NGX Alerts Nigerians on Fake Investor Strategist- “They Are False and Fraudulent”
- NGX has sent out a message to Nigerians about fraudulent individuals posing as investment experts
- The exchange warns that these so-called strategists are not connected to the exchange, and their activities are deemed false and fraudulent
- The public has been urged to be careful before engaging anyone or entity posing as registered financial advisors
The Nigerian Exchange (NGX) has alerted Nigerians about an entity called ‘Value Gain' and an individual named ‘Professor Adebayo Oluwatokun’ who is posing as the Chief Strategist of NGX Group.
In a public advisory shared on X, the exchange said the individual uses a WhatsApp group titled ‘NGX GroupA7’ to deceive the public.
Source: Facebook
In the advisory, the NGX categorically disassociated itself from “Value Gain” and “Professor Adebayo Oluwatokun, confirming that neither has any affiliation with the exchange, its subsidiaries, or its registered Trading License Holders.
The exchange further stressed that any communications or claims made by these individuals or groups are fraudulent and should be disregarded.
The statement reads:
"Our attention has been drawn to the activities of fraudulent entities, including one operating under the name “Value Gain” and a person falsely identified as “Professor Adebayo Oluwatokun.
"These individuals are impersonating NGX via a WhatsApp group named “NGX GroupA7” to mislead the public.
"We categorically state that neither “Value Gain” nor the said individual is affiliated with NGX, its subsidiaries, or registered Trading License Holders. Any claims or communications from them are false and fraudulent.
"NGX is committed to protecting investors and maintaining trust in the Nigerian capital market. We urge the public to avoid engaging with these entities and to report any suspicious activities promptly.
"For official communications, visit http://ngxgroup.com, follow our verified social media channels, or contact us directly via +234 (700) 225-5649 or contactcenter@ngxgroup.com."
What to know about NGX
Nigerian Exchange (NGX), a wholly owned subsidiary of the Nigerian Exchange Group (NGX Group), is a leading listing and trading venue in Africa with a history dating back to 1960.
NGX is a multi-asset exchange providing a home to the best African enterprises listed on our Premium, Main, and Growth Boards; diverse fixed-income securities; Exchange Traded Products (ETPs); Mutual and other investment funds.
. NGX is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (“SEC”) of Nigeria.
As of September 12, 2024, the Nigerian Exchange (NGX) had 151 listed companies: 8 Premium Board companies, 133 Main Board companies, 7 Growth Board companies, and 3 ASeM companies.
Foreign investors liquidate funds in NGX
Ealier, Legit.ng reported that Foreign inflows into the Nigerian Exchange Limited (NGX) dropped to the lowest point in September at N11.26 billion.
Data on the domestic and foreign portfolio investment on the NGX shows that foreign investors increased the amount they liquidated between August and September 2024.
Foreign inflows into Nigeria in the first three quarters of 2024 stood at N310.99 billion, more than N108.93 billion recorded in the same period in 2023.
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Source: Legit.ng
