The Securities and Exchange Commission (SEC) has issued a stern warning against investing in the ‘Pro-vest’ investment scheme and the ‘My Share’ operation under UYJ Multi Trade Ltd. In a notice issued Friday in Abuja, the commission stated that Pro-vest is being promoted by Promiseland Estates Ltd. and Promiseland Building & Construction Ltd.—firms that are falsely representing themselves as Investment Advisers/Fund Managers in the Nigerian capital market.
SEC also cautioned against MY SHARE, which operates under the name UYJ Multi Trade Ltd., noting that it too is fraudulently presenting itself as an Investment Adviser/Fund Manager.
The commission emphasized that neither Promiseland Estates Ltd. and Promiseland Building & Construction Ltd. nor UYJ Multi Trade Ltd. are registered to operate in any capacity within the country’s capital market. SEC described these investment schemes as illegal and warned the public to steer clear of any dealings with them.
“The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building & Construction Ltd., and also with MY SHARE and UYJ Multi Trade Ltd. or any of their representatives regarding any business related to the Nigerian capital market,” the SEC statement said.
Investors are urged to verify the registration status of companies and entities offering investment opportunities through the SEC’s dedicated portal at www.sec.gov.ng/cmos before proceeding with any transactions.
SEC reiterated that transacting with unregistered and unregulated entities in the capital market poses significant risks of fraud and potential loss of investment.
