Fin Africa, Poyoyo resists SEC blacklisting as Ponzi scheme; regulator warns Nigerians

December 28, 2021
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The Securities and Exchange Commission (SEC) has warned Nigerians against dealings with FinAfrica Investment Ltd and Poyoyo Investment.

On its website, the regulator declared FinAfrica as an illegal operator that claims to be an investment company focused on developing commercial sectors of the economy.

The circular quoted the firm as insisting that the funds are used in entities under Chinmark Group.

SEC, however, notified investing Nigerians that neither FinAfrica investment Limited nor Chinmark Group is registered by SEC.

“The 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.

SEC also mentioned electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

“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,” the statement added.

Marksman Ijiomah, Chairman, Chinmark Group, told the News Agency of Nigeria (NAN) that FinAfrica was not engaged in capital market business.

Ijiomah disclosed that in six years, SEC had never written to the company to complain about their dealings

“We have partners who come together and give us funds to run business and at the end of the month, we give them profit from the business.

“SEC has neither invited us nor sent us a circular to say that what we are doing is not in line with their regulations before they made the publication,’’ he said.

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