Mariam Suleiman, Chairman and Managing Director of Famzhi Interbiz Ltd, has been sentenced to five years in prison for defrauding investors of N2 billion.
- - Conviction a major boost to SEC enforcement activities
- - Company to be wound up, properties forfeited to FG
The Federal High Court in Abuja has jailed Mariam Suleiman, Chairman and Managing Director of Famzhi Interbiz Ltd, for five years for defrauding investors of N2 billion ¹ ² ³ ⁴.
The Securities and Exchange Commission (SEC) said the conviction was a major boost to its enforcement activities ¹ ³.
Suleiman was sentenced to five years imprisonment without the option of a fine by Justice Inyang Ekwo, who found her and her company guilty of the allegations preferred against them by the Federal Government ¹ ² ³ ⁴.
She was accused of conspiring with her company's staff to carry out an illegal act by luring and offering for subscription an unregistered investment collective scheme valued at over N2 billion to the unsuspecting general public ¹ ³.
The company was earlier disclaimed by the SEC three years ago, with a warning that neither the entity nor the ‘illegal products’ they offer were registered or regulated by the commission ¹ ³.
Despite not being registered, the company had proceeded to unlawfully solicit funds from the investing public on the product(s) neither registered nor approved by the commission, with the promise of a guaranteed return on investment, in clear violation of the Securities and Investment Act (ISA) 2007 ¹ ³.
The commission stated that it had referred the company to the appropriate law enforcement agency for criminal investigation and possible prosecution for violation of the provisions of the Investments and Securities Act 2007 and other relevant laws in Nigeria ¹ ³.
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