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SEC Nigeria Warns Individuals of Losing Funds to the Illegal Products Offered By iBSmartify 

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The Securities and Exchange Commission (SEC) on Sunday, disclaimed the activities of iBSmartify Nigeria, warning Nigerians to desist from patronizing the firm or any of its products.

In a statement issued through the SEC official wbsite, SEC Nigeria disclosed that neither iBSmartify and its subsidiary, nor the illegal products they offer, are registered or regulated by the Commission.

On Sunday, Acting Director General of SEC, Ms. Mary Uduk, warned the general public that any person dealing with iBSmartify Nigeria 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.”

This is also as a result of the consistent outcry of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) a self-regulatory body duly registered in Nigeria with the mission of growing the cryptocurrency and blockchain industry in Nigeria.

In March, SEC raised the alarm over the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment. SEC has warned Nigerians against patronising these type of schemes.

It had stated that: “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.”

Read Also: SEC Nigeria Makes a List of Ponzi Schemes Nigerians Should Avoid.

“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.”

Earlier before now, Lucky Uwakwe, CEO of SaBi Exchange and a member of SiBAN had taken to twitter with a thread pointing out the bad effects of the illegal product offered by iBSmartify.

He had taken to twitter to call out on regulators to look into the illegitimate product offered by the said entity, in a way to keep the ecosystem scam free. 

Uduk in his statement had also pointed out that such outfits were not in anyway authorized or registered to carry out fund management functions, stressing that whoever is patronizing them end up burning their fingers and losing funds.

The Acting SEC chief executive said the commission was currently looking at various initiatives to make the capital market more user-friendly for individuals looking to participate with a greater comfort and ease. 

She added: “There is the added and all-important purpose of ensuring that the gains of your participation, be these dividends, proceeds from share sales/transfers, etc. accrue to you seamlessly, without sweat and in the shortest time possible.

“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.”

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