SEC shuts down ‘ponzi firm’ Tine God Networks over fraud

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has sealed off the premises of Tine God Networks Limited as part of efforts to curb activities of illegal operators of fraudulent investment schemes.

SEC in a public notice stated that Tine God Networks had been claiming to be an investment company that engages in business development in commercial sectors of the economy.

It has also been issuing bonds to raise funds for its investment activities.

The Commission stated that it had received complaints that Tine God Networks Limited was engaging in capital market activities without registration and any verifiable business model.

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SEC warned the investing public that the operation of the company has no tangible business model; hence it is a ponzi scheme where returns are paid from other people’s invested sum.

“In view of the above, the general public is hereby informed that the premises of the company have been sealed up by the Commission and depositors are 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,” SEC stated.

It should be recalled that the Federal High Court, Kaduna division, had handed down a five-year imprisonment term against one Moses Samanja, managing director of Marian Moses Ventures Ltd.

The court also ordered that the Corporate Affairs Commission (CAC) should wind up the company and use the funds in its accounts to restitute its clients.

Mariam Moses Ventures Ltd was convicted for soliciting and collecting deposits from unsuspecting members of the public with unrealistic return on investment without any registration by SEC or the Central Bank of Nigeria (CBN).

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