Securities and Exchange Commission (SEC) has further clarified why it has to come down hard on Dantata Success and Profitable Company (DSPC).
Explaining in release, the Commission said that pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019, sealed up the business premises of Dantata Success & Profitable Company (DSPC), a company for engaging in illegal activities in the Nigerian capital market.
“In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.
“The company was not registered or authorized by the Commission to engage in any activity in the capital markets, however it targeted and reached Nigerian investors through radio programmes in the Kano area of Nigeria and collected large sums of money from investors under the guise of a ‘structured investment’”.
“The activities of the company contravene the provisions of Section 38(1) and 67(1) of the Investments and Securities Actwhich respectively, prohibit unregistered and unauthorised entities/ persons from operating any investment business or making any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call.”