AfriQuantum, which has a claimed value of N76 billion, has been declared by the Securities and Exchange Commission (SEC) of Nigeria as a fraudulent Ponzi scheme.
The regulator has also cautioned the people to be extremely cautious when making investments with this organization.
This is a worrying revelation that was announced by SEC.
The SEC warns that anyone who chooses to invest or get any deal with the company is doing it on his own peril, and as it has been highlighted, the firm practices are characteristic of the darker Ponzi schemes.
The activities of AfriQuantumX have attracted the attention of the Securities and Exchange Commission as the project is presented as an investment platform that offers to invest and sell cryptocurrency and stocks to their investors in Nigeria.
The SEC announced that AfriQuantumX is not registered by the Commission, and therefore does not have a legal right to seek investments in the masses or perform any other role in the Nigerian capital market.
