
It was gathered that Tine God Networks Limited claims to be an investment company that engages in business development in commercial sectors of the economy and also issues bonds to raise funds for its investment activities.
But upon investigations, it was discovered that the firm does not have the required licence to carry out these duties or registered by the Nigerian government.
Consequently, SEC swooped in to protest investments of unsuspecting investors and sealed off the company.
In the statement issued by SEC, it disclosed that the company does not have a “tangible business model” and therefore described it as a “Ponzi scheme where returns are paid from other people’s invested sum.”
In view of this, depositors have been advised to “submit documentary details of their investments with the company to the commission’s Lagos Zonal Office and Port Harcourt Zonal office on or before May 15, 2017 to facilitate refund of their funds.”
While SEC’s Lagos office is at 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, Victoria Island, that of Port Harcourt is located on 31 Woji road, GRA Phase 2.
Please am a victim of Time God Investment i bought 15 bond at #15000 each. Total #300,000 I have my receipt of payment.
You might have to write SEC
I only just wondered why these idiots young school leavers would just open one stupid blog to carry fake news to destroy other people’s company in the name of accumulating AdSense money. Business post dot ng you called it. Government has a lot to do on you fake bloggers.
Kindly confirm our fake news on SEC website: http://sec.gov.ng/complaints-against-tine-god-networks-limited-illegal-operator/ Thanks