Chaka Technologies Explains Operations

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By Goddy Egene

The Co-founder/Chief Officer of Chaka Technologies Limited, a fintech firm, Mr. Tosin Osibodu has said the commitment to investor education, trust, and transparency remain a top priority of the company.

He said in a statement that since the company began its journey in 2019, it has been transparent about its regulatory status, leveraging strategic partnerships with registered brokers in the United States and in Nigeria, specifically Citi Investment Capital Ltd, which is regulated by the Securities and Exchange Commission Nigeria.

“We would like to state that Citi Investment Capital is fully compliant with the commission’s regulations as all local equities are offered through a locally licensed brokerage firm, registered with the Nigerian Stock Exchange (NSE), Central Securities Clearing System (CSCS), and regulated by Nigeria’s SEC,” he said.

According to the company, the clarifications became necessary following a statement published by SEC, which said the Investment and Securities Tribunal granted an interim order to restrict Chaka from advertising and offering for sale, shares, stock or other securities of NSE-listed companies.

“We only learned about SEC’s position on the same day the statement was published on their website, while we await receiving the formal order from SEC, please note that all investments are placed by a duly licensed entity and remain safe through Citi Investments (using the Chaka platform), and will continue to be custodied by an SEC-regulated broker. We do not advertise, solicit, or offer securities of companies as alleged,” the company added.