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SEC Seals up Yuan Dong over Alleged Ponzi Operations

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Securities and Exchange Commission (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country.

Mr Naif Abdussalam, head, Corporate Communication of SEC,  in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.

“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.

“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.

“The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said.

Abdussalam said the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.

He said that the commission had established that the company’s activities also constituted a breach of the Investment and Securities Act (ISA), 2007.

“Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja.
 
“The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation.

“The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,” he said.

Abdussalam advised the public to exercise due diligence and caution in the course of making investment decisions.

He said valid licence of lawful operators could be obtained on the commission’s website by members of the public to confirm the licences of firms they intend to carry investment activities with.


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Coronation Report Reveals Key Role of Private Sector to Nigeria’s Infrastructure Funding

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The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.

The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.

The report said that the investor base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.

The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.

The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate.

The report said Public-private partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government debt.

According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”


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DLM Asset Management Set to Host Webinar to Discuss Financial Stability in Times of Economic Distress

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DLM Asset Management Limited, a subsidiary of DLM Capital Group, is hosting a webinar with the theme, “Maintaining financial stability in times of economic distress.” The much-awaited webinar, slated for Thursday, March 28, 2023, at 11 a.m., is going to cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future.

Hosted by industry experts, the webinar will delve into the following key topics and teach attendees:

  • How to adopt a proactive, knowledgeable, and adaptable approach to risk assessment and mitigation.
  • How to thrive in this present economy and remain financially resilient.
  • Financial planning and discipline

During its interactive Q&A session, attendees will have the opportunity to ask questions and learn more about the subsidiary’s services from the hosts and speakers of the webinar. This includes the DLM fixed income fund, which Nairametrics identified as one of the top-performing Nigerian mutual funds in 2023.

This webinar is designed for investment savvy individuals Income earners, institutional and corporate investors, high net worth individuals, and the mass retail market.

Interested parties can register for the webinar by using this link, which is currently active. Seize the opportunity to gain experience on insightful things and get ready for a rewarding encounter.

 


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Firm Canvasses Affordable Technology to Drive Business Efficiency

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Information Communication Technology (ICT) service provider, Thamani Consulting, has stressed the need to make technology much affordable so as to make businesses seamless and efficient.

Olubunmi Abegunde, Managing Partner of the company, averred that making technology access affordable would enhance its penetration and increase uptake of digital technologies to drive employment growth of more than 22 million Africans joining the workforce each year.

He explained that the organisation remained committed to empowering businesses to thrive in Nigeria’s dynamic environment, hence churns out innovative solutions to address business problems across disciplines.

“Leveraging 20 years of combined market experience executing successful IT Projects with local and multinational organisations, we aim to capitalise on this to improve strategic utilisation of technology in Africa and support capacity building through access to requisite information technology,” he said.

He explained further that the African region more than others need increased usage of digital technologies to level-up globally, noting that polices to drive low-end technology access must be prioritised.

“This is why we do not compromise the balance of quality, standard professionalism and yet affordability in the choice of solutions we offer to clients which include: SAP training and Implementations, Software Asset Management, Plant Maintenance Process Automation and Automation for manufacturing Industries, amongst others.”


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