SEC Takes Action Against Alleged Ponzi Scheme; Seals Ready Finance Investors Limited

 

The Securities and Exchange Commission (SEC) has taken decisive action against Ready Finance Investors Limited, sealing its premises at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, Garki, Abuja. The closure occurred on Tuesday, as the company is accused of engaging in illegal investment and other unauthorized capital market activities.

In a statement, SEC revealed that the financial firm was offering a variety of investment services and schemes resembling a covert Ponzi scheme. The modus operandi involved luring clients with promises of fixed returns on investment based on the subscribed package.

Crucially, Ready Finance Investors Limited is not registered with the commission, rendering its operations illegal in the capital market. The matter has been referred to law enforcement agencies for criminal investigation and eventual prosecution.

SEC cautioned individuals against subscribing to any of the company’s products or engaging in any capital market-related business with Ready Finance Investors Limited, emphasizing that such actions would be at the individual’s own risk.

Beyond the closure of the company’s premises, SEC is actively working to curb the operations of illegal capital market operators in Nigeria. This includes amendments to its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022, aligning with findings from the National Residual Risk Assessment (NRRA) exercise. The commission has also introduced new frameworks addressing Targeted Financial Sanctions (TFS), risk-based supervision, and guidelines on Politically Exposed Persons (PEPs), among other measures.