SEC Issues Warning Against GVEST Global’s Ponzi-Style Scheme

The Securities and Exchange Commission has issued a fresh warning to Nigerians against patronizing GVEST Global and its affiliates, describing their operations as illegal and characteristic of a Ponzi scheme.

According to the regulator, GVEST Global has been soliciting funds from the public while posing as an investment adviser and fund manager, despite not being licensed to operate within Nigeria’s capital market. The Commission added that the company has also been operating under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings.

Investigations, SEC said, revealed that the firm has been aggressively promoting its schemes across social media and online platforms, tactics commonly associated with fraudulent investment operations. The regulator stressed that the company’s activities bear the hallmarks of a Ponzi structure and urged Nigerians to avoid engaging with it.

The Commission reminded investors of the importance of verifying the registration status of investment platforms and promoters on its official website before committing funds. It warned that anyone choosing to deal with GVEST Global or its representatives does so entirely at their own risk.