By Grateful Ogunjebe
The Securities and Exchange Commission (SEC) has declared Forsman & Bodenfors Ltd (F&B) an illegal operator in Nigeria’s capital market, cautioning the public against engaging with the firm over its involvement in fraudulent investment and employment schemes.
In an official notice, the Commission stated that F&B is neither registered nor authorised to solicit funds from the public or conduct any capital market activities in Nigeria.
The company, being passed off as the Nigerian branch of a Swedish advertising firm, has been accused of operating with criminal intent.
According to the Commission, the promoters of Forsman & Bodenfors Ltd have been using social media and online platforms to publicise bogus job openings and investment offers, luring Nigerians with promises of automatic employment and commissions for referring others.
“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the activities of Forsman & Bodenfors Ltd, also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name, with obvious criminal intent,” the notice read.
It added that, “The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”
Preliminary investigations by the SEC revealed a pattern of activity consistent with fraudulent Ponzi schemes, targeting young job seekers and vulnerable investors online.
The Commission clarified that Forsman & Bodenfors Ltd is not registered with the SEC and therefore lacks the legal standing to conduct any capital market-related business in the country.
Members of the public have been strongly advised to refrain from any form of business or financial transactions with the company or its representatives, noting that individuals who proceed do so at significant financial risk.
“The potential risk of losing funds to the fraudulent promoters of the entity is very high,” the statement cautioned, as the Commission encouraged Nigerians to exercise due diligence before engaging with any investment opportunity.
As part of its advisory, the Commission urged the investing public to verify the registration status of any company offering investment products or services through its official portal: www.sec.gov.ng/cmos.
The SEC reiterated its commitment to safeguarding investor interests and upholding the credibility of the Nigerian capital market by pursuing sanctions against illegal operators.
This warning is part of the Commission’s ongoing efforts to curtail the rise in Ponzi schemes and fake recruitment exercises that continue to exploit Nigerians, particularly during a period of heightened economic difficulty and unemployment.
Capital market analysts have applauded the SEC’s swift action and called for stronger enforcement, including legal proceedings against those found culpable.
The Commission, headquartered in Abuja, also encouraged victims and whistle-blowers to come forward with reliable information that could support further investigations and potential restitution.
Attempts to contact Forsman & Bodenfors Ltd for comment were unsuccessful at the time of filing this report.
The general public is advised to remain vigilant and report any suspicious investment or employment-related activities to the SEC through its verified communication channels.
