The Securities and Exchange Commission (SEC) has cautioned Nigerians against doing business with GVEST Global, saying the company is an unregistered investment adviser and fund manager promoting illegal schemes.

In a statement yesterday, the regulator said 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.

The regulator said investigations showed that the company has been aggressively promoted on social media and online forums, with operations displaying “typical indicators and characteristics commonly associated with Ponzi schemes”.

The regulator warned that Nigerians who engage 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 also reminded the public to always verify the registration status of companies offering investment opportunities via its website before transacting with them. (Vanguard)