The Securities and Exchange Commission has warned the general public against investing in unregistered investment schemes including Promiseland Estates Limited and Promiseland Building & Construction Limited.
The firms hold themselves as Investment Advisers/Fund Managers in the Nigerian Capital Market and promote an illegal investment scheme called “PRO-VEST” and MY SHARE operating under the name; UYJ MULTITRADE LIMITED.
According to the Commission “the attention of the Securities and Exchange Commission (SEC) has been drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited which hold themselves out as Investment Advisers/Fund Managers in the Nigerian Capital Market and promote an illegal investment scheme called “PRO-VEST”.
The SEC stated that members of the public are specifically warned against patronizing or investing in the scheme PRO-VEST.
“The Commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are nor 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 and MY SHARE and UYJ Multitrade Ltd or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market,” it added.
The Commission reiterated 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 – www.sec.gov.ng/cmos, before transacting with them”, the Commission added.
