The Securities and Exchange Commission (SEC) has issued a warning to Nigerians over the activities of GVEST Global and its affiliates, describing them as unregistered operators in the nation’s capital market.
In a statement, the Commission said GVEST Global has been promoting investment schemes under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings, without regulatory approval.
“The Commission hereby informs the public that neither GVEST Global nor any of the above-named entities is registered by the Commission either to solicit investments from the public or operate in any capacity in the Nigerian capital market,” SEC stated.
According to the regulator, investigations revealed that GVEST Global has been aggressively marketed on social media and online platforms, with its operations exhibiting characteristics commonly associated with Ponzi schemes.
The SEC cautioned investors to avoid transacting with GVEST Global, its subsidiaries, or representatives, stressing that those who engage with the firm do so at their own risk.
The Commission further reminded the investing public to verify the registration status of any company offering investment opportunities through its official website before committing funds.
The move underscores the regulator’s broader efforts to curb the proliferation of illegal investment schemes that continue to target unsuspecting Nigerians with promises of high returns.