Access Holdings Plc has dissociated itself from Access Capital Daily Investment, an online investment platform that crowdfunds from members of the public and promises “fictitious but mouth-watering” returns on investment.
In a disclosure filed to the Nigerian Exchange, the bank said it dissociates itself, affiliates and subsidiaries and/or proxies from the activities, contracts, claims or business engagements of Access Capital Daily Investment.
It also warned that it will not be responsible for any loss suffered in the course of dealings or transactions on the products.
What Access Bank is saying
The statement read in part, “The attention of Access Holding Plc trading as Access Corporation has been drawn to an online investment platform known and described as Access Capital Daily Investment which has been soliciting members of the public to invest in its Access capital Investment products promising fictitious but mouthwatering returns on investment.
“The corporation notes with dismay the fraudulent use of its name and logo to mislead unsuspecting members of the public into believing that the products are affiliated and or promoted by the corporation or any of its subsidiaries or affiliates.
Noting that relevant authorities have been made aware, the bank stated that stressed that it is not responsible for consequences that may surface from the deal.
It stated, “The corporation expressly dissociates itself, affiliates, subsidiaries and/or proxies from the activities, contracts, claims or business engagements of Access Capital Daily Investment, Access Capital Investment and any other name, acronym or alias by which they are known or associated with.
“Members of the public are therefore advised that the corporation, its subsidiaries and affiliates would not be responsible for any loss, damage, and/or injuries that anyone may suffer because of dealings or transactions on the products.
“Relevant law enforcement and regulatory agencies have been notified of this disclaimer.”
What you should know
- Access Capital Investment is alleged to be a Ponzi scheme offering a 100% ROI. According to its website, it has varieties of packages, all of which promises double investment return.
- There have been several cases of failed investment by many acclaimed crowdfunding platforms offering high ROI for investors in Nigeria in recent times.
- The Nigerian crowdfunding space appears to be changing direction, presenting a vague future for the business, due to failing operations. This has fueled a rising feeling of pessimism over the crowdfunding industry in the country.
- Nairametrics reported why crowdfunding in Nigeria is failing and presenting a vague future for the business in the country.
- From Farm Power to Payfarmer, Goldvest, Emerald farms, Vestpay, H O Corn, FarmKonnect, Farm Sponsor and a list of endless ventures, these platforms known for funding a project or venture by raising money from a large number of people who contribute relatively small amounts, typically via the internet, have either defaulted or are delaying payments of investment funds, alongside Return on Investment (ROI) to investors.
Poverty and the high level of financial illiteracy account for the flourishing of ponzi schemes in Nigeria. As an economist, I find it hard to believe that there is any business ANYWHERE in the world that can give a 100% ROI in under an hour. But poverty and greed push Nigerians into believing such claims.
I suggest the relevant financial regulatory authorities should be more vigilant and strict on the operations of these schemes.