The Securities and Exchange Commission (SEC) has warned Nigerians against investing in AfriquantumX, an online platform claiming to trade cryptocurrency and stocks.
In a statement on Tuesday, the commission said AfriquantumX is not registered to operate in the country’s capital market.
According to SEC, the firm has been soliciting investments through social media and online channels despite lacking regulatory approval.
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The SEC said its findings showed that the firm’s activities bear features of a Ponzi scheme, warning that members of the public who engage with the company 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 statement said.
“Its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes. Accordingly, the public is advised to be cautious about investing with the said AfriquantumX, as any person who engages with the entity does so at his or her own risk.”
The capital market regulator urged investors to verify the registration status of any company or platform offering investment opportunities through its official portal www.sec.gov.ng/cmos.
SEC also reiterated that transactions with unregistered or unregulated entities expose investors to financial loss, fraud, and lack of legal protection.