SEC NIGERIA SEALS UP ILLEGAL MARKET OPERATORS

The Securities & Exchange Commission of Nigeria (SEC) has sealed up the offices of two illegal capital market operators in Nigeria.

 According  to Twp different notices posted on its website, the companies go by the name Tine God Networks Ltd and Yuan Dong (YDEC).

Tine God, according to SEC claims to be an investment company and issues bonds to unsuspecting public but it is not registered neither is it authorised to issue bonds or any security.

SEC says the company's investment scheme has no model and advised any one who invested money in it to contact SEC Port Harcourt and Lagos zonal offices with documentary proof for refund on or before May 15, this year.

The second company, YDEC claims to run a resources investment account into which people could deposit between N10,000 and N240,000 for minimum of 30 days and maximum of 10 months.

In return such depositors will be paid between N80 and N2400 daily, depending on the investment category.

There is also payment of bonuses to those who convince others to deposit money.

They claim to have offices throughout the country but SEC found only three functional offices in Asaba, Kano and Abuja.

These have been sealed up and the promoters already in the net of the Police undergoing interrogation.

These premises were sealed up on Thursday February 23 and SEC had no further word yet for any one who has invested in their so-called investment schemes.

Meanwhile, the suspension placed on a registered capita market operator, Northbridge Investment & Trust Ltd, and its sponsored individuals, says SEC Nigeria, has been lifted since February 16 paving the way for them to operate again.

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