Do not patronise Silverkuun Ponzi scheme, SEC warns public

The Securities and Exchange Commission has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.

In a circular issued by the Commission in Abuja on Wednesday, SEC said the scheme was not registered to operate in any capacity in the country’s capital market.

The Commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers.

“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.

“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.

The SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect to any business in the capital market.

“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk, including fraud and potential loss of investment.

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

The Director-General of SEC, Dr Emomotimi Agama had recently warned that the Commission would not hesitate to shut down the operations of any unregistered entity.

Agama had also said that the promoters would be made to face the full weight of the law.

“We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.