May & Baker Nigeria Plc has warned Nigerians against the May Baker investment scam, an investment scheme using the company’s identity to solicit money. The scheme promises daily or guaranteed returns.
According to Vanguard, the pharmaceutical company said the scheme, promoted as “M&B Equity Stake,” is unauthorised. It has no connection with May & Baker, its subsidiaries or affiliates.
Company distances itself from platform
May & Baker issued the warning in a statement signed by Adetoun Abiru for Marina Nominees Limited, its Company Secretary.
The company said individuals behind the scheme were circulating messages and investment offers online. They are presenting themselves as connected to the organisation.
It warned that websites, social media groups, flyers or messages seeking funds in May & Baker’s name through the scheme should be treated as fraudulent.
The company also stressed that it is not currently conducting a rights issue or public offer. Additionally, it is not conducting any other capital-raising exercise involving investment from members of the public.
Investors urged to verify offers
May & Baker advised shareholders, customers and potential investors to verify investment opportunities through its official communication channels. This should be done before transferring money or providing personal information.
It said any legitimate future capital-raising exercise would be announced formally. It would also be conducted in accordance with Nigerian Exchange rules and other applicable regulations.
The warning comes amid increasing concerns about fraudulent investment platforms impersonating established companies to attract unsuspecting investors.
May & Baker said members of the public should remain vigilant. This is particularly important when confronted with offers promising unusually high or guaranteed returns.
