Famzhi Interbiz Ltd Not Licensed To Operate As Fund Manager—-SEC

The Securities and Exchange Commission, SEC has disclaimed the activities of Famzhi Interbiz Limited, stating that neither the entity nor the products it offers are registered or regulated by the Commission.

The Commission stated on Sunday that the company is not registered to operate in the Nigerian Capital Market and as such, no investor should put their funds in any of its investment securities.

The SEC explained tbat while the company had applied to the Commission for registration to operate in the capital market, it was unable to fulfil certain regulatory pre-conditions required for the grant of registration.

It stated that despite not registered by the Commission, the company had proceeded to unlawfully solicit funds from the investing public on products either not registered nor approved by SEC.

The Commission urged the investing public to disregard the promise of a guaranteed return on investment as this was a clear violation of the Securities and Investment Act 2007.

It said, “The attention of the Securities and Exchange Commission has been drawn to the illegal fund management operation conducted by FAMZHI INTERBIZ LIMITED.

“The Commission wishes to inform the public that FAMZHI INTERBIZ LIMITED is not registered to operate in the Nigerian Capital Market.”

The Commission said that in order to protect investors, it had referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria.

“In view of the above, the SEC therefore advised the general public to always confirm the registration status of any entity offering fund management or any other capital market services from the Commission’s website.

“Furthermore, any person who subscribes to any product of an unregistered entity or enters into any dealing with an entity, does so at his/her own risk,” it stated.