By Peterside Rejoice
The Securities and Exchange Commission (SEC) has issued a stern warning to the Nigerian investing public against dealing with Forsman & Bodenfors Limited, a company it says is operating illegally and exhibiting traits of a fraudulent investment scheme.
The Commission, in a statement published on its official website, disclosed that Forsman & Bodenfors Ltd (F&B) is neither registered with the SEC nor authorized to solicit funds or operate in any capacity within Nigeria’s capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd, also known as F&B, which is paraded by its promoters as the Nigerian branch of a Swedish advertising firm of the same name, with obvious criminal intent,” the Commission stated.
According to the SEC, the promoters of F&B have been using social media platforms to lure unsuspecting Nigerians with promises of automatic employment in exchange for recruiting others and paying various sums for purported job positions.
Preliminary investigations by the SEC revealed that the company’s operations align with characteristics of a Ponzi scheme. The regulator cautioned that these activities are deceptive and designed to defraud members of the public.
“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market,” the statement reiterated.
SEC urged Nigerians to avoid any form of engagement with the company or its representatives, warning that the likelihood of financial loss is high.
To avoid falling victim to such fraudulent schemes, the Commission advised investors to verify the registration status of any company offering investment opportunities via its dedicated portal at www.sec.gov.ng/cmos.
The warning comes amid increasing reports of online investment scams targeting desperate job seekers and investors. The SEC restated its commitment to protecting investors and maintaining the integrity of Nigeria’s capital markets
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