Banking and Finance 15/12/2023
SEC Shuts ‘Ready Finance InSE’ Over Illegal Operations
The Securities and Exchange Commission (SEC) has sealed the office of Ready Finance Investors Limited, which is located at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja for engaging in illegal investment and other capital market activities.
A statement issued by the capital market regulatory commission on Thursday indicated that firm was unregistered, and therefore urged relevant law enforcement agencies to investigate the firm’s act for further prosecution.
The statement reads: “As part of efforts to rid the capital market in Nigeria of fraudulent capital market operators and create a veritable opportunity for legitimate businesses to thrive in the system, the Securities and Exchange Commission (SEC), on Tuesday, December 12, 2023, sealed the premises of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.
An official statement issued by the Commission,indicated that the firm’s office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja was sealed up and shut down for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.
The SEC maintained that Ready Finance Investors Limited was not registered with the Commission to conduct any activities in the capital market, thereby rendering illegal operations, adding that the matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution of the firm.
The SEC further advised the investing public to refrain from subscribing to any product or schemes from the sealed firm, adding that doing so is at the person’s risk.
It would be recalled that the commission has intensified its monitoring enforcement operations over the years to curb the activities of illegal capital market operators.
The regulatory steps include amending its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022 due to the findings from the National Residual Risk Assessment (NRRA) exercise; introduction of new frameworks on the implementation of Targeted Financial Sanctions (TFS), and Risk-based Supervision and guidance on Politically Exposed Persons (PEPs), amongst others.
