Nigerian investors warned against suspicious payment proposal by Partnership Investment Company

Nigeria’s Securities and Exchange Commission (SEC) has sent caution notice to investors on suspicious activities by Partnership Investment Company.

In a notice placed on its website Wednesday, SEC said its attention has been drawn to an electronic message being circulated to investors on behalf of Partnership Investment Company Plc. and its subsidiaries captioned “Re Partnership Investment Company Plc. Restructuring and Re-organization: A Plan to Pay All Creditors/Customers.”

According to the SEC, the conduct of the Partnership Investment Company and its subsidiaries on restructuring is very suspicious and appears to be an attempt to scuttle the directives of the APC.

The warning from the SEC states that “The electronic message indicates a proposal to investors who lost monies to Partnership Investment Company Plc. and its subsidiaries, especially Partnership Securities Limited to sign up to participate in a repayment plan with two options namely:

Option A, which is a 3 year repayment plan including taking a cash payment or accepting equity in a company to be registered and listed on the Nigerian Stock Exchange, or Option B, which involves the investors accepting payment of only 50 percent of their investment payable within 12 months.”

The Commission further notified the public that “following the hearing of the complaints against the Partnership Investment Company Plc. and its subsidiaries in June 2017, the administrative proceedings committee (APC) of the Commission cancelled the registration of the Partnership Investment Limited and Partnership Securities Limited and banned the Principal Officers/actors from participating in the capital market.”