The Securities and Exchange Commission (SEC) has sealed three companies for alleged illegal investment activities.
They are Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment.
In a statement, the regulator accused them of carrying out capital market activities without a license.
Their offices in Lagos, Port Harcourt and Abuja were shut for operations that fall within the ambit of fund management without registration.
SEC said the firms do not have its approval to conduct activities which promise “exorbitant rates of returns to lure investors”.
The sanction was carried out under Section 13 (w) Investments and Securities Act 2007.
“The commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC.”
The public was informed that it is unlawful for companies to solicit funds meant to fund private ventures “as doing this will be in contravention of the Investments and Securities Act, 2007”.
The statement advised prospective investors to always confirm from SEC if firms providing investment services have been duly registered and their schemes authorised.