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2 clusters · 5 sources · 6 days · First seen 6 days ago · Last updated about 22 hours ago

Ghanaian regulatory crackdown on unlicensed investment

Overview

Ghanaian regulators have intervened against Nyak-City Hostels Limited for operating an unlicensed investment scheme. The company was soliciting public funds through a product called ‘Treasury Hostel Investment,’ which promised guaranteed lifetime returns over 60 years to finance a 1,000-bed hostel facility near the University of Cape Coast’s Agona Nyakrom Campus.

The Securities and Exchange Commission (SEC) and the Economic and Organised Crime Office (EOCO) shut down the operation after discovering the company was offering investment products without required licenses. SEC Deputy Director General Mensah Thompson stated that the commission is taking proactive measures to prevent financial loss and protect confidence in the national financial market, noting that the SEC will no longer wait for investors to lose money before taking enforcement action against entities using real estate to mask unauthorized investment services.

Entities

University of Cape Coast · Securities and Exchange Commission · Economic and Organised Crime Office · Bono Regional Directorate · Nyak-City Hostels Limited

Timeline

about 22 hours ago

[BUSINESS] 3 sources
Ghanaian regulators shut down Nyak-City Hostels over unlicensed investment scheme
Ghanaian regulators SEC and EOCO have shut down Nyak-City Hostels Limited for running an unlicensed investment scheme involving a proposed 1,000-bed student hostel.
6 days ago

[BUSINESS] 2 sources
Ghana Tourism Authority shuts down Sunyani lodge over licensing breaches
The Ghana Tourism Authority has shut down Royals Lodge in Sunyani, Ghana, due to licensing breaches and failure to provide required fire and police clearance certificates.

Sources

chale.news · myjoyonline.com · theghanareport.com · thehighstreetjournal.com · thepressradio.com