The Nigerian Exchange Limited has issued a public advisory about a suspected impersonator falsely claiming to be the Chief Strategist of NGX Group.
In a statement posted on its X handle on Monday, NGX alerted the public about an individual named ‘Professor Adebayo Oluwatokun’ and an entity called ‘Value Gain,’ who are reportedly using a WhatsApp group titled ‘NGX GroupA7’ to mislead the public.
“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 safeguarding investors and preserving trust in the Nigerian capital market. The public has been urged to avoid engaging with these entities and to report any suspicious activities immediately.
There have been growing concerns about rising fraud and violations in the Nigerian capital market, allegedly committed by stockbrokers and dealing member firms.
This issue is linked to the failure of some stockbroking firms to adhere to Know Your Client requirements.
The Group Chief Executive Officer of NGX Group, Temi Popoola, emphasized the need for stronger regional collaboration, government-private sector synergy, and innovative market solutions to unlock the economic potential of the continent during a speech last week.
Speaking at the launch of the Ethiopian Securities Exchange on Friday, Popoola reiterated the transformative potential of Africa’s capital markets.
He stated that ESX would be a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth.
“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 stated.
