Chaka Technologies Limited, a financial technology company in Lagos, has reassured investors on the safety of their investments following an interim order by the Investment and Securities Tribunal (ISL) restricting its operations.
ISL restricted the firm and its promoters from advertising and offering for sale, shares, stock or other securities of Nigerian Stock Exchange (NSE) listed companies.
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A statement issued by the Co-founder and CEO of the firm, Tosin Osibodu, said that although no formal order from the Securities Exchange Commission (SEC) has been received, the firm had conducted its operations in accordance with the law.
“We only learned about SEC’s position today and while we await receiving the formal order from SEC, please note that your investments were placed by a duly licensed entity and remain safe through Citi Investments (using the Chaka platform),” the statement read.
It said since it started in 2019, we have been transparent about our regulatory status, leveraging strategic partnerships with registered brokers in the U.S and in Nigeria.
The company said its legal and operations teams are currently working to accelerate a resolution.
SEC had applied to the ISL alleging that the Fintech Company was engaged in investment activities, including providing a platform for the purchase of shares in foreign companies such as Google, Amazon and Alibaba, outside the regulatory purview of the commission and without requisite registration.
Subsequently, ISL granted interim orders to restrict the activities of the company.
Chaka Technologies, however, reiterates that the investments were placed by a duly licensed entity and remain safe through Citi Investments.
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