The investments and securities tribunal sitting in Abuja has ruled that the operations of Agropartnerships, an agritech crowdfunding platform, are illegal in Nigeria.
the Securities and Exchange Commission , sealed the premises of Agropartnerships and Farmforte for allegedly engaging in illegal investment activities.
The second set of defendants are; Access Bank, Ecobank, Fidelity Bank, First Bank, Guaranty Trust Bank, Keystone Bank, Polaris Bank, Providus Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, United Bank for Africa, Wema Bank, and Zenith Bank. SEC said the first set of defendants had “no clear business model or investment plan” to support the claim they made to unsuspecting members of the public.
In a joint final written address by the first set of defendants, they argued that the tribunal did not have the “jurisdictional competence” to adjudicate over the matter and that it is not empowered to make final orders of forfeiture. “It is therefore our considered opinion that this tribunal has the subject matter jurisdiction to entertain this suit contrary to the submission of the first set of the defendants.”
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