• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, July 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

SEC warns public against dealings with FinAfrica, Poyoyo investments

The Matters Press by The Matters Press
December 28, 2021
Reading Time: 3 mins read
0
SEC frowns at resurgence of Ponzi schemes

The Securities and Exchange Commission (SEC) has warned the public against dealings with FinAfrica Investment Ltd and Poyoyo Investment.

RELATED POSTS

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

A circular by the management of SEC and published on the commission’s website said the activities of the companies were not registered by it.

The commission described the business of Poyoyo Investment (Pilvest) Nigeria Ltd., as a Ponzi scheme, where returns were paid from other people’s invested sums.

”The attention of SEC has been drawn to the activities of an illegal operator, FinAfrica Investment Limited.

”The company claimed to be an investment company that engages in business development in commercial sectors of the economy and uses the funds in entities under Chinmark Group.

”The commission hereby notifies the investing public that neither FinAfrica investment Limited nor Chinmark Group is registered by SEC.

”The investment scheme promoted by these entities are also not authorised by SEC.

“In view of the above, the general public is hereby warned that any person dealing with the named companies in any capital market-related business is doing so at their own risk,” the circular said.

It also noted that the the attention of SEC had been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“The commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model, hence it is a Ponzi scheme where returns are paid from other people’s invested sum,” it added.

Reacting to the circular, Dr Marksman Ijiomah, the Chairman, Chinmark Group, said that FinAfrica Investment Limited was not engaged in capital market business.

Ijiomah who disclosed that the partnership had been on since six years said that SEC had never written the company to notify them that their dealings were not in line with their regulations.

“SEC did not term us a Ponzi scheme in the circular.

“We do not do capital market business, we do not sell stock or shares. We are not into equity funding.

“What we do is that we have partners who come together and give us funds to run business and at the end of the month, we give them profit from the business.

“We do not call it interest, we call it profit.

“We have been doing it for over six years and from that partnership, we have been able to build a six unit hotel in Enugu.

“We have also built a restaurant in Dubai and these things are visible for everyone to see,” Ijiomah said.

He added that the company was not into a Ponzi business.

“Our rate is three per cent monthly, that is what we pay.

“SEC has neither invited us nor sent us a circular to say that what we are doing is not in line with their regulations before they made the publication,’’ he said.

Tags: SEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF

July 1, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Next Post
Trading in Nigerian stock market dips further N83bn

Factors that’ll shape stock market, economy in 2022 – Experts

Nigeria’s N17.1trn budget to gets presidential accent on Friday

Nigeria’s N17.1trn budget to gets presidential accent on Friday

Recommended Stories

NIGCOMSAT set to launch 2 additional Satellites

Nigeria’s GDP gains from ICT

August 9, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA

Mix reactions trail Supreme Court ruling on Cash Swap

March 4, 2023
Nigeria gets AfDB’s $14m as member of ATI

ADF approves $16m for Youth Entrepreneurship Bank

July 23, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nasarawa showcases efficient use of fuel subsidy savings, exposes futility of Tinubu’s opposition’s mischief – TDF
  • Transformational in FCT in line with Tinubu’s Renewed Hope agenda
  • Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us