The Securities and Exchange Commission, SEC, has denounced the activities of iBSmartify Nigeria that neither the entity nor the illegal products they offer are registered or regulated by the Commission.
SEC insists that the activities of iBSmartify Nigeria who are the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation are not regulated by the Commission thereby making their scheme illegal and classified as fraudulent.
In a statement signed by the Ag. Director-General, Mary Uduk, the general public is warned that any person dealing with the said entity and others in the same business in any manner whatsoever, does so at his or her own risk.
SEC recently raised the alarm over the proliferation of the operation of unlawful and unlicensed investment scheme 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.
Others are “MBA Forex and Investment Ltd, Federate Investors Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd, United Capital Investment Company Limited”. And MMM where Nigerians lost Billions of Naira to fraudulent activities ..
Members of the public are 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, thus making the actions of these entities listed above unlawful.
The statement consequently urged Nigerians to refrain from investing in any scheme of the entities listed above, and warns that any person who invests in an unlicensed or unlawful scheme does so at his own peril.
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The Acting DG said the SEC is presently undertaking various initiatives to make the capital market more user-friendly such that people can participate in it with greater ease, comfort and convenience rather than falling prey to criminal minds.
(Editor: Terverr Tyav)
