SEC Warns Nigerians Against Unregistered Investment Schemes

Securities and Exchange Commission (SEC) has warned the general public against investing in unregistered schemes including Promiseland Estates Limited and Promiseland Building & Construction Limited.

The two firms parade themselves as investment advisers/fund managers in the Nigerian capital market and promote an illegal investment scheme called ‘Pro-Vest’ and ‘My Share’ operating under the name; Uyj Multitrade Limited.

The commission said, “the attention of the Securities and Exchange Commission (SEC) has been drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited which hold themselves out as Investment Advisers/Fund Managers in the Nigerian Capital Market and promote an illegal investment scheme called ‘Pro-Vest’.”

SEC stated that members of the public are specifically warned against patronising or investing in the scheme PRO-VEST.

According to SEC, “its attention has been drawn to the activities of My Share operating under the name; Uyj Multitrade Limited which holds itself out as an Investment Adviser/Fund Manager 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. Accordingly, the general public is advised to refrain from engaging with Promiseland Estates Limited and Promiseland Building & Construction Limited and My Share and Uyj Multitrade Limited or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.”

The commission reiterated that, transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

“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, before transacting with them,” the commission added.