SEC seals Stockmatch Investments over illegal investment in Borno

The Securities and Exchange Commission, on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State, over allegations on illegal investment activities.

In a statement, SEC said the move was part of its commitment to ensure that unregistered entities were not allowed to carry out capital market functions

According to the commission, the office of the company in Wulari Plaza on Lagos Street Maiduguri, was shut down for carrying out investment operations that fell within the ambit of fund management without registration by the SEC.

It stated, “This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down

“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.” Punch