The Securities and Exchange Commission of Nigeria (SEC Nigeria) has put out a cautionary statement warning the public of illegal products of iBSmartify Nigeria, as a crypto scam in Nigeria. The capital market regulator pointed out that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the commission. According to the statement by Acting Director-General of SEC, Ms. Mary Uduk, in Abuja on Sunday, said, "The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation. The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission. In view of the above, the general public is hereby WARNED that any person dealing with the said entity and others in the same business in any manner whatsoever, does so at his\/her own risk".