Access Holdings Plc has distanced itself from Access Capital Daily Investment, an online investment platform that solicits public funds and promises “fictitious but mouth-watering” returns on investment.
The bank stated in a disclosure filed with the Nigerian Exchange that it dissociates itself, affiliates and subsidiaries, and/or proxies from Access Capital Daily Investment’s activities, contracts, claims, or business engagements.
It also stated that it will not be held liable for any losses incurred as a result of dealings or transactions involving the products.
“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,” according to the statement.
“With dismay, the corporation notes 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 notified, the bank stated that it is not responsible for any consequences that may arise as a result of the transaction.
Access Capital Investment is accused of being a Ponzi scheme that promises a 100 percent return on investment. It has a variety of packages, all of which promise a double investment return, according to its website.
In recent times, there have been several cases of failed investments by many acclaimed crowdfunding platforms offering high ROI for investors in Nigeria.
Due to failing operations, the Nigerian crowdfunding space appears to be changing direction, presenting a hazy future for the business. This has fueled a growing sense of pessimism in the country’s crowdfunding industry.