SEC sends important warning to Nigerians as illegal platforms begin operation

• The Securities and Exchange Commission has warned the nationalist against investing successful unregistered concern programs
• Those connected the database see Promiseland Estates Limited and Promiseland Building & Construction Limited
• The committee advised against doing concern with UYJ Multitrade Limited, popularly known arsenic My Share

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The nationalist has been cautioned by the Securities and Exchange Commission not to put successful unregistered concern schemes, specified arsenic Promiseland Estates Limited and Promiseland Building & Construction Limited, which enactment the illicit Pro-Vest concern scheme.

The Securities and Exchange Commission has warned the nationalist against investing successful unregistered concern programs. Photo Credit: SEC
Source: UGC

In a connection provided to our correspondent, the committee stated that it had go alert of these organisations' actions, which impact them posing arsenic money managers and concern advisers connected the Nigerian superior market.

“The committee hereby notifies the investing nationalist that Promiseland Estates Limited and Promiseland Building & Construction Limited are not registered to run successful immoderate capableness successful the Nigerian superior market,” SEC stated.

In a akin vein, the committee advised against doing concern with My Share, which is besides known arsenic UYJ Multitrade Limited, arsenic it makes mendacious claims to beryllium a money manager and concern advisor without the required paperwork.

The SEC stressed that doing concern with unregulated companies exposes investors to fraud and imaginable fiscal losses and recommended that the nationalist enactment distant from interacting with these organisations oregon their agents.

“The investing nationalist is reminded to corroborate the registration presumption of immoderate institution oregon entity offering concern opportunities done the Commission’s dedicated portal earlier engaging with them,” the connection added.

Organisations Nigerians should not put in

According to the PUNCH, the Securities and Exchange Commission has warned the nationalist not to bash immoderate investment-related concern with Stecs (Alausa) Multipurpose Cooperative Society, besides known arsenic Stecs, oregon Risevest (Victoria Island) Cooperative Multipurpose Society Limited, since neither organisation is authorised oregon registered to bash concern successful the Nigerian superior market. ]

In 2025, the Securities and Exchange Commission has committed to further up its efforts to combat pyramid and Ponzi schemes portion simultaneously concentrating connected increasing Nigeria's commodities market.

In a New Year's code to the superior marketplace assemblage implicit the weekend, SEC Director-General Dr. Emomotimi Agama revealed this.

He emphasised that protecting investors continues to beryllium a cardinal constituent of the Commission's mission.

SEC besides advised against doing concern with My Share. Photo Credit: Contributor
Source: Getty Images

Agama voiced anticipation for the future, pointing retired that marketplace integrity, capitalist trust, and economical maturation volition beryllium fixed apical precedence connected the SEC's 2025 agenda. He described the twelvemonth arsenic important for integrating the Nigerian superior marketplace into the larger system and restated the Commission's dual intent of increasing and regulating the market.

In summation to outlining measures to restructure the Commission's investigative procedures to summation ratio and firmly clasp corrupt actors accountable, the SEC main emphasised enforcement arsenic the cornerstone of effectual regulation.

SEC cuts support play to 14 days

Legit.ng reported earlier that the Securities and Exchange Commission (SEC) has slashed the support time for a institution to rise superior successful the Nigerian superior market.

This is portion of respective moves to streamline processes successful the superior market, marque it much efficient, and presumption the regulator to enactment the maturation of businesses successful the country.

The SEC Director-General, Dr. Emomotimi Agama, disclosed this successful a caller connection delivered successful Abuja.

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Proofreading by Nkem Ikeke, transcript exertion astatine Legit.ng.

Source: Legit.ng