- May & Baker Nigeria Plc issued a public notice on Tuesday alerting Nigerians to a fraudulent investment scheme circulating online in its name
- The fake ‘M&B Equity Stake’ scheme is being promoted via social media and messaging apps with promises of guaranteed daily returns
- May & Baker confirmed it is not currently raising funds from the public and urged people to verify any investment claim through official channels
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
One of Nigeria’s top pharmaceutical businesses, May & Baker Plc, which is mostly owned by Nigerian billionaire Theophilus Yakubu (TY) Danjuma has raised the alarm over a fraudulent investment scheme being spread online under its name, warning members of the public not to send money or share personal details with those promoting it.
The Nigerian Exchange Limited-listed pharmaceutical company issued the warning in a public notice on Tuesday, August 18 saying unknown fraudsters had been circulating what they call an “M&B Equity Stake” scheme across social media platforms and messaging applications.
The scheme reportedly promises guaranteed daily returns to lure victims into parting with their money.
Photo: May & Baker
Source: Getty Images
The company said it has absolutely no link to the scheme or anyone connected with it.
May & Baker said in its notice:
“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.”
May & Baker described any message seeking funds from the public in its name as fraudulent, unauthorised, and not issued by or on behalf of the company.
The public was urged to ignore such messages, refuse to make any payments, and avoid sharing financial or personal information with the promoters.
Anyone who comes across the scheme was also advised to report it to the relevant authorities, BusinessDay reports.
Photo: Bloomberg
Source: Getty Images
May & Baker Not Raising Funds
The company went further to clarify that it is not carrying out any rights issue, public offer, or capital-raising exercise of any kind at this time, Punch reports.
May & Baker said that whenever it does conduct a legitimate fundraising exercise in the future, it would make a formal announcement through its authorised channels, and the process would comply fully with applicable laws, the requirements of the Nigerian Exchange Limited, and other relevant regulatory bodies.
The company called on its shareholders, customers, employees, and members of the public to always verify any investment opportunity or message claiming to be from May & Baker through its official communication channels before taking any action.
Ecobank exposes fraudsters’ new methods to steal password, pin
Earlier, Legit.ng reported that Ecobank Nigeria has issued a warning to customers over new cyber threats, urging vigilance against fake banking apps and deceptive pop-ups designed to steal personal information.
In a public advisory on Monday, November 10, the bank said that scammers are creating clone banking apps and pop-ups that mimic legitimate banking platforms.
It added that once installed, these fraudulent apps can access users’ phones and steal sensitive information, including PINs, passwords, and one-time passwords (OTPs), which can be used to carry out unauthorised fund transfers.
Source: Legit.ng