The Securities Exchange Commission says it has sealed the premises of Ready Finance Investors Limited for engaging in illegal investment and other capital market activities.
The commission in a statement on Thursday, said the exercise was part of efforts to rid the capital market in Nigeria of fraudulent capital market operators and create a veritable opportunity for legitimate businesses to thrive in the system.
The statement explained that the firm’s office located in Garki Area of Abuja was sealed and shut down on Tuesday for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme.
“The scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes,” the statement added.
It stated that Ready Finance Investors Limited “is not registered with the Commission to conduct any activities in the capital market, rendering its operations and activities therein illegal. The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution.”
