SEC Warns Nigerians Against GVEST Ponzi Scheme
The Securities and Exchange Commission (SEC) has cautioned Nigerians to steer clear of GVEST Global and its associated entities, describing the company’s activities as illegal and bearing the hallmarks of a Ponzi scheme.
In a public notice published on its website and seen by THE WHISTLER, the capital market regulator revealed that GVEST Global has been unlawfully presenting itself as an investment adviser and fund manager while luring unsuspecting Nigerians into unregistered investment schemes.
According to the Commission, GVEST Global also operates under different business names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings.
However, none of these entities is registered or licensed by the SEC to operate or solicit investments within Nigeria’s capital market.
The regulator noted that the company has been heavily promoted on social media platforms and online forums — a marketing style often linked to fraudulent schemes.
“Investigations have revealed that its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes,” the SEC warned.
The Commission urged members of the public not to deal with GVEST Global or its representatives, stressing that individuals who choose to invest in such outfits do so at their own risk.
It further reminded investors of the importance of verifying the regulatory status of companies and promoters through the SEC’s official website before committing funds.
The SEC reiterated its commitment to protecting Nigerian investors from fraudulent activities and maintaining confidence in the capital market.
It emphasised that unregistered investment operators not only pose financial risks to investors but also undermine the integrity of the wider financial system.
“Investors are strongly advised to exercise vigilance and report suspicious investment schemes to the Commission,” the notice added.
SEC Warns Nigerians Against GVEST Ponzi Scheme is first published on The Whistler Newspaper
