The Securities and Exchange Commission (SEC) has warned
Nigerians against investing with iBSmartify Nigeria.
In a statement signed by Efe Ebelo, its head of corporate
communications, SEC said the entity and the products it offers are not
registered or regulated by the commission.
“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 statement read.
“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.”
SEC warned that members of the public who deal with the
entity do so at their own risk.
“These activities 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 and No Failure
Development and Empowerment Nig. Ltd.”
“MBA Forex and Investment Ltd, Federate Investors Trading
Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment
Ltd, United Capital Investment Company Limited,” it added.
Mary Uduk, the acting director-general of SEC, had earlier
warned that such outfits are not registered to carry out fund management
functions of any sort and stressed that people who “stubbornly patronize them
end up burning their fingers”.
“The purpose is also to ensure that you do not fall victim
to the antics of fraudsters who purport to be able to double any amount of
money you make available to them as investment value,” she said.
Uduk also said the commission is undertaking various
initiatives to make the capital market more user-friendly such that people can
participate in it with greater ease, comfort and convenience.
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