FinAfrica, Poyoyo Are Ponzi Schemes, SEC Warns Nigerians

The Securities and  Exchange Commission (SEC) has warned the public against dealings with FinAfrica Investment Ltd. and Poyoyo Investment stating they are ponzi operators.
In a circular by SEC, they said the activities of the companies were not registered by it, describing 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 stated.
It also noted that 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.

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