The Securities and Exchange Commission (SEC) has cautioned the investing public against engaging with a number of unregistered investment schemes, including Pro-Vest and My Share, warning that such entities pose a significant risk of fraud and financial loss.
In separate public notices issued on Thursday, the regulator specifically flagged Promiseland Estates Limited, Promiseland Building & Construction Limited, and UYJ Multitrade Limited, stating that these entities were operating illegally in the Nigerian capital market.
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“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 in one of the notices.
It further said that “the general public is advised to refrain from engaging with Promiseland Estates Limited and Promiseland Building & Construction Limited or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.”
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Similarly, in a separate statement, the commission raised concerns about My Share, which operates under UYJ Multitrade Limited. It cautioned that it was not authorised to act as an investment adviser or fund manager.
“The Commission hereby notifies the investing public that MY SHARE and UYJ MULTITRADE LIMITED are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market,” the statement read.
SEC reiterated that transacting with unregistered and unregulated entities in the capital market exposes investors to fraud and the potential loss of their investments.
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It urged the public to verify the registration status of any firm offering investment opportunities through the Commission’s online portal.
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“The investing public is therefore reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them,” the regulator said.
Nigeria’s investment market has been plagued by fraudulent schemes in recent years, with regulators frequently issuing warnings about illicit operators.
In 2016, the MMM Ponzi scheme collapsed, causing millions of Nigerians to lose their savings.
Similar schemes, such as Loom, MBA Forex, and Chinmark, have also been reported to have defrauded investors, underscoring the persistent risks posed by unregulated entities.
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