Business

SEC warns investors against fraudulent messages from Partnership Investment Company

Published

8 years ago

May 31, 2018

By Chioma Obinagwam

The Securities and Exchange Commission (SEC) has warned the investing public against fraudulent electronic messages being circulated by Partnership Investment Company Plc. on its purported plan to pay its creditors and customers.

According to the statement published on the Commissions website: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to an electronic message being circulated to investors on behalf of Partnership Investment Company Plc and its subsidiaries captioned “Re Partnership Investment Company Plc. Restructuring and Re-organization: A Plan to Pay All Creditors/Customers.”

The Commission noted that the electronic message indicates a proposal to investors who lost monies to Partnership Investment Company Plc and its subsidiaries, especially Partnership Securities Limited to sign up to participate in a repayment plan with two options.

The options, SEC stated, are:

“Option A which is 3 years’ repayment plan. This includes taking a cash payment or accepting equity in a company to be registered and listed on the Nigerian Stock Exchange, or Option B which involves the investors accepting payment of only 50 per cent of their investment payable within 12 months.”

“The Commission notifies the public that following the hearing of the complaints against the Partnership Investment Company Plc and its subsidiaries in June 2017, the Administrative Proceedings Committee (APC) of the Commission cancelled the registration of the Partnership Investment Limited and Partnership Securities Limited and banned the Principal Officers/actors from participating in the capital market,” the statement disclosed.

The statement further showed that the conduct of the Partnership Investment Company and its subsidiaries on restructuring is very suspicious and appears to be an attempt to scuttle the directives of the APC.

“In view of the above, the general public is hereby warned to be wary of the proposal and hereby direct Partnership Investment Company Plc. and its subsidiaries to submit their repayment plan officially to the Commission for the protection of affected investors,” it noted.