SEC cautions public against investing in ‘Pro-Vest,’ ‘My Share’ schemes
The Securities and Exchange Commission (SEC) has issued a warning to the public against investing in the ‘Pro-Vest’ investment scheme and ‘My Share’, which operates under UYJ Multi Trade Ltd.
In a notice released on Friday in Abuja, SEC stated that ‘Pro-Vest’ was being promoted by Promiseland Estates Ltd. and Promiseland Building & Construction Ltd., which falsely present themselves as Investment Advisers and Fund Managers in Nigeria’s capital market.
The commission also flagged ‘My Share’, operating under UYJ Multi Trade Ltd., for similarly posing as an Investment Adviser and Fund Manager.
SEC clarified that neither of these companies is registered to operate in any capacity within the Nigerian capital market, labelling their investment schemes as illegal.
“The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building & Construction Ltd.
“The public should also avoid dealings with ‘My Share’ and UYJ Multi Trade Ltd. or any of their representatives regarding any business related to the Nigerian capital market,” the notice read.
The commission urged investors to verify the status of companies and entities offering investment opportunities via its dedicated portal—www.sec.gov.ng/cmos—before making any financial commitments.
SEC reiterated that engaging with unregistered and unregulated entities within the Nigerian capital market poses a significant risk of fraud and potential financial loss.
