Inksnation Scam Benue Investors, Hundred Others Count Their Losses

Last updated on December 19th, 2023 at 03:48 pm


Hundreds of fraudulent blockchain project participants have been scammed, most of them pinkoin investors in Benue State and across Nigeria.

Pinkoin is a non-existent digital currency being promoted by Inksnation which is registered under iBSmartify Nigeria by one Omotafe Sewanu, who promised hundreds of Nigerians more than 100% of their investment.

We warned prospective investors to steer clear of the fraudulent coin a few months ago.


In the article, we highlighted eight reasons why we believe that Pinkoin is a scam, following a warning by Nigeria’s Security Exchange Commission (SEC), but investors wouldn’t listen while Sewanu’s foot soldiers claimed it’s a project to liberate Nigerians from poverty.

In another smarter way, the founder of pinkoin claimed his company would be giving out December palliative to his members under another name, “Inksnation Nongovernmental organisation”

In a recent report by The Punch, it’s gathered that the investors stormed the Akper Aku Stadium, Makurdi Benue State capital, expecting a reward for their investment. They were disappointed as officials of Inksnation were nowhere to be found.

We gathered that the investors stormed the stadium from different parts of the state as early as 6 am had come to receive items for Christmas from a Ponzi scheme, known as Inksnation.

Some of those who wanted incentives for their investment had registered with N2,000 each and were to receive N12,000 in three instalments in cash or consumables for their investment.

Also Read:  Purpose of NIN in Nigeria and Enrolment Centres in 36 States

There are different plans on the Inksnation official site.

As promised the investors were directed to assemble at Akper Aku Stadium, Makurdi to collect their reward but, unfortunately, no official of the purported investment scheme came and no explanation was given.

Inksnation victims

Some of the victims of the scam said they were disappointed as there was no official statement from the fraudulent organisation whose founder Omotade-Sparks Sewanu was declared wanted by Nigeria’s anti-graft agency sometime in November 2020.

Ayua Tondo said:

“It’s actually an online investment platform. I paid N2,000 to Inksnation and we were told to gather at the stadium today for our reward of N12,000 cash or consumables such as rice, indomie. We have been here since 6am but nothing to show for it.

Another victim, Ele Jonah,  said:

“Just imagine the crowd inside the stadium and more people are outside. We had hope that Inksnation will make us enjoy a better Christmas but that hope has been dashed.”

The story is the same at major centres across the country where Nigerians (members and non-members) gathered in their hundreds.

Final thought:

Nigerians should be wary of fraudulent investment platforms. N2, 000 investment can NEVER turn to N10,000 within 30 days. It takes time.

Any platform which promises this turn-over is a scam and Pinkoin or inksnation is one of them, SEC and SiBAN warned sometimes ago.


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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