Taiwo Popoola
Securities and Exchange Commission (SEC) has warned the public against investing in Pro-vest by Promiseland Estates Limited and other unregistered investment schemes.
In a statement on Friday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market. According to the SEC, the schemes are illegal entities.
“The commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are not registered to operate in any capacity in the Nigerian capital market,” SEC stated.
Similarly, the commission cautioned against engaging with My Share, which operates under the name UYJ Multitrade Limited, warning that it also claims to be an investment adviser and fund manager without proper registration.
The SEC advised the public to avoid dealing with these entities or their representatives, emphasising that transacting with unregulated firms exposes investors to fraud and potential financial losses.
“The investing public is reminded to confirm the registration status of any company or entity offering investment opportunities through the Commission’s dedicated portal before engaging with them,” the statement added.
SEC had Earlier cautioned the public against engaging in investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, popularly known as Stecs, stating that neither entity was registered or authorised to operate in the Nigerian capital market.
