The Securities and Exchange Commission (SEC) has issued a public warning about Forsman & Bodenforms Limited, stating that the company is not authorized to operate in Nigeria’s capital market. According to the commission, Forsman & Bodenforms is illegally promoting its services online, especially on social media, while claiming affiliation with a Swedish advertising agency. The SEC emphasized that the company is not registered and has no legal standing to collect money or offer investments to the Nigerian public.
In its official statement, the SEC alleged that the promoters of Forsman & Bodenforms are engaging in deceitful practices, promising automatic employment to individuals who recruit others into the scheme. These recruits are required to pay varying amounts for job positions, suggesting a recruitment pyramid built on financial contributions rather than legitimate business operations. The commission warned that such conduct shows signs of criminal intent.
Preliminary investigations by the SEC suggest that the company is operating a scheme with characteristics similar to a Ponzi setup. It noted that the firm’s online activities are designed to lure unsuspecting victims into parting with their money under false pretenses. The commission reiterated that Forsman & Bodenforms has no legal authority to seek funds from the public or act in any capacity related to the capital market in Nigeria.
The SEC urged the public to steer clear of any business transactions with the firm or its representatives. It also encouraged investors to verify the authenticity of companies offering investment opportunities by checking their registration status through reliable regulatory sources. The commission’s alert serves as a cautionary measure to protect the public from falling victim to financial scams disguised as employment or investment offers.
Source: Vanguard