Stanbic IBTC Warns Against Fake WhatsApp Investment Schemes

Stanbic IBTC Holdings Plc has warned the public about social media ads inviting people to join WhatsApp groups that claim to offer investment chances with 'guaranteed returns' in 'high-quality stocks.'

The financial group made this known in a regulatory filing on Wednesday. They said these ads are fake, false, and not authorized.

This announcement comes after social media posts showed an image of Busola Jejelowo, the CEO of Stanbic IBTC Asset Management Limited, alongside the Stanbic IBTC Stockbrokers logo.

'These ads do not come from Stanbic IBTC Holdings PLC or any of its subsidiaries. They have not been approved, endorsed, or issued by the group in any way,' the financial institution stated.

'Using our name, logo, brand identity, and images of our executives in these ads is fraudulent and meant to trick unsuspecting people,' it added.

The bank holding company also shared that it has reported these fraudulent activities to the Securities and Exchange Commission of Nigeria.

For Victims

Stanbic IBTC Holdings advised anyone who has fallen victim to these scams, or who has made payments or shared personal or financial information, to report it quickly to the nearest police station.

They urged the public to be careful with unauthorized messages from people pretending to be connected to Stanbic IBTC, especially those about investments and promises of returns.

Customers should only trust real and verified information about Stanbic IBTC that comes through its official channels, the bank said.

'Such messages should be seen as suspicious unless confirmed through our official channels,' Stanbic IBTC Holdings warned.

'For real and verified information about Stanbic IBTC and its products and services, please check our official platforms, including @StanbicIBTC on Facebook, LinkedIn, X (Twitter), Instagram, and YouTube.'

The bank also promised to take all necessary actions to protect its brand and customers from fraudulent activities.