Inksnation is a Nigerian MLM company founded by Omotade Sparks Amos, a young entrepreneur from Badagry, Lagos state. Also known as iBSmartify is tagged as the world’s first Philanthropic blockchain (Inksledger) and worlds first Charitable Trust DAO (inksnation) that has the potentials to end poverty in any country in less than 9 months. Wow….. The owner believes it will incentivize goodness, promote love, unity, oneness, peace and equitable distribution of wealth.
Also the first to invent the world’s first Reserve Cryptocurrency called Pinkoin, Africa’s first QR Debit Card called Pinkard. A little icing on the cake is the claim that their native Reserve Coin called Pinkoin will pay every single Nigerian, African and Human being on earth, including babies born everyday a minimum of N120,000 ($330) monthly for life as UCBI (Universal Child Basic Income). The founder claims Humans are the biggest assets on earth, based on that, their blockchain is backed by human assets which makes it possible to incentivize its value.
It has four investment plans namely; Bronze, Silver, Gold and Diamond.
This package is the least which you are required to invest N1k and get the following rewards in a month. All benefits are in Pinkoin. You receive a sign up bonus thus ( IBGrant N2,520,000 worth of pinkoin) Monthly IBSalary of N120k worth of pinkoin. Usage of all funds in Pinkoin will be active by August 12th, 2020.
This package is sourced with one time investment of N10k with the below claimed benefits. Sign up bonus IBGrant N6,560,000 worth of Pinkoin Monthly IBSalary N180k worth of Pinkoin.
This package is sourced with one time investment of N100k with the below benefits. Sign up bonus IBGrant N12,480,000 worth of Pinkoin Monthly IBSalary N240,000.
This package attracts a one- time investment fee of N1,000,000 with the following benefits. Sign up bonus IBGrant N101,100,000 worth of Pinkoin Monthly IBSalary of N300,000 worth of Pinkoin.
Having known the goodies that comes with inksnation, it is pertinent to know the validity of the company. Here is what our research showed:
SiBAN made a public announcement on 17th June, 2020 that they noticed that a certain platform or group which is called or known as Inksnation is out on social media claiming that it is registered with SiBAN, having paid SiBAN the required fee for membership application. Stating that they have the responsibility to refute the claim and clarify any misapprehension. Therefore affirming that from their records, they hereby state categorically that Inksnation is not registered with SIBAN in ANY way. For emphasis, Inksnation is not a member of SiBAN.
SiBAN is a self-regulatory body duly registered in Nigeria with the mission of growing the Cryptocurrency and blockchain industry in Nigeria by providing regulating guides to projects and helping blockchain firms and projects in the country to be able to function within the legal ambit of the law while also protecting the public from illegal practices.
After making a public announcement on its website that Inksnation is not registered with them, they further explained the due processes to be followed for that purpose while explaining what transpired between them and the founder of Inksnation. First, SiBAN’s membership process is an open and transparent process, with our membership application information available to any intending member.
SiBAN membership application form is publicly available here on our website. As clearly published on that web page, SiBAN membership registration process is a two-step registration process:
(i) application for & payment for membership, and
(ii) KYC submission.
This means that after completing the first step above, applicant would be sent a confirmation email from SiBAN Membership Desk on the next Saturday. In the confirmation email, the applicant would be provided with a link to complete and submit his/her/it’s Know Your Customer (KYC) information based on industry standards. After the applicant submits KYC form, the SiBAN Membership Desk would then review the membership application and send a confirmation email containing link to join SiBAN’s exclusive group for registered members only.
Second, from our records, contrary to what Inksnation has claimed publicly and communicated to its followers or members, Inksnation is not a registered member of SiBAN and never completed any membership application. We establish that on 27 May 2020 at 14:35 (WAT), one Amos Sewanu Omotade-Sparks applied for SiBAN membership and paid to us 0.00882816 BTC ($83.14 or N29, 547.2 at the time of transaction).
On 1 June 2020, the SiBAN Membership Unit acknowledged receipt of Mr. Omotade-Sparks application and advised that SiBAN Membership Desk would “review your application and approve/disapprove it based on [SiBAN] criteria”. Mr. Omotade-Sparks was then required to complete and submit SiBAN Membership Application Review Form to continue its membership application.
Third, according to our records, till the time of writing this public statement, Mr. Omotade-Sparks is yet to complete and submit the SiBAN Membership Application Review Form to SiBAN. The submission of this form would have enabled SiBAN Membership Unit review the applicant’s details and then it would advise accordingly whether the membership application was successful OR not successful, or advise any further steps. In other words, SiBAN reserves the right to approve or disapprove membership application.
Fourth, for clarification and emphasis, we point out that all membership applications are subject to review and verification. This is stated in the terms of membership application clearly published on the membership application page on our website: One of the terms is that “membership application is not automatic but subject to verification and review. ALL applications are subject to this term. Therefore, from what has been established above, it is clear that Inksnation is not a member of SiBAN and did not complete any membership application to join our community.
Also, the Securities and Exchange Commission (SEC) has again come out to caution Nigerians against iBSmartify Nigeria. Explaining that the activities of IBSmartify, the registered brand name behind the projects, which is promoting a blockchain known as iBledger (iBcashcryptocurrency) and Inksnation are not registered or regulated by the commission. Therefore members of the public who deal with the entity do so at their own risk.