The Securities and Exchange Commission (SEC) has dispelled insinuations in some sections of the media that MBA Capital and Trading Ltd is a registered Capital Market Operator (CMO) with the Commission.
This was contained in a statement signed by SEC Management on Tuesday.
The statement reads: “The attention of the Securities and Exchange Commission (the Commission”) has been drawn to a publication in one of the National Daily Newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay reportedly stated that he had verified ‘online’ and ascertained that the company was registered with the Commission.
“The Commission wishes to inform the general public that MBA Capital and Trading Limited has never been registered by the Commission. The Commission also uses this medium to remind the general public that by virtue of Section 38 (1) of the Investments and Securities Act (ISA) 2007, only persons and institutions registered with the Commission are permitted to engage in capital market activities.
“The Commission, therefore, 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. A list of registered capital market operators is available on the Commission’s website (http://sec.gov.ng/cmos/).”