The Securities and Change Fee (SEC) has warned Nigerians towards investing in AfriQuantumX, an internet funding platform claiming to commerce cryptocurrency and shares.
The fee said that the corporate isn’t registered to function within the nation’s capital market.
“The Fee hereby informs the general public that AfriquantuMX is NOT REGISTERED by the Fee both to solicit investments from the general public or function in any capability inside the Nigerian capital market.
“Investigations have revealed that AfriquantuMX has been actively promoted on social media platforms and on-line boards. Moreover, its operations exhibit traits generally related to fraudulent Ponzi schemes,” they said.
The capital market regulator suggested the general public to train warning, warning that any one that locations funding or engages with the entity does so at his/her personal danger.
“Accordingly, the general public is suggested to be cautious about investing with the mentioned AfriquantuMX, as any one that locations funding or engages with the entity, does so at his/her personal danger,” the SEC said.
It additionally reiterated that coping with unregistered funding entities exposes buyers to potential lack of funds.
“The Fee makes use of this medium to reiterate that transacting within the Nigerian Capital Market with unregistered and unregulated entities exposes buyers to {financial} danger, together with fraud and potential lack of funding,” they mentioned.
The SEC urged buyers to at all times verify the registration standing of any funding firm earlier than participating with it.
“The investing public is subsequently reminded of the necessity to VERIFY the registration standing of corporations and entities providing funding alternatives on the Fee’s devoted portal – www.sec.gov.ng/cmos, earlier than transacting with them,” the discover added.
This newest warning provides to the record of unregistered funding platforms the Fee has flagged in recent times. SEC has repeatedly warned Nigerians to keep away from platforms promising unrealistic returns, particularly these working outdoors its regulatory oversight, a few of that are:
