Nigeria’s Securities and Exchange Commission (SEC) has issued a public warning against an online investment company known as AfriquantumX, which it says is not registered or authorized to operate within the country’s capital market.
In a statement released on Tuesday, the Commission revealed that AfriquantumX has been promoting itself as a platform trading cryptocurrency and stocks, luring unsuspecting Nigerians through social media and online forums.
However, investigations by the SEC suggest that the firm’s operations bear signs of a Ponzi scheme, warning that those who invest in the platform do so at their own risk.
“AfriquantumX is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the SEC stated.
The regulator further cautioned that dealing with unregistered and unregulated entities exposes investors to serious financial risks, including fraud and loss of funds.
It urged the public to always verify the registration status of any company offering investment opportunities via its official website, www.sec.gov.ng/cmos
, before engaging in any financial transaction.
The SEC reaffirmed its commitment to protecting investors and ensuring transparency within Nigeria’s capital market.
Source; PM News