Fakoyejo OlalekanSix online trading companies have been blacklisted by Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC).
The blacklisted companies are Prime Invest and Primeinv co, FXBoxed, New Finance LLC and New Fx Limited, as well as Axi24.
Others on the list are Evolve Consulting LCC, and Trust Fund- Mining Global Pty Limited, according to a statement obtained on Monday, but dated 27 April 2023.
The Securities and Exchange Commission said the companies are not authorised to operate an e-commerce platform in Nigeria.
It was disclosed that they are not registered by SEC Nigeria, hence, their prohibition from offering financial services within the country.
According to the statement by SEC’s management obtained on Monday, May 1, but dated 27 April, the capital market regulator warned the public against transacting with the companies.
SEC said any individual in business dealings with Prime Invest and Primeinv co, FXBoxed, New Finance LLC and New Fx Limited, as well as Axi24, Evolve Consulting LCC, and Trust Fund- Mining Global Pty Limited, are doing so at their own risk.
The regulator advised the public to be vigilant and adopt diligence when making investment choices. SEC has often stated that any digital trading company not among its list of e-commerce on its website is risky to Nigerians, as their activities are not regulated by a government authority.
“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 authorized,” SEC said in the statement.
“Members of the public are advised to adopt the greatest diligence in making investment choices. In view of the above, the general public is hereby WARNED that any person dealing with the above mentioned e-commerce websites is doing so at his/her own risk,” SEC added.
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