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The Securities and Exchange Commission (SEC) has taken decisive action by closing the premises of Ready Finance Investors Limited due to its involvement in illicit investment activities and other unauthorized capital market operations.
In an official statement released in Abuja, the SEC announced the closure of Ready Finance Investors Limited’s office situated at AYA Memorial Plaza, Area 11, Garki, Abuja. The regulatory move was prompted by the company’s suspected engagement in financial investment services resembling a clandestine Ponzi scheme.
The SEC highlighted that this action is part of a broader initiative to eradicate fraudulent practices perpetrated by capital market operators, thereby fostering an environment conducive for legitimate businesses to flourish.
Ready Finance Investors Limited allegedly attracted clients by making commitments of fixed returns on investments, contingent upon the specific subscription package chosen by the client. Importantly, the SEC clarified that Ready Finance Investors Limited lacks the necessary registration with SEC to conduct any activities in the capital market, rendering its operations illegal.
The Commission issued a public advisory cautioning against engaging with the company, emphasizing that any person dealing with Ready Finance Investors Limited does so at their own risk. The SEC has escalated the matter to law enforcement agencies for criminal investigation and potential prosecution.
Additionally, the SEC has intensified its efforts to combat illegal activities in the capital market through regulatory measures, including the amendment of its Anti Money Laundering and Countering the Financing of Terrorism Financing (AML/CFT/CPF) Regulation 2022. These actions align with the outcomes of the National Residual Risk Assessment (NRRA) exercise, among other regulatory considerations.
The SEC remains committed to upholding the integrity of the capital market and safeguarding the interests of investors.
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