The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in GVEST Global, stating that the firm is illegal.
In a statement on Thursday, the regulator disclosed that GVEST Global also operates under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings.
“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,” the SEC said.
According to the Commission, investigations revealed that the company has been aggressively promoted across social media platforms and online forums, with its activities showing “typical indicators and characteristics commonly associated with Ponzi schemes.”
The regulator cautioned that Nigerians who transact with GVEST Global or its affiliates “do so at their own risk.”
“Accordingly, the public is advised to refrain from engaging with GVEST GLOBAL, its associated entities named above or their representatives in respect of any business in the Nigerian Capital Market,” SEC added.
The Commission further reminded the public to always verify the registration status of companies offering investment opportunities via its website before committing funds.