Nigerian Exchange Limited (NGX) has issued a stern warning against fraudulent activities, following reports of an individual and entity masquerading as affiliates of the Exchange.
In a strongly worded statement posted via its verified official X handle on Monday, the Nigerian Exchange Limited (NGX) cautioned the public about the actions of an alleged impersonator, ‘Professor Adebayo Oluwatokun,’ and a purported organization, ‘Value Gain,’ who are reportedly exploiting the trust of investors by falsely claiming affiliation with the NGX.
The pair are said to be operating a deceptive WhatsApp group, “NGX GroupA7,” designed to mislead and manipulate unsuspecting individuals.
NGX unequivocally clarified that neither ‘Professor Adebayo Oluwatokun’ nor ‘Value Gain’ has any association with the Exchange or its subsidiaries, nor are they registered Trading License Holders.
In a statement, NGX emphasized that all claims or communications originating from these individuals or entities are fraudulent, and the public is strongly urged to refrain from engaging with them.
The Exchange reaffirmed its dedication to safeguarding the interests of investors and maintaining the integrity of the Nigerian capital market. NGX encouraged individuals to promptly report any suspicious activities in order to prevent further exploitation.
This advisory comes in the wake of growing concerns over the rising incidence of fraudulent activities within the Nigerian capital market, particularly those linked to stockbrokers and dealing member firms.
There has been increasing scrutiny over the lax enforcement of Know Your Client (KYC) protocols, which some believe has facilitated these infractions.