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The Securities and Exchange Commission (SEC) has warned the general public that any person dealing with Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State in any capital market related business is doing so at his/her own risk.
The SEC said Ottiwu engages in capital market activities without registration within Anambra State and its environs.
“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the Commission before engaging in such activities.
“It is therefore illegal to carry on any kind of capital market business without registration”, SEC said in a warning posted on its website.
Also, the SEC said its attention has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net).
According to the apex regulator of Nigerian capital market, “the platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30%”.
“The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it is a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission,” SEC noted.
SEC has advised the general public to distance themselves from both Ottiwu and the online scheme, saying that anyone that subscribe to these illegal activities does so at his/her own risk.
