SEC blacklists six e-commerce companies over illegal trading

NIGERIA’S Securities and Exchange Commission (SEC) has blacklisted six e-commerce companies for operating without registration and for engaging in dubious financial services not authorised by the commission.

The SEC disclosed this in a circular on Monday, May 1, warning the investing public to steer clear of the companies.

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It stated,  “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 unregulated online trading platforms SEC blacklisted are Prime Invest, FXBoxed and New Finance LLC & New Fx Limited.

    The others are Axi24, Evolve Consulting LCC, and Trust Fund  Mining Global Pty Ltd.

    The commission advised members of the public to adopt “the greatest” diligence in making investment choices.

    It said, “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.”

    The ICIR can recall that SEC had, on March 30, 2023, alerted the Nigerian investing public over five blacklisted Italian e-commerce websites offering unauthorised and fraudulent financial services.

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