The Ministry of Finance and National Planning has distanced itself from an online investment scheme operating under the name Dangote Refinery AI, warning the public that it is fraudulent and has no connection to the Government of Zambia.
In a statement, the says claims circulating on social media and other digital platforms that the scheme is supervised, approved, endorsed, licensed or regulated by the Ministry are categorically and unequivocally false.
The Ministry also dismissed assertions that it had issued statements promoting the platform, including claims that participation was limited to a select number of people, or that it was collaborating with or sponsoring the scheme.
The Ministry of Finance and National Planning has never authorized the use of its name, mandate, logo, reputation, or purported statements in connection with this or any similar investment platform,” the statement said.
Authorities have warned members of the public not to invest money in the platform, disclose banking, financial or personal information to its promoters, or rely on advertisements and online publications claiming Government approval.
The Ministry says the promotional material appeared deliberately designed to create a false impression of legitimacy by referencing reputable institutions and prominent individuals, including Aliko Dangote, Microsoft Africa, Bloomberg, commercial banks and Government regulatory authorities.
It has further noted that the scheme displays several characteristics commonly associated with investment fraud, including promises of exceptionally high and guaranteed monthly returns, claims of little or no investment risk, false Government endorsement, artificial claims of limited participation to create urgency, and misleading references to internationally recognised organisations and technologies.
The Ministry says it is engaging relevant regulatory bodies, law enforcement agencies and cyber security authorities over the unauthorised use of its name and the spread of false information. It added that it is also working with digital platforms to have the misleading content removed.
By Rachel Mumba
