SEC Warns Public Against Investing in Pro-Vest, Others

 The Securities and Exchange Commission (SEC) has issued a strong warning to the Nigerian public against investing in unregistered and unregulated investment platforms, particularly naming Pro-Vest and several others. According to the commission, these entities have not been licensed to operate as investment firms and could potentially defraud unsuspecting investors.

In a statement released by the SEC, the regulatory body emphasized that these schemes often lure investors with promises of extraordinarily high returns within short periods, a common red flag for fraudulent investment operations. The commission urged Nigerians to exercise caution and avoid falling victim to such Ponzi-like schemes that lack the legal backing to guarantee financial security.

“The SEC continues to warn the general public to desist from investing in unregistered entities that have not been approved to conduct investment-related services in Nigeria. Many of these platforms engage in illegal operations, and there have been numerous cases where investors lose their money without any means of recovering it,” the statement read.

The commission advised prospective investors to verify the registration status of any financial firm they intend to engage with through the SEC’s official website. It also reminded the public that all legitimate capital market operators in Nigeria must be duly licensed and operate within the regulatory framework established by law.

Over the years, Nigeria has witnessed the collapse of numerous fraudulent schemes, leading to significant financial losses for thousands of citizens. The SEC has consistently worked to curb such fraudulent activities, but the rise of digital investment platforms has made it even more challenging to regulate illicit financial activities.

The regulatory body assured Nigerians that it remains committed to protecting investors’ interests while fostering a transparent and secure capital market. It urged citizens to report any suspicious investment schemes to law enforcement agencies to prevent further financial harm.