A statement by the Commission said the company was shut down for carrying out investment operations that falls within fund management without registration with the apex regulator. They also indicated a registration period of 5th to 15th February, in one of their numerous notices directing all prospective customers to make deposits into their bank accounts. The company sells its forms to prospective investors according to their investment plans ranging from N1,000 to N3,000. The Commission said it established that Dantata Success and Profitable Company’s activities also constituted an infraction of the Investments and Securities Act (ISA), 2007. Accordingly, “The account of the company have been frozen, the promoters have been arrested by the Nigeria Police Force, and are undergoing interrogation.

Source: The Guardian February 07, 2019 03:45 UTC