SEC disclaims iBSmartify Nigeria, cautions investors

The Securities and Exchange Commission (SEC), Sunday, disclaimed the activities of iBSmartify Nigeria, while it warned Nigerians to desist from patronizing the firm or any of its products. In a statement in Abuja, Acting Director General of SEC, Ms. Mary Uduk, disclosed that neither iBSmartify and its subsidiary, nor the illegal products they offer, are registered or regulated by the Commission.

She, therefore, warned the general public that any person dealing with the said entity and others in the same business in any manner, whatsoever, does so at his/her own risk. She said, “The attention of the Commission has been drawn to the activities of iBSmartify Nigeria, the promoter 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.”

“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.” “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.

“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.” Uduk had stated that such outfits were not registered to carry out fund management functions of any sort, stressing that those who stubbornly patronize them end up burning their fingers.

According to her, the capital market has been properly positioned to attract Nigerians and provide benefits to Nigerians who invest therein. She added that SEC has sustained its investor education programme to assist people to understand whatever issues they have around the capital market. “But besides that, there are new products coming up every day in the Nigerian capital market. We have a lot of ethical funds, one of the safest areas to invest in is in Mutual Funds, Collective Investments Schemes and we encourage Nigerians to be part of these and others.” The Acting SEC chief executive said the commission was 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.

“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.”