SEC Warns Nigerians Against Investing With FinAfrica, Poyoyo

The Securities and Exchange Commission (SEC) has warned the public against dealings with FinAfrica Investment Ltd and Poyoyo Investment.

The regulator gave this warning via a circular published on the commission’s website.

Grassroots.ng understands that the two companies are not registered to operate in the Nigerian capital market, particularly labelling Poyoyo Investment as a Ponzi scheme, where returns were paid from other people’s invested sums.

”The commission hereby notifies the investing public that neither FinAfrica investment Limited nor Chinmark Group is registered by SEC.

”The investment scheme promoted by these entities are also not authorised by SEC.

“In view of the above, the general 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,” the disclaimer read in part.

The capital market regulator also noted the circulation of WhatsApp messages by promoters of Poyoyo Investment (Pilvest) Nigeria Ltd. seeking undiscerning investors.

“The commission hereby notifies the investing public that 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,” it added.