SEC Nigeria Tags Provest as Illegal Investment Scheme

By Aduragbemi Omiyale

Nigerians have been warned not to put their funds in Prevest investment scheme, describing it as illegal because the companis running the programme, Promiseland Estates Limited and Promiseland Building & Construction Limited, have not been authorised to operate in the country’s capital market.

This warning was given by the Securities and Exchange Commission (SEC) in a statement sighted by Business Post.

The regulator said entities which wish to play in the capital market must be duly registered to safeguard funds of the investing public.

“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.

“Accordingly, the general public is advised to refrain from engaging with Promiseland Estates Limited and Promiseland Building & Construction Limited or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market. Members of the public are specifically warned against patronizing or investing in the scheme PRO-VEST.

“The commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

“The investing public is therefore reminded about the need to confirm the status of companies and entities offering investment opportunities on the commission’s dedicated portal before transacting with them,” the notice said.

In a related development, the agency said another investment scheme, My Share, operated by Uyj Multitrade Limited, which holds itself out as an investment adviser/fund manager in the Nigerian capital market, has not been licensed for the function.

It advised members of the public to “refrain from engaging with” the firm or any of their representatives in respect of any business/transaction pertaining or relating to investment in Nigerian capital market.