Nigerians have been warned by the Nigeria’s Securities and Exchange Commission (SEC) to avoid investing in a company called, AfriQuatumX.
The company had claimed it is worth of N76 billion.
According to the regulator, Nigerians should avoid doing business with the company because it is a Ponzi scheme.
SEC disclosed this in a recent statement.
According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.
“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.
“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.
