SEC Warns Public Against Forsman & Bodenfors Limited

The Securities and Exchange Commission (SEC) on Monday issued a strong warning to the investing public regarding the activities of Forsman & Bodenfors Limited, stating that the company is neither registered to operate in the Nigerian capital market nor authorized to solicit funds from the public.

The alert, published on the Commission’s official website, emphasized growing concern over the firm’s operations and presence on social media platforms.

According to the statement: “The attention of the Securities and Exchange 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 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.”

The Commission revealed that preliminary investigations show Forsman & Bodenfors Ltd has been aggressively promoted online and exhibits key features typical of a Ponzi scheme.

“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market. Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.”

The SEC further advised the public to always verify the registration status of any entity offering investment opportunities via its official portal: http://www.sec.gov.ng/cmos.