The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians, urging them to avoid engaging with GVEST Global, an unregistered investment adviser and fund manager accused of promoting illegal financial schemes.
The regulatory body raised the alarm in a public statement released on Monday, citing concerns over the company’s lack of authorization and potential risks to investors.
According to the SEC, GVEST Global has been actively marketing investment opportunities and wealth management services without the necessary licenses, violating Nigeria’s securities laws.
The commission highlighted that the company’s operations, which include promises of high returns through dubious investment products, pose significant risks to unsuspecting investors.
“GVEST Global is not registered with the SEC and is not authorized to offer investment advisory or fund management services in Nigeria,” the statement read.
“The public is advised to exercise extreme caution and refrain from transacting with this entity to avoid financial losses.”
The SEC’s warning comes amid a rise in fraudulent investment schemes targeting Nigerians, particularly through online platforms and social media.
GVEST Global is said to have lured investors with aggressive marketing tactics, including seminars and digital campaigns promising guaranteed profits.
The commission noted that such schemes often collapse, leaving investors with significant losses.
Dr. Emomotimi Agama, Director-General of the SEC, emphasized the importance of dealing only with registered entities.
“We urge Nigerians to verify the registration status of any investment firm before committing their funds. The SEC remains committed to protecting investors and ensuring a transparent financial market,” he said.
The commission has called on the public to report any interactions with GVEST Global or similar unregistered entities to its offices or through its official website.
It also advised investors to consult the SEC’s list of registered capital market operators before engaging in any investment activities.
This development follows similar warnings issued by the SEC against other unregistered firms in recent months, as the regulator intensifies efforts to curb illegal financial activities in Nigeria’s growing investment landscape.
Authorities have vowed to take legal action against GVEST Global and other non-compliant entities to safeguard the public and maintain market integrity.
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