SEC shuts Stockmatch Investment Ltd over alleged illegal activities

The Securities and Exchange Commission (SEC) has sealed the premises of Stockmatch Investments Limited in Maiduguri, the Borno capital, for allegedly engaging in illegal investment activities.

In a statement on Tuesday, the regulator said the move was part of its commitment to ensure that unregistered entities were not allowed to carry out capital market functions.

SEC said the office of the company in Wulari Plaza, Lagos street, Maiduguri, was shut down for carrying out investment operations that fell within the ambit of fund management without being registered by the commission

“This company does not have registration of the SEC to conduct fund management activities and has 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 it down,” the statement reads.

“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.

“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″.

SEC advised the public to always confirm from it whether an entity providing investment services has been duly registered and whether the investment schemes are authorised.

The commision warned that any Nigerian dealing with unregistered entities was doing so at his/her own risk.

SEC further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website.