The Securities and Exchange Commission (SEC) has issued a stern warning to the Nigerian public over the activities of Forsman & Bodenfors Limited, also known as F&B, describing the company as fraudulent and operating with criminal intent.
In a statement released on Monday, the commission revealed that the promoters of the firm falsely claim to be operating as the Nigerian branch of a reputable Swedish advertising company with the same name.
“The attention of the Securities and Exchange Commission has been drawn to the activities of FORSMAN & BODENFORS LTD, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent,” the statement read.
According to the SEC, the promoters have been luring unsuspecting Nigerians with promises of automatic employment, provided they recruit more members and make monetary payments for various fictitious positions.
“Preliminary investigations reveal that FORSMAN & BODENFORS LTD has been actively promoted on social media platforms and online forums. Its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme,” the commission added.
The SEC categorically stated that the company is not registered or authorized to solicit funds from the public or operate in any capacity within the Nigerian capital market.
As a result, the public is advised to avoid any dealings with Forsman & Bodenfors Ltd or its agents, stressing that engaging with them could lead to significant financial loss.
The commission also urged Nigerians to always verify the registration status of any company offering investment or employment opportunities through the SEC’s online portal before proceeding with any transaction.