SEC Issues Warning To Nigerians Dealings With FinAfrica And Poyoyo Investments

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SEC To Release A Revised Master Plan
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The Securities and Exchange Commission (SEC) has warned Nigerians not to do business with FinAfrica Investment Ltd or Poyoyo Investment.

The regulator issued a warning on its website, explaining that the companies’ activities were not authorized.

The SEC declared FinAfrica an illegal operator, claiming that they are an investment company focused on developing commercial sectors of the economy.

According to the circular, the firm insisted that the funds be used in entities under the Chinmark Group.

It did, however, inform investors in Nigeria that neither FinAfrica Investment Limited nor Chinmark Group are registered with the SEC.

The SEC emphasized that the entities’ schemes are not sanctioned by the government.

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“The general public is hereby advised that any person dealing with the named companies in any capital market-related business does so at their own risk.”
SEC stressed that the scheme promoted by the entities are not permitted by the government.

“The 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.”

SEC also mentioned electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“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,” the statement added.

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Marksman Ijiomah, Chairman, Chinmark Group, told the News Agency of Nigeria (NAN) that FinAfrica was not engaged in capital market business.
The SEC also stated that electronic and WhatsApp messages were sent to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“Poyoyo Investment (PILVEST) Nigeria Limited has no tangible business model, so it is a Ponzi scheme in which returns are paid from other people’s invested sums,” the statement continued.

Marksman Ijiomah, Chairman of the Chinmark Group, told the News Agency of Nigeria (NAN) that FinAfrica was not involved in the capital market.

Ijiomah revealed that the SEC had never written to the company in six years to complain about their dealings.

“The SEC did not refer to us as a Ponzi scheme in the circular. We are not in the capital market, and we do not sell stock or shares. We do not provide equity funding.

“We have partners who come together and give us funds to run the business, and we give them profit at the end of the month.”

“Before they made the publication, the SEC did not invite us or send us a circular to say that what we are doing is not in accordance with their regulations,” he said.