Iheanyi Nwachukwu
Mariam Suleiman, the Managing Director of Famzhi Interbiz Limited, has been sentenced to five years in prison for defrauding investors of over N2 billion. Justice Inyang Ekwo of the Federal High Court in Abuja found Suleiman and her company guilty on multiple charges brought by the Federal Government.
In addition to the prison sentence, the court ordered that all properties belonging to Suleiman and Famzhi Interbiz be sold, with proceeds earmarked for compensating the victims of the fraud.
Three years ago, Nigeria’s Securities and Exchange Commission (SEC) disclaimed the activities of Famzhi Interbiz Limited, warning the public that neither the company nor its investment products were registered or regulated. Despite this, the company unlawfully solicited funds from investors, promising guaranteed returns in violation of the Investments and Securities Act (ISA) 2007.
The SEC subsequently referred Famzhi Interbiz to law enforcement for criminal investigation and prosecution due to these violations. This case highlights the ongoing issues of investment scams in Nigeria and the importance of regulatory oversight to protect the investing public.