The Securities and Exchange Commission has issued a warning to the public regarding unregistered investment schemes, specifically highlighting Promiseland Estates Limited, Promiseland Building & Construction Limited, and UYJ Multitrade Limited.
In a statement on Friday, the SEC stated that it had taken note of the activities of certain entities falsely claiming to be 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.
Also, the commission warned against dealing with My Share, operated by UYJ Multitrade Limited, noting that it falsely presents itself as an investment adviser and fund manager without the necessary registration.
The SEC urged the public to steer clear of these entities and their representatives, stressing that engaging with unregulated firms puts investors at risk of 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.
Earlier, the SEC had warned the public against investing with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.
The commission stated that neither entity is registered or authorized to operate in the Nigerian capital market.
