The Securities and Exchange Commission (SEC) has warned
Nigerians against investing with four companies, saying they are not registered
to operate in the country’s capital market.
The organisations are My Share, UYJ Multitrade Limited,
Promiseland Estates Limited, and Promiseland Building & Construction
Limited, the SEC said in separate statements on Thursday.
The commission said its attention was drawn to the
activities of Promiseland Estates Limited and Promiseland Building &
Construction Limited, “which hold themselves out as Investment advisers/fund
managers in the capital market and promote an illegal investment scheme called
PRO-VEST”.
The regulator also said My Share is operating under the
name, ‘UYJ Multitrade Limited’, holding “itself out as an investment
adviser/fund manager in the capital market”.
The SEC, therefore, said the companies — My Share and UYJ
Multitrade Limited — are not registered capital market operators.
“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 added.
The agency advised the public “to refrain from engaging”
with the organisations or “any of their representatives in respect of any
business/transaction pertaining or relating to an investment in the Nigerian
capital market”.
“The commission uses this medium to reiterate 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 statements read.
The SEC reiterated its commitment to protecting investors in
the Nigerian capital market, pledging to work diligently to curb scams and
other fraudulent activities.
The regulator also encouraged investors to confirm the
status of companies and entities offering investment opportunities on its
dedicated portal — www.sec.gov.ng/cmos — before any transaction.
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