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SEC Warns Against Investing With IBSmartify

Securities and Exchange Commission (SEC) has warned Nigerians against investing with iBSmartify Nigeria.

The warning was made in a statement by the SEC head of corporate communications, Efe Ebelo.

According to the statement, IBSmartify Nigeria and the products it offers are not registered or regulated by the commission and anyone who deal with the entity do so at their own risk.

“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 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.

The acting director-general of SEC, Mary Uduk reiterated 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 assured that 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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