The Securities and Exchange Commission (SEC) has cautioned the public against investing in unregistered investment schemes, including Promiseland Estates Limited and Promiseland Building & Construction Limited, which operate an illegal investment scheme known as Pro-Vest.
In a statement issued on Friday, SEC stated that these entities falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“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.
Read also
- Stakeholders warn plastic ban could cripple SMEs without recycling infrastructure
- Traders to be relocated as FCT minister promises infrastructure support
- Kwara State backs creative economy to drive youth employment, inclusive growth
- NSITF urges Nigerian employers to enrol in compensation scheme
- Tinubu hosts inaugural West Africa economic summit to boost regional investment
Similarly, the commission warned against engaging with My Share, which operates under UYJ Multitrade Limited, noting that it also falsely claims to be an investment adviser and fund manager without proper registration.
SEC urged the public to avoid dealing with these entities or their representatives, warning that transacting with unregulated firms exposes investors to fraud and 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.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
