The Securities and Exchange Commission (SEC) has sealed off the premises of Dantata Success and Profitable Company, Kano, for engaging in illegal capital market activities.
According to the acting Head of the commission’s Corporate Communications, Efe Ebelo, the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator.
“They do not have registration with the SEC and the Commission has powers according to Section 13 of ISA 2007, to shut down any company carrying out capital market activities without due registration,” she said in a statement.
“Nigerian laws provides that business activities in the country has to be regulated, in this case SEC is supposed to regulate them.”
She noted that the company was collecting funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of 25 per cent and 50 per cent respectively.