SEC Sounds Alarm: Beware of Unregistered Investment Schemes

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The Securities and Exchange Commission (SEC) has issued a warning to the public against investing in unregistered investment schemes, including Promiseland Estates Limited and Promiseland Building & Construction Limited, which promote an illegal investment scheme called Pro-Vest.

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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.

Additionally, 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, emphasizing 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

Furthermore, the SEC has also 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 is registered or authorized to operate in the Nigerian capital market

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