SEC Warns of Illegal Investment Schemes, Announces Names to Avoid
- The Securities and Exchange Commission has warned the public against investing in unregistered investment programs
- Those on the list include Promiseland Estates Limited and Promiseland Building & Construction Limited
- The commission advised against doing business with UYJ Multitrade Limited, popularly known as My Share
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The public has been cautioned by the Securities and Exchange Commission not to invest in unregistered investment schemes, such as Promiseland Estates Limited and Promiseland Building & Construction Limited, which support the illicit Pro-Vest investment scheme.
Source: UGC
In a statement provided to our correspondent, the commission stated that it had become aware of these organisations' actions, which involve them posing as fund managers and investment advisers on 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.
In a similar vein, the commission advised against doing business with My Share, which is also known as UYJ Multitrade Limited, as it makes false claims to be a fund manager and investment adviser without the required paperwork.
The SEC stressed that doing business with unregulated companies exposes investors to fraud and possible financial losses and recommended that the public stay away from interacting with these organisations or their agents.
“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.
Organisations Nigerians should not invest in
According to the PUNCH, the Securities and Exchange Commission has warned the public not to do any investment-related business with Stecs (Alausa) Multipurpose Cooperative Society, also known as Stecs, or Risevest (Victoria Island) Cooperative Multipurpose Society Limited, since neither organisation is authorised or registered to do business in the Nigerian capital market. ]
In 2025, the Securities and Exchange Commission has committed to further up its efforts to combat pyramid and Ponzi schemes while simultaneously concentrating on growing Nigeria's commodities market.
In a New Year's address to the capital market community over the weekend, SEC Director-General Dr. Emomotimi Agama revealed this.
He emphasised that protecting investors continues to be a key component of the Commission's mission.
Source: Getty Images
Agama voiced hope for the future, pointing out that market integrity, investor trust, and economic growth will be given top priority on the SEC's 2025 agenda. He described the year as crucial for integrating the Nigerian capital market into the larger economy and restated the Commission's dual purpose of growing and regulating the market.
In addition to outlining measures to restructure the Commission's investigative procedures to increase efficiency and firmly hold corrupt actors accountable, the SEC chief emphasised enforcement as the cornerstone of effective regulation.
SEC cuts approval period to 14 days
Legit.ng reported earlier that the Securities and Exchange Commission (SEC) has slashed the approval time for a company to raise capital in the Nigerian capital market.
This is part of several moves to streamline processes in the capital market, make it more efficient, and position the regulator to support the growth of businesses in the country.
The SEC Director-General, Dr. Emomotimi Agama, disclosed this in a recent statement delivered in Abuja.
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Source: Legit.ng
Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng
Nkem Ikeke (Copy editor) Nkem Ikeke is currently a copy editor who also writes for the politics and current affairs desk on weekends. She holds a Bachelor of Arts in Mass Communication degree from the University of Nigeria, Nsukka (2010), and has over 10 years of work experience in the media industry (Reporter, News Agency of Nigeria). Email: n.ikeke@corp.legit.ng
