SEC Warns Investors, Says Pro-Vest, MY SHARE, Others are Unregistered Investment Schemes 

Ndubuisi Francis in Abuja 

The Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Promiseland Estates Limited and Promiseland Building & Construction Limited.

In a statement, SEC said both entities hold themselves out as investment advisers/fund managers in the Nigerian capital market and allegedly promote what it described as “an illegal investment scheme called “PRO-VEST” and MY SHARE operating under the name, UYJ MULTITRADE LIMITED.”

The statement read: “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 Commission stated that members of the public were specifically warned against patronising or investing in the scheme, PRO-VEST.

In the same vein, the commission said its attention had been drawn to the activities of MY SHARE operating under the name; UYJ MULTITRADE LIMITED which holds itself out as an Investment Adviser/Fund Manager in the Nigerian Capital Market.

“The commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are NOT 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 LIMITED or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market,” the statement said.

The SEC restated 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