The Securities and Exchange Commission sealed Stockmatch Investments Ltd’s premises in Maiduguri, Borno State, on Tuesday due to suspicions of illicit investment activity.
The SEC stated in a statement that the move was part of its commitment to ensuring that unregistered organisations did not perform capital market functions.
According to the commission, the company’s headquarters in Wulari Plaza on Lagos Street Maiduguri was closed down for carrying out investment transactions that were under the purview of fund management without SEC registration.
It stated, “This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down
“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.”
