Deputy Director-General, Finance of the Security and Exchange Commission (SEC), Mr. Paul Ababio is urging the public to be vigilant in transacting business with investment companies.
This caution comes in the wake of some financial companies promising high-profit margins for customers willing to do business with them.
A recent caution from SEC concerns a company known as TIZAA Ghana Fund seen on social media the past weeks offering interested individuals who could pay between a GHS 100 to GHS 300, a 50% profit on any amount given within a stipulated time of 10 days.
In a statement, SEC explained that it has not regulated TIZAA Ghana Fund and has also not in any way licensed the company to carry out any capital market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
In an interview on ATL FM’s ATLANTIC WAVE on Monday, Mr. Paul Ababio urged the individuals to check the credibility of the investment company they wish to transact business with adding that they should be interested in the activities the said company is engaged in and the final destination of their resources.
He indicated that it will be to the individual’s own benefit if due diligence is made before committing themselves to any investment company.
Towards safeguarding the resources of citizens in rural areas against unlicensed investors, Mr. Ababio explained SEC is committed to continuous education for individuals to have full knowledge in investment.
He also urged media houses to do their bid in ensuring the public is duly educated in this regard.
SEC has already notified the public about TIZZAA Ghana and individuals who have fallen victim to the company in question advised to commence an action to retrieve their resources.
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Source: Aba Aikins Appah/ATLFMNEWS
