SEC has warned Nigerians against Forsman & Bodenfors Ltd, calling it a fake job and Ponzi scheme.
The agency says the firm is not registered and uses a stolen brand name to deceive people.
The Securities and Exchange Commission (SEC) has issued a public warning against transacting with a company identified as Forsman & Bodenfors Ltd (F&B), describing its operations as fraudulent and designed to deceive unsuspecting Nigerians through fake job offers and Ponzi-style schemes.
In an official advisory released this week, the SEC stated that Forsman & Bodenfors Ltd is falsely being presented as the Nigerian subsidiary of a legitimate Swedish advertising firm bearing the same name. The Commission accused the promoters of the Nigerian entity of using the well-known brand name with “obvious criminal intent.”
“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 for a Swedish advertising company bearing that name with obvious criminal intent,” the statement read.
According to the SEC, the promoters of F&B have been luring unsuspecting individuals by promising them automatic job placement. To qualify, applicants are required to pay fees and recruit other members into the scheme, an approach that aligns with the classic characteristics of a Ponzi scheme.
Investigations reveal that F&B’s operations are widely promoted on social media and online forums, targeting vulnerable job seekers nationwide.
The Commission clarified that the company is neither registered with nor licensed by the SEC to operate within Nigeria’s capital market or to solicit investment funds from the public.
“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,” the SEC emphasized.
The SEC described the risk of financial loss as “very high” and cautioned the public against engaging with the company in any form. The agency reaffirmed its responsibility to safeguard investors and uphold market integrity.
“As part of our investor protection mandate, the Commission strongly advises Nigerians to steer clear of all dealings with Forsman & Bodenfors Ltd or any individual or group acting on its behalf,” the statement added.
SEC Offers Public Verification Tool
In an effort to empower the public to make safer financial decisions, the Commission encourages potential investors to verify the legitimacy of any investment platform using its dedicated portal: www.sec.gov.ng/cmos.
The SEC has, in recent months, ramped up warnings about similar entities operating under the guise of investment or employment platforms. In June, the Commission flagged other unlicensed groups, including Value Growth Platform, Zugacoin, Samzuga GPT, and Stecs.
