The Securities and Exchange Commission (SEC) has stated that Alpha Trust Investment Club (ATIC) and its investment plans are neither registered nor sanctioned by the capital market regulator.
ATIC was co-founded by Aderemi Adeoye, a retired police commissioner, in June 2018.
Earlier this year, the commission shut down an investment company due to alleged involvement in illegal investment and other prohibited capital market activities.
A group submitted a petition to Kayode Egbetokun, the inspector-general of police (IGP), requesting an investigation into an alleged fraud and misappropriation case involving the former police commissioner in Anambra state.
The petition, dated January 30, accused Aderemi Adeoye of running a “Ponzi scheme” and misusing funds intended for investments in ATIC.
However, on May 3, Adeoye refuted these accusations, stating that the claims were baseless.
He mentioned that the club had communicated with the Federal Inland Revenue Service (FIRS) and the SEC to ensure their activities were within legal boundaries.
According to a statement released by the SEC, the investment club’s activities violate the Investments and Securities Act of 2007.
The statement partly read:
The commission cautioned investment promoters and the public that operating as an investment professional or conducting investment and securities business without prior registration with the commission is a serious violation of the Investments and Securities Act of 2007.
The SEC advised the public to always check the registration status of any individual or organisation, as well as the investment products being promoted, on the commissionâs website before engaging with them.
In related news, TimesNow.com.ng reported that the SEC had addressed concerns regarding the $DAVIDO meme coin, purportedly associated with popular Nigerian singer Davido.
In a recent statement, the SEC clarified that meme coins are cryptocurrencies inspired by memes and internet jokes.
The commission explained that these coins are often intended to be fun and light-hearted, promoted through social media communities, and occasionally endorsed by celebrities.
The SEC also noted that the coin lacks intrinsic value and cautioned the public to trade it at their own risk.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
