The Securities and Exchange Commission (SEC) has cautioned the public against investing in unregistered investment schemes, including Pro-Vest and MY SHARE, which are operated by Promiseland Estates Limited, Promiseland Building & Construction Limited, and UYJ Multitrade Limited.
In a statement, the Commission emphasized that Promiseland Estates Limited and Promiseland Building & Construction Limited are unlawfully presenting themselves as Investment Advisers and Fund Managers in the Nigerian capital market while promoting an illegal investment scheme known as Pro-Vest. Similarly, UYJ Multitrade Limited, operating under the name MY SHARE, has been flagged for engaging in unauthorized investment activities.
SEC warned that these entities are not registered to operate in the Nigerian capital market and urged investors to avoid dealing with them. The Commission stressed that engaging with unregistered firms exposes investors to the risk of fraud and potential financial losses.
To safeguard their investments, SEC advised the public to verify the registration status of any investment company on its official portal (www.sec.gov.ng/cmos) before committing funds.
