Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with GVEST Global and its affiliated entities, describing their activities as unregistered and exhibiting traits commonly associated with Ponzi schemes.
The Commission issued the warning in a statement on Wednesday in Abuja.
It said GVEST Global presents itself as an Investment Adviser and Fund Manager, promoting investment schemes not registered with the Commission.
“The attention of the Securities and Exchange Commission has been drawn to the activities of GVEST Global, which holds itself out as an Investment Adviser/Fund Manager promoting unregistered investment schemes,” the statement read.
According to the Commission, GVEST Global operates under multiple names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and Gtext Holdings.
It stated that none of the entities is licensed to solicit or manage investments in the Nigerian capital market.
“Investigations have revealed that GVEST Global has been actively promoted on social media platforms and online forums,” it said.
The Commission added that the firm’s operations exhibit indicators commonly associated with Ponzi schemes.
It advised the public to refrain from engaging with GVEST Global, its associated entities or representatives, warning that anyone who does so does so at their own risk.
The SEC urged investors to verify the registration status of any investment firm via its official portal before making financial commitments.
Ravenewsonline reports that GVEST Global has received significant online publicity, with several media platforms promoting its schemes.
In a related development, the Economic and Financial Crimes Commission (EFCC) in April announced an investigation into an alleged N1.3 trillion fraud linked to Crypto Bridge Exchange (CBEX), a digital investment platform.
The CBEX scheme reportedly collapsed, leaving thousands of investors unable to access their funds.
The EFCC said it was collaborating with the International Criminal Police Organisation (INTERPOL) to investigate the matter.
