Di Securities and Exchange Commission SEC Nigeria say MBA Forex no ever dey registered with dem.

Dis one dey come as many pipo wey invest wit MBA Forex don dey do protest waka to authorities like di Economic and Financial Crimes Commission EFCC to make MBA Forex and di oga behind am, Maxwell Odum to pay dem dia capital wey dem take invest for di company.

Head of Investigation and Enforcement of di Security and Exchange Commission, Port Harcourt Branch, Enebeli Sussy Sulukwe tell tori pipo for Port Harcourt say, MBA Forex bin try to register wit dem but dem fail to meet dia registration requirements and dem dey among di market operators wey SEC list for dia website as one of those wey dey operate illegally.

"MBA Forex don dey SEC website for over a year with a warning to di general public to beware, so no, dem no dey registered with di SEC.

Di Madam for Investigation and Enforcement of SEC Port Harcourt Branch, Enebeli Sussy Sulukwe emphasise say, di commission no ever endorse any scheme wey don crash for Nigeria today and so make pipo do dia due diligence, shine dia eyes well-well before dem put dia money for any investment.

"Make I make am very clear, di Securities and Exchange Commission no endorse any scheme wey don crash for Nigeria today. I dey tell you di fact say, any of such schemes wey claim say dem registered wit SEC dey tok lie.

"Dem go go about dey show pipo fake registration documents. We actually get those schemes listed for our website as ponzi schemes," she tok.

How to check whether dat scheme na fake/ponzi scheme

Mrs. Enebeli Sussy Sulukwe dey advise pipo wey wan do any investment with any company to do dia due diligence, shine and chook dia eye well-well to investigate, see weda dat market operator dey genuine and proper before dem make any move.

She advise pipo to first of all visit di SEC website for www.sec.gov.ng and check under di heading 'illegal capital market operators.'

Dia, dem go find di names of all di companies wey dey do ponzi schemes wey dem don list for dia and wey dem list as illegal market operators because, "na di responsibility of evri investor to do dia due diligence on weda or not dis schemes dem actually dey registered as dem claim to be."

Also, pesin fit search di search bar for di website for unlawful market operators to see if di company dey among those wey dey di list and/or check dia FAQ section for answers.

SEC say before you invest:

Understand di nature of di investment

Which type of business di scheme dey into

Check if di product it service di company wan sell dey genuine or tangible

Check weda di rate of returns dey sustainable. Also check if evdey lower or higher than CBN Monetart Policy Rate of 14%.

But avoid any investment you no understand.

To know di registration status of di investment company and promoters SEC say make you:

Ask for evidence of incorporation wit Corporate Affairs Commission and registration with Securities and Exchange Commission.

Contact SEC by email for sec@sec.gov.ng or call di commission number on 09-4621168 to confirm di firm registration status.

If di investment no dey registered by SEC, e no dey advisable to venture into am because, "na di responsibility of evri investor to do dia due diligence on weda or not dis schemes dem actually dey registered as dem claim to be." Di SEC oga tok.