Bara Finance not approved by SEC to operate, investigation shows

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SEC DG, Mr. Lamido Abubakar Yuguda
Investigations have revealed that Bara Finance and Investment Company Limited may be operating as a Ponzi scheme, as the the company is not listed among the registered Capital market operators registered by the Securities and Exchange Commission (SEC).
The Company promises a return of 15% to investors on Six month plan, one year plan is 17% while two years plan is 20%.
However, findings on the website of the Securities and Exchange Commission revealed that the company is not registered with SEC as a capital market operator neither is it registered investment scheme.
Only CMOs registered with the Securities and Exchange Commission (SEC) are permitted to intermediate in the capital market.
Furthermore, Section 160 of the Investment and Securities Act, 2007 (ISA) provides that “No person shall establish or operate a collective investment scheme or carry on or purport to carry on the business of a collective investment scheme unless such scheme is authorised by and registered with the Commission.
Only recently, the SEC disclaimed the activities of iBSmartify Nigeria as neither the entity nor the illegal products they offer are registered or regulated by the Commission.
According to the SEC, “The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.
“The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission.
“In view of the above, the Commission therefore warns the general public that any person dealing with the said entity and others in the same business in any manner whatsoever, does so at his/her own risk”.
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