SEC warns public against investing in ‘Pro-Vest, My Share’ schemes

The Securities and Exchange Commission (SEC) has warned the public against investing in ‘Pro-vest’ investment scheme and ‘My Share’ operating under UYJ multi trade Ltd.

SEC in a notice in Abuja on Friday said Pro-vest was being promoted by Promiseland Estates Ltd., and Promiseland Building & Construction Ltd. which called themselves Investment Advisers/Fund Managers in the country’s capital market.

The commission said that MY SHARE operating under the name, UYJ Multi trade Ltd., was also parading as an Investment Adviser/Fund Manager in the market.

SEC said both companies were not registered to operate in any capacity in the country’s capital market.

The commission described the investment schemes as illegal and warned the public against dealings with them.

”The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.

”The public should also refrain from engagement with MY SHARE and UYJ Multi trade Ltd. or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

”The investing public is, therefore, reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting with them,” the commission said

SEC reiterated that transacting in the country’s capital market with unregistered and unregulated entities would expose investors to the risk of fraud and potential loss of investment.