SEC Alerts Public on Unregistered Investment Schemes

The Securities and Exchange Commission (SEC) has issued a warning to the public regarding unregistered investment schemes, including Promiseland Estates Limited and Promiseland Building & Construction Limited, which are behind an illegal investment initiative known as Pro-Vest.

In a statement released on Friday, the commission expressed concern over the operations of these entities, highlighting that they misrepresent themselves as investment advisers and fund managers within the Nigerian capital market.

“The commission hereby informs the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited lack the necessary registration to operate in any capacity within the Nigerian capital market,” the SEC stated.

Additionally, the commission warned against investing in My Share, which is operated by UYJ Multitrade Limited, as it similarly claims to be an investment adviser and fund manager without proper authorization.

The SEC strongly advised investors to avoid engaging with these entities or their representatives, stressing that dealing with unregulated firms carries significant risks, including fraud and financial losses.

“The investing public is urged to verify the registration status of any company or entity offering investment opportunities through the Commission’s dedicated portal before committing funds,” the statement added.

Furthermore, the SEC cautioned against engaging in investment transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly referred to as Stecs, emphasizing that neither of these organizations is registered or authorized to operate within the Nigerian capital market.