The Securities and Exchange Commission (SEC) has taken decisive action by shutting down the operations of Ready Finance Investors Limited in Abuja. The company, located at AYA Memorial Plaza, Area 11, Garki, was found to be engaged in illegal investment activities resembling a ponzi scheme.
In a statement released in Abuja, the SEC emphasized that this move is part of a concerted effort to cleanse the market of fraudulent capital market operators. The goal is to pave the way for legitimate businesses to thrive and provide investors with a safe and secure environment.
Ready Finance Investors Limited had been enticing clients with promises of fixed returns on their investments, based on the specific package they subscribed to. However, the SEC revealed that the company is not authorized by SEC to carry out any activities in the capital market, effectively rendering its operations illegal.
The Commission sternly warned the public against engaging with the company, cautioning that any involvement with Ready Finance Investors Limited would be at the individual’s own risk. Furthermore, the matter has been handed over to law enforcement agencies for criminal investigation and subsequent prosecution.
In addition to this bold action, the SEC has been actively amending its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022. These measures align with the outcomes of the National Residual Risk Assessment (NRRA) exercise, demonstrating the Commission’s unwavering commitment to ensuring the integrity of the capital market.
This move by SEC reinforces its dedication to safeguarding investors and maintaining the integrity of the capital market. It sends a clear message to all operators that fraudulent activities will not be tolerated, and robust measures will be taken to uphold the law and protect investors.
By dismantling illegal operators like Ready Finance Investors Limited, the SEC is laying the groundwork for a transparent and secure investment landscape, where legitimate businesses can prosper, and investors can make informed decisions with confidence.
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