The Securities and Exchange Commission, SEC, has advised Nigerians to apply due diligence before investing their monies on any platform.
Enebeli Sulukwe, Head of Investigation and Enforcement of the Commission, Port Harcourt Branch, disclosed this in a chat with Journalists on Wednesday.
Enebeli who was reacting to the call by investors of the failed MBA Forex, for the government to help them recover their funds, said they warned Nigerians that the scheme was illegal but many failed to listen.
She said the scheme tried to register with the Commission but failed to meet the requirements, as only registered schemes can be regulated.
She noted that the MBA Forex was never registered with the commission, and that most operators that claimed to be registered under the commission were only showcasing fake documents.
“As a matter of fact, the MBA Forex is one of those market operators who were illegal and is listed on our website. MBA Forex has been on the SEC website for over a year with a warning sounded to the general public to beware,” she said.