May & Baker disowns fraudulent investment scheme, warns investors

May & Baker Nigeria Plc has distanced itself from a fraudulent investment scheme, M&B Equity Stake, being promoted in its name.

The company warned members of the public to disregard any unauthorized solicitation claiming affiliation with the company.

The pharmaceutical company disclosed this in a public notice dated August 17, 2026, after becoming aware of individuals and entities allegedly using its name to attract investments from unsuspecting members of the public.

What they are saying

According to the company, it has no connection whatsoever with the promoters of the scheme and does not operate, endorse, or support any investment programme outside its official communication channels and regulatory disclosures.

• “The Company hereby unequivocally dissociates itself, its subsidiaries and affiliates from the purported “M&B Equity Stake” investment scheme and any person, platform, website, group, publication or other communication promoting or soliciting funds in connection with the scheme,” the company stated.

Accordingly, any person, platform, flier, message, website or other communication soliciting funds from the investing public in the name of May & Baker Nigeria Plc in connection with an “M&B Equity Stake” or similar investment opportunity is fraudulent, unauthorised and not issued by or on behalf of the Company.

May & Baker emphasized that all legitimate corporate actions, including dividends, rights issues, and other shareholder-related matters, are communicated exclusively through approved and official channels.

The company advised investors and shareholders to exercise caution and verify any investment opportunity claiming to originate from May & Baker before committing funds.

Public urged to verify investment offers

The company further urged members of the public to ignore all communications linked to the fraudulent scheme and report suspicious solicitations to relevant authorities.

• “The Investing Public is therefore strongly advised to disregard such communications, refrain from making any payment or disclosing personal or financial information in response to them and report any such fraudulent activity to the appropriate authorities,” the notice added.

May & Baker also encouraged stakeholders to confirm information through its official website, the Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission (SEC) before making investment decisions.

The company noted that the warning forms part of its efforts to protect shareholders and the investing public from financial fraud perpetrated through the misuse of the identities of listed companies.

Get up to speed

The development comes amid a rise in online investment scams and identity fraud targeting prominent businesses and individuals.

Earlier this year, the Securities and Exchange Commission (SEC) shut down over 400 fraudulent investment schemes in Nigeria, and prosecuted several suspects, as part of efforts to protect investors and strengthen market confidence.

The development highlights the regulator’s intensified enforcement actions amid a surge in unregulated investment activities and growing concerns about investor protection.

The commission had issued a warning to the Nigerian investing public, urging vigilance against fraudulent investment schemes, including Ponzi operations and unregistered digital asset platforms.

What you should know

The warning comes as May & Baker continues to post improved financial results.

• The company reported a profit before tax of N6.55 billion for the 2025 financial year, representing a significant increase from N2.57 billion recorded in 2024.
• In the fourth quarter of 2025, May & Baker posted a profit before tax of N1.64 billion, compared with a loss before tax of N168.46 million in the corresponding period of 2024, reflecting a strong turnaround in performance.

The improved earnings were supported by stronger pharmaceutical sales, lower administrative expenses, and increased interest income, while earnings per share rose to N2.58 from N0.93, indicating improved returns to shareholders.