Scam Alert: SEC warns Nigerians against investing in GVEST Global

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The Securities and Exchange Commission (SEC) has issued a warning to Nigerians against doing business with GVEST Global, an unregistered investment adviser and fund manager promoting illegal schemes. According to the regulator, GVEST Global operates under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings.

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“The Commission hereby informs the public that neither GVEST Global nor any of the above-named entities is registered by the Commission either to solicit investments from the public or operate in any capacity in the Nigerian capital market,” the SEC stated.

The SEC’s investigation revealed that GVEST Global’s operations display “typical indicators and characteristics commonly associated with Ponzi schemes”. The regulator warned that Nigerians who engage with GVEST Global or its affiliates “do so at their own risk.

“Accordingly, the public is advised to refrain from engaging with GVEST GLOBAL, its associated entities named above or their representatives in respect of any business in the Nigerian Capital Market,” the SEC added.

The commission reminded the public to always verify the registration status of companies offering investment opportunities via its website before transacting with them. This serves as a crucial step in protecting investors from potential scams and ensuring a safe investment environment.

By warning against GVEST Global and emphasizing the importance of verification, the SEC aims to safeguard the integrity of the Nigerian capital market and protect investors from unregistered and potentially fraudulent investment schemes

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