Nigeria’s Securities and Exchange Commission has warned the public against investing with GVEST Global, describing the firm as an unregistered operator promoting illegal schemes.
In a statement, the regulator said GVEST trades under several names, including GVEST Alausa Cooperative Multipurpose Limited, GVEST Investment Limited and GTEXT Holdings, none of which is authorised to operate in the Nigerian capital market.
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Investigations, the SEC noted, revealed the company has been heavily promoted online and on social media, with features typical of Ponzi-style operations. It cautioned that Nigerians who invest with GVEST or its affiliates do so at their own risk.
The commission urged the public to avoid all dealings with the firm and to verify the registration status of investment companies on its website before committing funds.
The warning comes amid rising cases of fraudulent investment schemes.
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