…Says Entity, Its Illegal Products Not Registered Or Regulated By The Commission
…Lists 13 Entities Promoting Ponzi, Other Fraudulent Schemes
The Securities and Exchange Commission (SEC),Nigeria has disclaimed the activities of iBSmartify Nigeria and that both the organisation and the illegal products they offer are not registered or regulated by the Commission.
As result, the Commission has warned the general public that any person dealing with the said organisation and others in the same business in any manner whatsoever, does so at his/her own risk.
SEC recently raised the alarm over the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment and has warned Nigerians against patronising them.
“The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.
“The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission.”
These activities, SEC explained are perpetrated by suspected promoters of Ponzi and other fraudulent schemes under the following identities:
- Loom Nigeria Money
- Box Value Trading
- Company Ltd
- Now-Now Alert,
- Flip Cash Investment
- Result Investment Nigeria Limited
- Helping Hand and Investment
- No Failure Development and Empowerment Nigeria Limited.
- MBA Forex and Investment Ltd
- Federate Investors Trading Company
- Jamalife Helpers Global Ltd
- Flexus Global Solutions and Investment Ltd
- United Capital Investment Company Limited
SEC urged members of the public to note that by virtue of the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, only persons registered with the Commission can engage in capital market activities, thereby making the actions of these entities listed above unlawful.
“Consequently, the general public is hereby advised to refrain from investing in any scheme of the entities listed above and warns that any person, who invests in an unlicensed/unlawful scheme does so at his own peril,” SEC warned.
Recalled that the Acting Director General of SEC, Mary Uduk, had in statement stated that such outfits are not registered to carry out fund management functions of any sort, warning that those stubbornly patronising them would end up burning their fingers.
The capital market, he said has been well positioned to attract Nigerians and provide benefits to Nigerians who invest therein and that SEC has sustained its investor education programme to assist people to understand whatever issues they have around the capital market.