NIPF Board approves payment of compensation to investors of Mega Asset Managers

The Board of National Investor Protection Fund (NIPF) at its sitting on December 14, 2015 approved payment of compensation to the complainants/investors of Mega Asset Managers Limited.

The beneficiaries are those who appeared before the Securities and Exchange Commission (SEC) Administrative Proceedings Committee (APC) in the matter of claims against Mega Asset Managers Limited for fraudulent conversion of clients’ funds and other violations of the ISA 2007, SEC rules and regulations 2000 as amended.

Mega Assets which its activities has finally proven to be that of a Ponzi Scheme was incorporated on July 31, 2007 and registered by Securities and Exchange Commission (SEC) to operate as Corporate Sub-Brokers in affiliation with Core Trust & Investment Limited, a member of the Nigerian Stock Exchange.

Mega Assets served also as a Savings Scheme Manager (micro investment managers). The philosophy of Mega Assets was to put an end to poverty and aggressively promote savings culture amongst the middle and lower classes of the socio-economic strata of the Nigerian society through its savings scheme and investment portfolio management.

The Verification Committee of the NIPF concluded a rigorous verification of investors’ claims against Mega Asset Managers Limited and subsequently recommended approval of appropriate compensation to the affected investors.

The Commission had published list of the 580 complainants/investors in the Newspapers advising the listed investors to contact its Lagos and Onitsha Zonal Offices with proof of identification, account details and Bank Verification Number (BVN) before December 23, 2015 for further detail.