‘We Cannot Investigate Racksterli’, Security and Exchange Commission Tells Investors

The Security and Exchange Commission of Nigeria has revealed to the disappointment of aggrieved investors that it has no jurisdiction to investigate the management of Racksterli Affiliate Marketing Income Programme.

In an email addressed to several hundreds of aggrieved investors and obtained by newsbeatportal.com, the commission disclosed that it has not begun the regulation of online investment platforms in Nigeria.

Recall that on Monday June 14, 2021, the management of Racksterli in an official statement informed investors that the refunding process of Invested Capital back to them was suspended for three months.

The official statement triggered waves of panic, frustrations, and created unnecessary anxieties in the minds of investors.

Thousands of investors took to social media groups and channels to express their feelings that they have been scammed by the management of Racksterli.

The narrative that Racksterli had scammed investors gained enormous momentum with several individuals mobilising other investors to act swiftly.

It was this attempt to act on their fears of being swindled by Racksterli that eventually led them to seek the help of the Security and Exchange Commission of Nigeria in retrieving back their Invested Capital.

But replying to investors’ cry for help, the Security and Exchange Commission of Nigeria replied:

“Dear Sir/Ma
We acknowledge receipt of your email.”

“Please be informed that Chidiebere Michael Oti, or Blackgold, the CEO of Racksterli Establishment is not known to the Commission neither are the products it offers registered by the Commission.”

“Also, the Commission has not begun regulation of online investment platforms.”

“Kindly note that any business done with any operator/function that is not registered with the Commission is at the investor’s risk.”

“Please visit the Commission’s website www.sec.gov.ng to confirm list of registered operators for safe investments.”

“For any other enquiries reply directly to this email or call us on 09-4621168 (9:am – 2:pm, weekdays).”

“Thank you.

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