A circular by the management of SEC and published on the
commission’s website said the activities of the companies were not registered
by it.
The commission described the business of Poyoyo Investment
(Pilvest) Nigeria Ltd., as a Ponzi scheme, where returns were paid from other
people’s invested money.
”The attention of SEC has been drawn to the activities of an
illegal operator, FinAfrica Investment Limited.
”The company claimed to be an investment company that
engages in business development in commercial sectors of the economy and uses
the funds in entities under Chinmark Group.
”The commission hereby notifies the investing public that
neither FinAfrica investment Limited nor Chinmark Group is registered by SEC.
”The investment scheme promoted by these entities are also
not authorised by SEC.
“In view of the above, the general public is hereby warned
that any person dealing with the named companies in any capital market-related
business is doing so at their own risk,” the circular said.
It also noted that the electronic and WhatsApp messages
being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria
Ltd.
“The commission hereby notifies the investing public that
Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model,
hence it is a Ponzi scheme where returns are paid from other people’s invested
sum,” it added.
Reacting to the circular, Dr Marksman Ijiomah, the Chairman,
Chinmark Group, said FinAfrica Investment Limited was not engaged in capital
market business.
Ijiomah who disclosed that the partnership had been on since
six years said that SEC had never written the company to notify them that their
dealings were not in line with their regulations.
“SEC did not term us a Ponzi scheme in the circular.
“We do not do capital market business, we do not sell stock
or shares. We are not into equity funding.
“What we do is that we have partners who come together and
give us funds to run business and at the end of the month, we give them profit
from the business.
“We do not call it interest, we call it profit.
“We have been doing it for over six years and from that
partnership, we have been able to build a six unit hotel in Enugu.
“We have also built a restaurant in Dubai and these things
are visible for everyone to see,” Ijiomah told NAN.
He added that the company was not into a Ponzi business.
“Our rate is three per cent monthly, that is what we pay.
“SEC has neither invited us nor sent us a circular to say
that what we are doing is not in line with their regulations before they made
the publication,’’ he said.
1 comments:
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