The Securities and Exchange Commission said on Monday that MBA Capital and Trading Ltd is not a registered capital market operator with the commission.Last week that victims of an alleged scam perpetrated by MBA Capital and Trading Limited were worried over their unpaid dividend and capital, and the disappearance of the Chief Executive Officer, Maxwell Odum.

The report quoted the victims, numbering 52, as saying they were defrauded of N122.51m, adding that the company closed on December 22, 2020, for the festive season but had failed to resume since then.

SEC, in a statement, said, “The attention of the Securities and Exchange Commission has been drawn to a publication in one of the national daily newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay, reportedly stated that he had verified ‘online’ and ascertained that the company was registered with the commission.

“The commission wishes to inform the general public that MBA Capital and Trading Limited has never been registered by the commission. The commission also uses this medium to remind the general public that by virtue of Section 38 (1) of the Investments and Securities Act 2007, only persons and institutions registered with the commission are permitted to engage in capital market activities.

“The commission therefore enjoins the investing public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.”