Last week, the Securities and Exchange Commission (SEC), sealed the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro-Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities.
Also, the Federal Competition and Consumer Protection Commission (FCCPC), has been on a rampage to clear the country of illegal digital banks and financial institutions. Just yesterday, the FCPCC said it has frozen the accounts of some money lenders being investigated for violating the rights of consumers.
Many Nigerians, including those who should know better, have over the years lost huge about of hard earned monies to so called ‘investment schemes’. Some have lost life’s savings in the process.
According to an Annual Report of the Nigeria Electronic Fraud Forum, the Nigerian investing public lost N11.9 billion to the MMM and over N28.7 billion was invested in the scheme between June and December 2016.
The report further revealed that N28.7 billion was the actual amount of money that passed through the Nigeria Inter-Bank Settlement System Plc and involved only 14 banks currently on the NIBSS Industry Anti-fraud System. The report noted that the loss could be much higher than the figures quoted.
Also, the Nigerian Deposit Insurance Corporation, revealed that an estimated three million Nigerians lost N18 billion to the MMM between 2015 and 2016, while over N106…
