On wednesday, Securities and Exchange Commission (SEC) sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in unregistered investment operations which fell short of fund management.

The commission in a statement said: “They do not have register with the SECURITY 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 provide that business activities in the country have 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 percent and 50 percent depending on nature and investment type”, the commission explained.

SEC further revealed that the company indicated a registration period, between February 5th to February 15th, in one of its notices directing customers to make deposits into their bank accounts.

It added: “The company sells its forms to prospective investors according to their investment plans ranging from N1,000 to N3,000. The minimum amount investable is N50,000 while the maximum is N5,000,000

Read more >>
https://www.nigeriaessence.com.ng/ponzi-scheme-sec-shuts-down-dantata-a-success-and-profitable-company-in-kano/