Oxford International Group, Vektr Capital Investment and Farmforte Agro-Allied Solutions Limited have reacted to their offices being recently sealed by the Security and Exchange Commission for inconvenient illegal and unlicensed investment activities.
According to the SEC in a statement, the offices of the three investment firms in Lagos, Port Harcourt and Abuja have been closed for executing investment transactions falling under fund management without registration.
The SEC statement said, “These companies are not registered with the SEC to conduct fund management activities and have been found to promise exorbitant rates of return to attract investors. The SEC exercised its powers under Section 13(w) of the Investments and Securities Act of 2007 to shut them down.
“The Commission hereby advises the investing public that none of these entities or their investment platforms are registered with the SEC.
“The public is reminded that it is illegal for any private business, whether incorporated or not, to solicit funds from the public by any means, to fund its private businesses, as it would violate Investments and Securities Act, 2007.”
What investment platforms say
Dr. Solomon Solomon, CEO of Capital investment Vektr in a phone call, Nairametrics said the office of the investment platform was only temporarily closed and would be open soon as management is currently ensuring that it will open soon.
- He said, “In fact, our business is not closed. A group of people wrote a petition against us saying we operate without an SEC license. This is a business that has been on the ground since 2017 in Nigeria and the company was established in 2013 in the UK – this year makes it our five year operation in Nigeria.
- “As you grow, certain groups of people will just try to thwart your efforts, but fortunately for us, the SEC findings in Lagos, Abuja and Port Harcourt show that we have never missed payment to our investors. Our office will soon to be open because as I speak to you I am at the SEC office trying to ensure the office is open.
- “We are pushing the platform to become the premier equity investment platform in Africa so we will get back on our feet and the office will be open soon, it is only sealed because we have already started the processes with the SEC at some level but due to some factors it caused us to stop the process. But I think it’s the right time for us to get back on board so that we can go further on our journey.
- “We started recording last year in July, although we existed before that time. What caused the delay was the fact that I was not there and also because of the demands of the directors – even when we give them the requirement, they always find faults.
- “But I think this is an opportunity for us to fulfill the requirement and we will do so as soon as possible. Even amid the rumor that the SEC has closed our office, our investors are still receiving their return on investment. As this morning a good number of them have been received and we are committed to ensuring that we serve everyone and we will.
In a statement signed by the management of Oxford International Groupthe platform also assured that they are working to make sure everything goes smoothly, adding that they started recording last year.
- The statement said, “Our attention has been drawn to a publication by the Securities and Exchange Commission indicating that some of our offices have been sealed on the grounds that we are not authorized by the SEC to conduct investment-related activities.
- “While we have since instructed the law firm TAYO OYETIBO LP to take appropriate legal action regarding SEC’s action and allegation; we owe it to our trusted customers to provide clarification on recent developments.
- “Our company launched our profit sharing arm of the company a few years ago, which helped a group of people to pool funds, do business and share profits. What started as a small business has now metamorphosed into a large entity through our integrity and responsibility.
- “Due to our business activities, the need for regulatory compliance, and a desire to provide more confidence to our customers, in 2021 we voluntarily applied for a license from the SEC and paid the necessary fees for this We note that the registration process has been ongoing since then. We are currently in contact with the SEC to expedite the registration process.
- “We categorically state that we have never represented to the public or our client that we are SEC licensed. We are also proud to state that we have always conducted our business within the law.
- “We are doing everything in our power to ensure a quick resolution of the problem and we urge all our customers to remain confident that, as always, we will not default on any existing contractual obligations.
- “OIG is closely monitoring situations and working with the SEC to ensure the integrity of our business because we have not failed anyone.”
While Nairametrics was unable to reach Agropartnership On the issue, we observe on the platform, it said that it acquired an SEC-qualified fund and portfolio management company last year. However, it is not clear whether Farmforte Limited or its subsidiary; Agropartnerships Technology Limited is registered with the SEC.