SEC, FCCPC suspend activities of loan sharks

The Securities and Exchange Commission (SEC) has sealed the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro-Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise for illegally engaging in capital market activities.

Similarly, The Federal Competition Consumer Protection Commission, FCCPC, says activities of loan shark apps it raided on Friday have been suspended pending the outcome of its investigations. 

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Recall that the commission with joint security agencies raided the platforms of GoCash, Okash, EasyCredit, Kashkash, Speedy Choice and Easy Moni over privacy infringement and illegal operations.

The Executive Vice Chairman/Chief Executive Officer of FCCPC, Babatunde Irukera, in a statement yesterday stated that in addition to the physical operation, it has served orders on freezing and suspending their accounts.

Irukera added that the commission has also served “wide ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce the withdrawal of certain applications where evidence has established inappropriate conduct or use of the application in violation of the rights of consumers.”

The SEC also said the offices of the companies it sealed in Lagos, Port Harcourt and Abuja were shut down for carrying out investment operations that fall within the ambit of fund management without registration with the apex regulator contrary to the provisions of the Investments and Securities Act 2007.

In a statement by the SEC, “These companies do not have registration of the SEC to conduct fund management activities and have 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 them down.