May & Baker disowns M&B Equity Stake scam

May & Baker Nigeria Nigeria Plc issued a public notice on August 17, 2026, warning investors and the public against a fraudulent investment scheme named 'M&B Equity Stake' that was being promoted online via social media and messaging apps, promising daily or guaranteed returns. The company unequivocally dissociated itself, its subsidiaries, and affiliates from the scheme, stating that any solicitation using its name is fraudulent and unauthorized. May & Baker Nigeria clarified that it is not currently undertaking any rights issue, public offer, or other capital-raising exercise, and that any future capital raise would be formally communicated through official channels and in compliance with Nigerian Exchange Limited and other regulatory requirements. The company urged the public to disregard such offers, avoid making payments or disclosing personal information, and report fraudulent activity to authorities. This warning comes amid a rise in online investment scams in Nigeria, where fraudsters exploit the identities of established companies. May & Baker Nigeria also highlighted its improved financial performance, reporting a profit before tax of N6.55 billion for 2025, up from N2.57 billion in 2024.