SEC Warns Public Against Unregistered Investment Platform AfriQuantumX
The Securities and Exchange Commission (SEC) in Nigeria has issued a fresh warning to the public, this time against an online investment platform called AfriQuantumX. The platform claims to trade in cryptocurrency and stocks but has raised red flags with the regulatory body. AfriQuantumX, despite claiming to be registered, is not listed in the SEC's records for operating in the Nigerian capital market. The SEC has advised that any investment or engagement with this platform is at the individual's own risk. The commission has warned that such unregistered entities expose investors to potential loss of funds. The SEC's concerns are not isolated. Earlier this year, it issued similar warnings against several other unregistered platforms, including Risevest, Stecs, Pro-vest, My Share, Promiseland Estates Ltd, Promiseland Building & Construction Ltd, PWAN MAX, and Silverkuun Investment Cooperative Society. The commission has also named CMTrading as another unregulated platform. The SEC has stated that AfriQuantumX's operations bear the hallmarks of fraudulent Ponzi schemes. The commission urges investors to always verify the registration status of any investment company before engaging with it. The SEC's warning serves as a reminder to Nigerian investors to be cautious and vigilant. Always confirm the registration status of any investment company before committing funds. The SEC's list of unregistered platforms continues to grow, with AfriQuantumX being the latest addition.
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