SEC seals up Tine God Networks, lift suspension on Heritage, Northbridge

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ADEBISI ADEMOLA

SEC has warned the investing public to beware of Tine God Networks Limited which it said is operating illegally.

The commission which likened the operation of the firm to another PONZI Scheme which has no tangible business model.

SEC in a statement on Monday said, “activities of an Illegal Operator (Tine God Networks Limited). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and also issues bonds to raise funds for its investment activities.

“The Commission hereby notifies the investing public that the operation of this Company has no tangible business model; hence it is a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.

“In view of the above, the general public is hereby informed that the premises of the Company have been sealed up by the Commission and depositors are advised to submit documentary details of their investments with the Company to the Commission’s Lagos Zonal Office and Port Harcourt Zonal office on or before MAY 15, 2017 to facilitate refund of their funds.”

Meanwhile, the commission has lifted the suspension order on Heritage Capital market limited and Northbridge Investment & Trust Limited having absolved them of market infractions.

SEC last week lifted the suspension of Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals and today notified the public of its action on Northbridge Investment & Trust with its Directors and Sponsored Individuals.

The apex capital market regulating body had last year suspended Heritage Capital Markets Ltd together with its Directors and Sponsored Individuals in connection with the unauthorized sale of shares belonging to an investor and its refusal to comply with the Commission’s directives in that regard.

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