The Securities and Exchange Commission (SEC) of Nigeria has issued a warning to investors regarding the risks associated with the Ponzi scheme called GVEST GLOBAL.
SEC's Stance on GVEST GLOBAL
SEC has stated that GVEST GLOBAL is a fraudulent scheme that positions itself as an investment fund manager and advisory. The official release emphasized that this platform is not registered and lacks the authority to solicit investments from the public. *"The Commission informs the public that neither GVEST GLOBAL nor any of the mentioned entities is registered by the Commission to solicit investments from the public"*, the SEC's statement reads.
Dangers of Unreliable Investment Schemes
SEC also noted that GVEST GLOBAL operates under several different names, including GVEST (ALAUSA) COOPERATIVE MULTIPURPOSE LIMITED and GVEST INVESTMENT LIMITED. The company's operations have raised red flags indicating potential financial harm to innocent Nigerians. Despite the lack of registration with the SEC, GVEST has been actively promoted across social media and online forums, increasing the risks for potential investors.
SEC's Recommendations for Investors
SEC urges citizens to always verify the registration status of investment entities on its official portal. SEC Director-General Emomotimi Agama highlighted the importance of caution when selecting investment platforms, stating that *"if it seems too good to be true, then it is.*" The Commission also strongly advises investors to be vigilant and check for registration before committing funds to avoid falling victim to scams.
SEC continues its fight against fraudulent investment schemes, urging citizens to be diligent and verify registration before investing.
