May & Baker Nigeria Plc has dissociated itself from the ‘M&B Equity Stake’ investment scheme, noting that the purported investment opportunity is fraudulent and unauthorised by the company.

The company disclosed this in a regulatory filing signed by Adetoun Abiru, Secretary of Marina Nominees Limited, on Tuesday, urging the investing public to disregard promotional materials that promise daily or guaranteed returns for the equity stake.

This followed the circulation of “fraudulent materials” through social media, messaging applications and other online platforms, purporting to offer an investment opportunity described as an “M&B Equity Stake.”

“The company hereby unequivocally dissociates itself, its subsidiaries and affiliates from the purported ‘M&B Equity Stake’ investment scheme and any person, platform, website, group, publication or other communication promoting or soliciting funds in connection with the scheme,” May & Baker said.

The consumer foods manufacturer stated that any person, platform, flier, message, website or other communication soliciting funds under the guise of May & Baker Nigeria Plc is unauthorised and was not issued by or on behalf of the company.

It advised Nigerians to disregard the communications, refrain from making any payment or disclosing personal information in response to the ‘M&B Equity Stake’ investment materials.

“Report any such fraudulent activity to the appropriate authorities,” the pharmaceutical and beverage company said, urging the investing public not to disclose their financial information to anyone.

The company confirmed that it is not currently undertaking any Rights Issue, Public Offer or other capital-raising exercise involving the solicitation of investments from the public.

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“Any future capital-raising exercise will be formally communicated through the Company’s authorised communication channels and conducted in accordance with applicable laws, regulations and the requirements of the Nigerian Exchange Limited and other relevant regulatory authorities,” the company added.

It further urged its shareholders, customers, employees and members of the general public to remain vigilant and verify any purported investment opportunity or communication relating to the company through its official communication channels before taking any action.

The Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced investigation of a suspect, Haruna Yusuf  and multiple undeclared foreign currencies, ,   $73,000( Seventy Three United States Dollar)  £15,957 ( Fifteen Thousand, Nine Hundred and Fifty Seven Pound Sterling) & 827,800 Saudi Riyal  intercepted by the Nigeria Customs Service,  NCS,   at the Mallam Aminu Kano International Airport,  MAKIA.

The investigation commenced after  the handover  of the suspect and the undeclared currencies by the Acting Customs Area Comptroller of the Kano/Jigawa Command,  Deputy Comptroller U. U.  Adamu at the Customs Area Command in Kano.
The intercepted currencies, which exceeded the legally permitted threshold, were discovered during routine primary and secondary screenings of arriving passengers between August 8 and August 12, 2026.

The Acting Zonal Director of the EFCC,  Kano Directorate, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the recovered funds on behalf of the Commission.
According to Adamu,  the Customs made two separate interceptions.
On August 8,  2026,  “at approximately 14:20 hours, officers conducting passenger screening at the baggage seat of MAKIA intercepted an unaccompanied Saudi Air luggage  containing 827,800 Saudi Riyals and $53,300  The currencies were found concealed inside a footwear.” Adamu stated.
Similarly, on  August 12, 2026 “at approximately 13:50 hours, officers of the Nigerian Custom Service also flagged a luggage belonging to one Mr. Haruna Yusuf, who arrived at MAKIA on board Ethiopian Airlines flight ET941. During secondary screening using Non-Intrusive Inspection Technology, $20,000 USD and £15,957  were found concealed inside sportswear shoes”, he said.
Adamu thereafter formally handed over the suspect, Mr. Haruna Yusuf, alongside all recovered exhibits to Ebelo for further investigation and prosecution.   He noted that the handover was in accordance with Section 4(f) of the NCS Act 2023, which empowers the Service to collaborate with other border regulatory agencies.
Adamu further explained that,  “these interceptions demonstrate the readiness and vigilance of our officers in detecting cross-border movement of undeclared foreign currencies above the allowed threshold.  The Command will continue to deploy technology, professional expertise, and intelligence-driven measures, including inter-agency collaboration to strengthen border controls and protect the integrity of Nigeria’s financial systems.”

Receiving the suspect and exhibits on behalf of the Executive Chairman of the EFCC, Mr. Ola Olukoyede,  Ebelo  expressed profound gratitude to the Customs Service for its  professionalism and cooperation with EFCC officers recently deployed to the airport.
“We must sustain this vigilance at all our entry points to counter the illegal movement of currency. The failure to declare large sums of currency and its equivalent is a violation of the Money Laundering (Prevention and Prohibition) Act, 2022,” he said.
He  urged the public to comply with the law, emphasizing that declaring currency attracts no penalty, only the source of undeclared funds may raise legal concerns.
“Once more, we call on the general public: as much as we are Nigerians and we encourage trade in and out of the country, people must adhere to the laws of the land. You must declare the currency you are carrying. If you declare it, nobody will seize your currency,” he said.
Ebelo reaffirmed the EFCC’s commitment to  thorough investigations and prosecution, stating that the Commission would continue to follow the law diligently
Both Ebelo and Adamu applauded the longstanding synergy between  the EFCC and NCS which has been critical to combating financial crimes and illegal cash movement across Nigeria’s borders.