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SEC Blacklists 6 Firms

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CEM REPORT, MARKET | To secure the investment ecosystem the Securities and Exchange Commission (SEC) has continued to investigate unregistered firms offering investment services in the country.

In its last crackdown on unregistered firms in the nation, the commission has blacklisted six online trading platforms.

In a circular released Monday, signed by Head of Media, Efe Ebello, the commission stated that financial services offered by the blacklisted firms are not authorised.


The blacklisted firms are Prime Invest and Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited and Axi24.

Others are Evolve Consulting LCC and Trust Fund-Mining Global Pty Limited.

SEC in the circular released advised members of the public to adopt diligence in making investment choices.

“The Commission’s attention has been drawn to the under-listed e-commerce companies and their websites offering online trading platforms to the investing public. They are not registered by the SEC Nigeria and the financial services offered by them are also not authorised.”

“The general public is hereby warned that any person dealing with the e-commerce websites is doing so at his or her own risk.”

Recall a CEM report where SEC warned the public against firms blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB).

CONSOB had since blacklisted five additional e-commerce websites for offering unauthorised and fraudulent financial services.

The blacklisted platforms included capmarketstrategy.io, Bitsterzio, Invest Atlas, Ether-Arena Limited and Ether-Arena Limited operating under venerable.co.

CONSOB had also ordered internet service providers (ISP) operating in Italy to block public access to the blacklisted websites and called on prospective investors to adopt the greatest diligence in making investment choices.

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