The Securities and Exchange Commission (SEC) has laid out a warning to the public over the activities of FinAfrica Investment Ltd and Poyoyo Investment, stating that the companies have not been approved by the Commission and operate as Ponzi schemes.
The SEC made this known in a circular by the management of the SEC and published on the commission’s website on Tuesday afternoon.
The Commission also added that the business operation style of the companies is also not authorized by the SEC.
The SEC said, ”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
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