Oxford International Group (OIG) says its registration with the Securities and Exchange Commission (SEC) is still under process.
OIG said this after SEC sealed some of its offices for allegedly conducting investment-related businesses without regulatory approval.
On Monday, SEC sealed the premises of OIG, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment.
Reacting in a statement on Tuesday, OIG said it had instructed the law firm of Tayo Oyetibo LP to take appropriate legal steps in respect of SEC’s actions and allegations.
“Our business started our profit-sharing arm of the business a few years ago, which helped a group of people to pool funds together, do business and share profit,” the statement reads.
“What started as a little business then has now metamorphosed into a large entity as a result of our integrity and accountability.
“As a result of our business expansion, the need to ensure regulatory compliance and the desire to offer more confidence to our clients, sometime in 2021, we voluntarily applied to be licensed with SEC and paid the necessary fees in this regard.
“We note that the registration process has been ongoing since then. We are currently interfacing with SEC to expedite the registration process.
“We state categorically that we have never represented to the public or our Client that we are SEC licensed. We are also proud to state that we have always performed our business within the ambits of the law.”
OIG said it is working with SEC to ensure that “our business retains its integrity as we have not defaulted anyone.”
The investment group urged its clients to remain confident, adding that there would be no defaults on all existing contractual obligations.