“Don’t Deal With Them”: SEC Names Prime Invest, 5 Other Blacklisted Online Trading Platforms, Warns Nigerians
- The Securities and Exchange Commission (SEC) has warned Nigerians against investing in blacklisted online trading platforms
- The commission said the blacklisted platforms are operating illegally and are unregistered
- The SEC added that the online trading firms are also not authorised to operate in Nigeria
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The Securities and Exchange Commission (SEC) has announced the blacklisting of six online trading platforms.
The move follows the commission's ongoing crackdown on illegal and unregistered online trading platforms purportedly offering vague investment and financial services and products.
Source: UGC
According to Punch, the firms include FXBoxed, Axi24, Evolve Consulting LCC, Trust Fund- Mining Global Pty Limited, Prime Invest and Primeinv.co.
The commission stated that the companies that have been blacklisted do not have the legal authorisation to conduct such financial services.
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It added that the companies are also not registered by the SEC to operate in Nigeria.
In a related move, the SEC opened a portal for fintech firms operating or seeking to operate in the Nigerian Capital Market. The commission revealed that the move was predicated on the basis of its earlier announcement of a roll-out of the SEC Regulatory Incubation program.
The SEC stated:
This is to inform you that the portal for submitting applications is now ready to receive applications from Cohort 001/23, from 28/04/2023 to 26/05/2023. Cohorts will be announced at specific times.
SEC blacklists Italian e-commerce companies, warns Investors
In related news, Legit.ng had reported that the SEC had sounded alarm about investing in four blacklisted Italian e-Commerce platforms.
The SEC warned Nigeria's investing public to stop dealing with the four companies.
The regulatory body said in a statement that authorities in Italy blocked the four companies over fraudulent trading activities and offering unauthorised financial services.
In addition, the commission urged investors to apply due diligence to make informed decisions.
Google begins removal of loan apps without FCCPC license from store
Recall that Legit.ng reported that Google has said it will start to remove loan apps without licensing documents from Play Store in line with its new policy guideline.
Following the new guideline from the tech giant, loan apps operating in Nigeria are now required to provide approval documentation from the Federal Competition and Consumer Protection Commission (FCCPC) or be removed from the Store from January 31, 2023.
The new Google policy guidelines affect loan apps in Nigeria, Kenya, India, the Philippines and Indonesia, known to be the operational bases of unregistered loan apps.
According to Google, the policy applies to apps offering loans directly to customers with third-party lenders.
Source: Legit.ng
