The Securities and Exchange Commission (SEC) has issued a warning to Nigerians, cautioning them against engaging in any business transactions with Marino FX Ltd.
According to the SEC, the company, which claims to be a cryptocurrency exchange licensed by the commission, is operating illegally.
In a statement released on Wednesday in Abuja, the SEC declared, “We hereby notify the public that Marino FX Ltd., parading itself as a SEC-licensed cryptocurrency exchange, is NOT registered or licensed by SEC to operate in any capacity in the Nigerian capital market. Any claim by the company of being registered or licensed by SEC is false and misleading.”
The SEC warned that dealing with unregistered or unregulated firms like Marino FX Ltd. could expose investors to serious risks, including fraud and the total loss of their investments. Nigerians were advised to exercise caution and verify the legitimacy of any investment firm through official SEC channels.
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Beyond this warning, the SEC is also stepping up its efforts to protect Nigerians from fraudulent schemes. The commission has proposed stiff penalties in the Investments and Securities Bill (ISB) 2024, which is currently under review. The bill seeks to impose fines of up to N20 million or jail terms of up to 10 years—or both—on individuals and organizations promoting Ponzi schemes.
Speaking at a recent public hearing on the bill, SEC Director-General Dr. Emomotimi Agama explained that these measures are necessary to curb the activities of illegal fund managers who prey on unsuspecting Nigerians. He said the new provisions would help strengthen Nigeria’s capital market regulations and make the market more competitive globally.
“The goal is to protect investors and ensure they are not fleeced by unscrupulous operators,” Agama said. “We are working to make the capital market a safe and reliable space for Nigerians to invest their money.”
