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Nigeria shuts three companies for alleged fraudulent activities

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The Securities and Exchange Commission (SEC) has ordered the closure of three investment companies for alleged fraudulent activities.

The commission in a statement issued on Monday accused the companies – Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment – of luring investors with exorbitant Return on Investment (ROI) rates without operational license.

SEC stressed that the clampdown on the three companies was in line with its powers under Section 13 (w) Investments and Securities Act 2007.

READ ALSO: Five companies pay N400bn in taxes to Nigerian govt

The statement read: “These companies do not have registration of the SEC to conduct fund management activities and have 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 them down.

“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.”

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