The Nigerian Exchange Limited (NGX) has issued a public advisory regarding a suspected impersonator falsely claiming to be the Chief Strategist of NGX Group.
In a statement posted on its X handle on Monday, NGX warned the public about an individual named ‘Professor Adebayo Oluwatokun’ and an entity called ‘Value Gain,’ who are allegedly using a WhatsApp group titled ‘NGX GroupA7’ to deceive the public.
What the statement is saying
“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.
“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,” stated NGX.
NGX emphasized its commitment to protecting investors and maintaining trust in the Nigerian capital market. The public is urged to avoid engaging with these entities and to report any suspicious activities promptly.
Concerns have been raised about the increasing incidence of fraud and infractions in the Nigerian capital market, allegedly perpetrated by stockbrokers and dealing member firms. This situation has been attributed to the failure of some stockbroking firms to comply with the Know Your Client (KYC) requirements.
What you should know
Temi Popoola, Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), last week highlighted the necessity for stronger regional collaboration, government-private sector synergy, and innovative market solutions to unlock the continent’s economic potential.
- Speaking at the launch of the Ethiopian Securities Exchange (ESX) on Friday, Popoola reiterated the transformative potential of Africa’s capital markets.
- According to Popoola, ESX will serve as a vital mechanism for capital formation and market liquidity, driving sustainable economic growth.
- He noted that the launch represented a significant milestone for Ethiopia and the broader African financial landscape, underscoring NGX Group’s leadership in advancing Africa’s capital market infrastructure.
“With the right mix of innovation, policy support, and regional collaboration, Ethiopia’s capital market can play a transformative role in driving economic development and establish itself as a leader in Africa’s financial ecosystem,” he remarked.
Popoola further elaborated on NGX Group’s investment rationale, highlighting Ethiopia’s vast market potential and the shared vision of fostering economic growth through innovation. “Our partnership transcends traditional investment parameters. It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development,” he said.
He also underscored the importance of opening up the African market, emphasizing that it would help attract more capital.
