SEC disclaims activities of ibsmartify Nigeria

The Securities and Exchange Commission (SEC) has disclaimed the activities of ibSmartify Nigeria saying neither the entity nor the illegal products they offer are registered or regulated by the Commission.

In view of the above, the Commission therefore warns 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.the SEC recently raised the alarm over the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment and has warned Nigerians against patronising them.

According to the SEC, “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.

According to the SEC, “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.

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.