ezef2k4:
Chaka, Trove and Bamboo are CSCS certified for stocks listed in the NSE and they have foreign trade partners duly licensed for trade in foreign stocks. I do hope SEC backs down on this. Why is this country hell bent on producing poor citizens.
#sighs#

A quick response from Bamboo is attached.

lkillbrokehoes:
You sound like a low life fraudster. where did I mention that they should ban crypto? seems your brain doesn't work. for your information I trade crypto and I'm an investor too,
my only concern is sec not doing their work appropriately, they let shady investment schemes thrive to the extent that they scam gullible people, it's after those shady investment schemes run away with people's money that you will hear from them

bjtinz:
Sigh. All these illiterates sef.

99% of all comments have no idea of what the story is about. Everyone just bleating about ponzi and the like. SMH

deenee:


How exactly are they trying to survive? By been greedy and putting their hard earned money in ponzi schemes where there is no underlying economic activity.

Somebody is promising you 35% ROI on a monthly basis with no economic activity and y'all jump on it. If it was that easy, they won't be online trying to scam people. Our short cut mentality is the really we keep running round in circles with no meaningful development.

Una never start. I hear somebody invested over 500m naira in one of the online schemes before it went bust, with the promise that they would be paid 40% ROI monthly and after 12 months, principal will be returned. That's a 480% ROI or
N2.4 billion naira return in 1 year and this does not include principal. There is absolutely no business that can generate that kind of return in this prevailing economy. PROVERBS 21:20

I rest my case

bjtinz:
Sigh. All these illiterates sef.

99% of all comments have no idea of what the story is about. Everyone just bleating about ponzi and the like. SMH

ChybuzzDD:


We're talking about investments in foreign stocks, you illiterate, not ponzi schemes!
Can't you guys read and understand for once??

afroxyz:


Bros no need wasting your energy. Its a lost cause.

Someone7:


Bro don't get your panties in a bunch. Not every investment or trading platform is a Ponzi scheme. I'm not trying to justify their actions either. I'm just saying with this administration's appalling Ease of Doing Business and corruption record, not every start up will go to the regulators to get registered.

Proverbs 29:20

ChybuzzDD:


We're talking about investments in foreign stocks, you illiterate, not ponzi schemes!
Can't you guys read and understand for once??

deenee:


So you don't want business and start ups to register yet when they go bust, y'all still go ahead and blame the govt. I tire for una.

blueAgent:


Educated Illiterates.

Someone7:


Don't put words in my mouth Oga. If you no wan understand simple English that's your problem.

studentofTruth:


It's a pity that some people think that the NSEC is addressing Ponzi scheme platforms with this statement.

Actually, in this statement, NSEC is attacking the likes of Trove, Bamboo, and Chaka, which are platforms one can use to invest in foreign stocks from Nigeria.

It seems these big boys that have rendered the NSE a pump and dump exchange are pressuring NSEC to prevent Nigerians from investing in foreign stocks so that they will have no option than to bring their money to the NSE, offering them more money for their schemes. They have noticed that Nigerians are leaving their fraud-laden NSE for them.

Funny enough, the NSE is not acutally but but a lot of coys listed on the NSE are the problem and they haven't given young people a bit of inclusive participation it is just old bankers running show. Very soon their circus would come to an end.


You see why I need to leave this country that is always trying to cage us.

afroxyz:


Very glaring. They saw online and investment and assume its ponzi. These same numbskulls would be policy makers tomorrow. That's why less than 500k nigerians have investments in TB and Mutual funds.

addexx:
Racksterlians won't like this.

Depressedkidd:

True this. When I started crypto I had just 15k. I had the knowledge but I didn't have the funds. I wanted to get some capital from some senior men I'd run errands for. But knowing that crypto market is very volatile I decided to do with my 15k. Now it's up to 28k. It's not big, but I decided to play the long game and HODL some coins for some months. Any losses or profits I make will be on me and I'll be at peace with it. I'm not panicking cos it's never too late to enter crypto. There'll always be new projects coming up. So if I get to 30k, I'll split my profits and buy other coins and keep going till I can diversify my portfolio as much as I can.

deenee:


While I think that the SEC pronouncement is ill-timed, I will also have to disagree with your comment.

Not everything should be drawn along the lines of tribal sentiment or me vs them or we against the government/ruling class trajectory.

The SEC has the primary duty to regulate the capital market and by so have every right to use the power in the Investment and Securities Act to act in this regard.

For record, the era of pump and dump expired over 10-15 years ago on the NSE, secondly the NSE is mainly driven by activities of institutional investors and I can tell you for free that they prefer it that way for liquidity and control of ownership.

Finally, even the foreign markets that we are all praising are fraught with fraud at even mind boggling levels.

Go and read up on Gamestop and Bill Hwang of Arhegos Capital.

studentofTruth:


It's a pity that some people think that the NSEC is addressing Ponzi scheme platforms with this statement.

Actually, in this statement, NSEC is attacking the likes of Trove, Bamboo, and Chaka, which are platforms one can use to invest in foreign stocks from Nigeria.

It seems these big boys that have rendered the NSE a pump and dump exchange are pressuring NSEC to prevent Nigerians from investing in foreign stocks so that they will have no option than to bring their money to the NSE, offering them more money for their schemes. They have noticed that Nigerians are leaving their fraud-laden NSE for them.


You see why I need to leave this country that is always trying to cage us.

lalasticlala:
SEC NIGERIA

Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets

08/04/2021.

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions.

These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission. The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any Exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, CMOs who work in concert with the referenced online platforms are hereby notified of the Commission's position and advised to desist henceforth. The Commission enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.

Signed Management

Kennyking1234:
smart