The Securities and Exchanges Commission (SEC) has cautioned the public against doing business with Tizaa Ghana Fund.
It said the company has not been licensed to engage in investing or trading for returns business in the country and as such, its activities are not regulated by SEC.
Many social media posts over the past week have drawn attention to Tizaa Ghana Fund, which reportedly promises up to 50% returns on investment in 10 days.
The posts say the company receives monies between GH¢100 and GH¢300,000 for its activities and has registered tens of thousands of people.
But according to SEC, the public must be on alert dealing with the company.
“Tizaa Ghana Fund has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activities including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). Tizaa Ghana Fund is therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products.
The general and investing public is further advised to consult the SEC through its toll-free line 0800100065 or mainline number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market,” SEC noted.
Below is the FULL STATEMENT:
DISCLAIMER: PUBLIC INTEREST WARNING TO THE GENERAL PUBLIC ON TIZAA GHANA FUND
NOTICE NUMBER: SEC/PN/001/01/2022
The Securities and Exchange Commission (hereinafter referred to as the “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
One of the core functions of the SEC is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions.
The General Public is hereby put on notice that TIZAA GHANA FUND has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). TIZAA GHANA FUND is therefore not regulated by the SEC.
The General Public is advised to be cautious with investing in unlicensed products. The general and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or mainline number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market.
The SEC wishes to reassure all Market Operators, Investors, and the General Public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
Please note that this public interest warning is issued pursuant to section 208(c) of the Securities Industry Act 2016 (Act 929).
By Order of the SECURITIES AND EXCHANGE COMMISSION
DATED: 14th January 2022
