SEC Shuts Down Ponzi Scheme In Kano — Leadership Newspaper

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The Securities and Exchange Commission (SEC) has sealed off the premises of Dantata Success and Profitable Company, Kano for engaging in illegal capital market activities,

According to a statement from the Commission, the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator.

According to SEC, “They do not have registration with the SEC and the Commission has powers according to Section 13 of ISA 2007, to shut down any company carrying out capital market activities without due registration. Nigerian laws provides that business activities in the country has to be regulated, in this case SEC is supposed to regulate them.”

The strategy of the company is to solicit for funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of between 25 per cent to 50 per cent  depending on the nature and investment type.

They also indicated…



Source: Leadership Newspaper