SEC issues investors alert over the activities of Partnership Inv

The Securities and Exchange Commission, Nigeria (SEC) has raised an alarm that its attention has been drawn to an electronic message being circulated to investors on behalf of Partnership Investment Company Plc and its subsidiaries captioned “Re Partnership Investment Company Plc. Restructuring and Re-organization: A Plan to Pay All Creditors/Customers”.

“The electronic message indicates a proposal to investors who lost monies to Partnership Investment Company Plc and its subsidiaries, especially Partnership Securities Limited to sign up to participate in a repayment plan with two options namely.

“Option A, which is 3 years’ repayment plan. This includes taking a cash payment or accepting equity in a company to be registered and listed on the Nigerian Stock Exchange, or Option B which involves the investors accepting payment of only 50% of their investment payable within 12 months.

“The Commission hereby notifies the public that following the hearing of the complaints against the Partnership Investment Company Plc and its subsidiaries in June 2017, the Administrative Proceedings Committee (APC) of the Commission cancelled the registration of the Partnership Investment Limited and Partnership Securities Limited and banned the Principal Officers/actors from participating in the capital market.

“Please be further informed that the conduct of the Partnership Investment Company and its subsidiaries on restructuring is very suspicious and appears to be an attempt to scuttle the directives of the APC.

“In view of the above, the general public is hereby WARNED to be wary of the proposal and hereby direct Partnership Investment Company Plc and its subsidiaries to submit their repayment plan officially to the Commission for the protection of affected investors”. SEC said.