The Securities Exchange Commission has taken decisive action against Ready Finance Investors Limited, sealing its premises in Abuja due to its involvement in illegal investment and other unauthorized capital market activities.
This move is part of the SEC’s ongoing efforts to eliminate fraudulent operators in the Nigerian capital market and foster an environment conducive to the growth of legitimate businesses.
In a statement released on Thursday, the SEC outlined that the closure of Ready Finance Investors Limited’s office in the Garki Area of Abuja occurred on Tuesday, December 12, 2023.
The SEC expressed concerns about the company’s financial investment services and schemes, which raised suspicions of operating a covert Ponzi scheme.
According to the statement, the company lures clients with promises of fixed returns on investment based on specific subscription packages.
“The scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes”, the statement added.
However, the SEC clarified that Ready Finance Investors Limited “is not registered with the Commission to conduct any activities in the capital market, rendering its operations and activities therein illegal. The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution”.
The statement emphasized that the general public should exercise caution when dealing with the company, as subscribing to its products or engaging in any capital market-related business with Ready Finance Investors Limited poses inherent risks.
