Victims of Dantata Success Investment Scheme to be Settled Soon

February 24, 2020
Dantata Success and Profitable Company

Those who invested in the Ponzi scheme of the defunct Dantata Success and Profitable Company (DSPC) would have their claims settled very soon, the Securities and Exchange Commission (SEC) has assured.

In a statement issued Sunday by the spokesperson of SEC, Mrs Efe Ebelo, subscribers of investment scheme were asked to further remain patient as efforts are being done underground to defunct Dantata Success and Profitable Company that it is discussing with all parties with a view to settling claims of subscribers.

Bring succour to them.

The agency said though the verification of their claims has been completed, discussions are presently being held with the administrators/trustees and the management of the DSPC with a view to settling the claims of subscribers.

“The commission urges members of the public who subscribed to the schemes to be calm as all efforts are being made to resolve the matter.

“The commission remains committed to its core mandate of protecting investors and assures the general public that it shall perform this function in line with extant securities legislation,” the statement said.

SEC urged members of the public to always cross check on its website details of any organisation asking them to invest in any capital market transactions. It said the online platform, contains list of registered companies approved to carry out investment schemes in Nigeria.

“Further information on progress being made will be communicated to the public,” the statement added.

Recall that the SEC had sealed off the premises of DSPC for engaging in illegal capital market activities. Dantata Success reportedly solicited funds from unsuspecting members of the public and did not register with the commission before going into investment operations that fall within the purview of fund management.

It sold registration forms to prospective investors according to their investment plans, ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5 million, luring unsuspecting investors with returns of monthly interest on the investment of between 25 and 50 percent, depending on the nature and type of the investment.

The investment period of the scheme was pegged at a minimum of 30 working days and a maximum of 12 months with an offer of interest rates on a short and medium-term basis.

In one of its numerous notices, the company, which claimed to be involved in trading, general merchandise supply, oil and gas, transportation, import, export, and general contract, directed all prospective customers to make deposits into designated bank accounts.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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