By Chioma Obinagwam
The verification exercise of unpaid Dantata investors by Nigeria’s Securities and Exchange Commission’s (SEC), which began on Monday July 15, 2019 will end tomorrow, Saturday, July 20th, 2019.
The SEC disclosed in a statement.
Confiance News gathered that the Commission started verifying claims of 4,160 unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company on Monday July 15th 2019 following the appointment of joint administrators/trustees for Dantata Success and Profitable Company in pursuant to section 13 and 173 of the Investment and Securities Act, and consequent to an Ex parte Order granted by the Federal High Court, Kano.
SEC said investors were required to go along with the original receipts evidencing their payments or bank tellers for deposit into the company’s account, valid means of identification and bank account details.
A total of 478 investors were scheduled for Monday, 780 for Tuesday, 1,272 for Wednesday and Thursday, and 1,630 for Friday and Saturday.
“The verification exercise will hold in Kano from 9:00am to 4:00pm daily. All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable,” SEC announced earlier within the week.
SEC had in February sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in illegal capital market activities, saying its investment operations fell within fund management without registration with the commission.
It said the company was not registered and that it was using a strategy to solicit funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of between 25 to 50 per cent, depending on the nature and type of the investment.
The company sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5 million.
SEC had first indicated its plans to commence a verification exercise for people who invested with the company in May.