The Securities and Exchange Commission (SEC) has issued a stern warning to the public, advising against engaging in any business transactions with Marino FX Limited. According to the Commission, the company is not registered or authorized to operate within the Nigerian capital market in any capacity.
In a notice released on Thursday, the SEC clarified, “We hereby notify the public that Marino FX Ltd who is parading itself as a SEC-licensed cryptocurrency exchange is NOT registered or licensed by the SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges. Any claim to the public by the company of its registration or license by the SEC is false and misleading.”
The Commission urged Nigerians to exercise caution when dealing with the company or its representatives, highlighting the significant financial risks involved in transacting with unregistered and unregulated entities. “Such dealings expose investors to risks of fraud and potential loss of funds,” the SEC stated.
This warning aligns with the Commission’s ongoing efforts to protect investors in the Nigerian capital market and crack down on scams and fraudulent activities.
Meanwhile, discussions on strengthening regulatory frameworks took center stage at a public hearing held last week for the proposed Investments and Securities Bill (ISB) 2024. The bill, if passed, will introduce severe penalties for Ponzi scheme operators, including fines of up to ₦20 million, imprisonment for up to 10 years, or both.
Speaking at the event, SEC’s Director-General, Dr. Emomotimi Agama, emphasized the need for stronger measures to deter illegal investment activities. He stated, “The bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi schemes.”
Dr. Agama added that the Commission had identified gaps in the Investments and Securities Act (ISA) 2007 that needed revision to strengthen investor protection and enhance the competitiveness of Nigeria’s capital market. The proposed amendments aim to explicitly outlaw Ponzi and pyramid schemes, ensuring that unscrupulous fund managers can no longer exploit unsuspecting Nigerians.
