Pharmaceutical company May & Baker Nigeria Plc has issued a public notice warning Nigerians about a fraudulent investment scheme being promoted online under its name. The scheme, called 'M&B Equity Stake,' is circulating on social media and messaging platforms, promising guaranteed daily returns to lure victims.
Company Dissociates from Fraudulent Scheme
In a notice released on Tuesday, August 18, the Nigerian Exchange Limited-listed firm stated that it has no connection to the scheme or any individuals promoting it. The company said: "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, which is majority-owned by Nigerian billionaire Theophilus Yakubu (TY) Danjuma, described any message seeking funds from the public in its name as fraudulent, unauthorized, 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 encounters the scheme is advised to report it to the relevant authorities, according to BusinessDay reports.
No Current Fundraising Activities
The company further clarified that it is not conducting any rights issue, public offer, or capital-raising exercise at this time, as reported by Punch. May & Baker stated that if it undertakes a legitimate fundraising exercise in the future, it will make a formal announcement through its authorized channels, and the process will comply fully with applicable laws, the requirements of the Nigerian Exchange Limited, and other relevant regulatory bodies.
May & Baker called on its shareholders, customers, employees, and the general public to always verify any investment opportunity or message claiming to be from the company through its official communication channels before taking any action. The company emphasized that the fraudulent scheme is not connected to its operations or affiliates.
Broader Context of Financial Scams
This warning follows a similar alert from Ecobank Nigeria, which earlier warned customers about new cyber threats, including fake banking apps and deceptive pop-ups designed to steal personal information. In a public advisory on Monday, November 10, Ecobank stated that scammers are creating clone banking apps and pop-ups that mimic legitimate banking platforms. 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 unauthorized fund transfers.
May & Baker's notice serves as a critical reminder for Nigerians to remain vigilant against investment scams that exploit the names of reputable companies. The company urges the public to rely only on official channels for any communication regarding investments or fundraising activities.
