SEC assures Dantata subscribers of claims settlement

T

he Securities and Exchange Commission, SEC, has opened discussions with Administrators/Trustees and the Management of defunct Dantata Success and Profitable Company( DSPC)  with a view to resolving the logjam and settle  subscribers’ claims.

 

 

 

 

Towards this end, SEC yesterday in a statement by Efe Ebelo, Head, Corporate Communications, assured subscribers of defunct firm to remain calm while it sorted issues out  with all the parties .

 

 

 

“The Commission urges members of the public who subscribed to the schemes to be calm as all efforts were being made to resolve the matter.

 

 

 

“The Commission remains committed to its core mandate of protecting investors and assures the general public that it shall perform this function in line with extant securities legislation” the Commission stated.

 

 

The Commission stated that information about registered entities and investment schemes approved by the Commission can be found on the Commissions website www.sec.gov.ng or at any of the Commission’s offices.

 

“Further information on progress being made will be communicated to the public” the statement added.

 

 

It would be recalled that the SEC had sealed off the premises of DSPC for engaging in illegal capital market activities. Dantata Success reportedly solicited funds from unsuspecting members of the public and did not register with the commission before going into investment operations that fall within the purview of fund management.

 

 

It sold registration 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 N5million, luring unsuspecting investors with returns of monthly interest on the investment of between 25 and 50 per cent, depending on the nature and type of the investment.

 

 

The investment period of the scheme was pegged at a minimum of 30 working days and a maximum of 12 months with an offer of interest rates on a short and medium-term basis.

 

 

In one of its numerous notices, the company, which claimed to be involved in trading, general merchandise supply, oil and gas, transportation, import, export, and general contract, directed all prospective customers to make deposits into designated bank accounts.

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