The Securities and Exchange Commission (SEC) has issued a warning about GVEST Global, describing it as an unregistered investment scheme exhibiting the characteristics commonly associated with Ponzi schemes.
The SEC stated that GVEST Global portrays itself as an Investment Adviser or Fund Manager but is not registered with the Commission to solicit investments from the public or operate within the Nigerian Capital market.
“Investigations have revealed that GVEST GLOBAL has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes,” it stated.
The SEC further noted that GVEST GLOBAL also operates under the following names: GVEST (ALAUSA) COOPERATIVE MULTIPURPOSE LIMITED, GVEST INVESTMENT LIMITED, and GTEXT HOLDINGS.
The public is advised to refrain from engaging with GVEST Global or any of its associated names or representatives.
The Commission reiterated that individuals should always verify the registration status of any company or entity offering investment opportunities on the SEC’s website before investing, in order to avoid financial loss or scams.
Following the recent surge in fraudulent investment platforms, the SEC is intensifying efforts to curb illegal schemes targeting unsuspecting Nigerians.
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