SEC Issues Warning Against Marino FX Limited’s Fraudulent Operations
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has cautioned the public against engaging in any business transactions with Marino FX Limited, citing that the company is not registered or licensed to operate within Nigeria’s capital market.
This directive follows rising concerns regarding the firm’s claims of being an SEC-approved cryptocurrency exchange.
The SEC’s announcement stated that “Marino FX Ltd,” which has been promoting itself as a licensed cryptocurrency exchange, is not, in fact, registered with the Commission. Any assertions made by the company regarding its registration or licensure by the SEC have been denounced as “false and misleading.”
In light of this, the SEC urged the public to exercise extreme caution and to refrain from interacting with Marino FX Ltd or its representatives. The Commission emphasized that engaging with unregistered and unregulated entities poses significant financial risks, including fraud and potential loss of investment.
The statement included contact information for the public to verify the status of any capital market operator: inquiries can be made through +2342094621168-9, via email at registration@sec.gov.ng, or through their official website at https://sec.gov.ng/cmos/.
This warning comes on the heels of last week’s public hearing on the proposed Investments and Securities Bill (ISB) 2024. The proposed legislation seeks to impose severe penalties, reaching up to N20 million or 10 years in prison, for operators of Ponzi schemes.
SEC Director-General, Dr. Emomotimi Agama, stated that the bill aims to introduce stringent penalties for promoters of illegal investment schemes, thereby enhancing protection for investors.
Dr. Agama noted that the new bill would prohibit Ponzi and pyramid schemes explicitly, ensuring that fraudulent fund managers cannot exploit unsuspecting Nigerians. The SEC is committed to revising the ISB 2007 to eliminate ambiguities and introduce provisions that would boost the global competitiveness of Nigeria’s capital market, ultimately repositioning it as a catalyst for national economic transformation.
The SEC remains committed to safeguarding investors in the Nigerian capital market and is actively working to combat scams and other fraudulent activities that threaten the financial integrity of the sector. As the Commission continues its efforts, the public is advised to remain vigilant and informed.
