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.