Don’t Transact Business with Marino FX Ltd, SEC Warns Public

* Says company is not registered

Ndubuisi Francis in Abuja 

The Securities and Exchange Commission (SEC) has warned the public against transacting any business with Marino FC Limited, saying the company is not registered by the commission to operate in any capacity in the capital market in Nigeria.

SEC’s warning was issued via a notice in Abuja, Wednesday. 

The commission said: “We hereby notify the public that Marino FX Ltd who is parading itself as a SEC-licensed cryptocurrency exchange is NOT registered or licensed by the SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges. 

“Any claim to the public by the company of its registration or licence by the SEC is false and misleading.”

The commission therefore advised the public to exercise caution and refrain from engaging with Marino FX Ltd or any of its representatives. 

It stressed that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment and expressed its commitment to protecting investors in the Nigerian capital market while working diligently to curb scams and other fraudulent activities.

The commission urges Nigerians to contact it for inquiries or to verify the status of any capital market operator via +2342094621168-9, registration@sec.gov.ng, and https:/sec.gov.ng/cmos/. 

A public hearing was last week held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20 million or 10 years imprisonment or both for Ponzi scheme operators.

The Director-General of SEC, Dr Emomotimi Agama, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi schemes.

He said that SEC introduced an express prohibition of Ponzi/Pyramid schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.

The commission, he explained, had observed areas which required review in the ISB 2007 to strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.

Agama said the move was to reposition the market to catalyse national economic transformation.