The Securities and Exchange Commission (SEC) on Monday commenced verifying claims of unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company.
The verification exercise started on Monday and is expected to last till Saturday, July 20th with 4,160 investors undergoing verification.
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.
It said the commencement of the verification exercise was as a result of the appointment of joint administrators/trustees for Dantata Success and Profitable Company and 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.
Also, the commission said it placed several announcements of the radio for investors to turn up for the verification exercise holding at Mambayya house in the city.
The commission said 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.
It said the verification exercise will hold from 9:00 am to 4:00 pm daily. All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable.”
SEC had in February sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in illegal capital market activities.
It said 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 the investment of between 25 to 50 per cent, depending on the nature and type of the investment.
The company was said to have 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 N5m.