The Securities and Exchange Commission (SEC) has flagged GVEST Global and its affiliates as an unregistered investment outfit running a Ponzi scheme.
According to the SEC, GVEST Global has been parading itself as an investment adviser and fund manager, promoting unregistered schemes to unsuspecting Nigerians.
The regulator said the company also operates under GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings. None are licensed.
SEC noted GVEST has been heavily promoted across social media, displaying hallmarks of Ponzi operations designed to lure investors with false promises.
“Investigations revealed its operations exhibit typical indicators of Ponzi schemes,” the Commission warned in a notice, urging Nigerians to avoid the platform.
The regulator emphasized that anyone investing in GVEST Global does so at their own risk, since the entities lack approval within Nigeria’s capital market.
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It also reminded Nigerians to verify the registration status of any firm or promoter through its official portal before committing funds.
This move forms part of SEC’s broader clampdown on fraudulent operators preying on Nigerians’ appetite for high returns.
Earlier, SEC issued red flags against at least seven platforms this year, including Pocket Option, Forsman & Bodenfors LTD, and Crypto Bridge Exchange (CBEX).
Others are Sapphire Scents Limited and similar outfits that solicit funds without authorization, often promoted via social media to gain legitimacy.
SEC stressed that online presence does not equal approval, reiterating that unregistered schemes leave investors vulnerable to financial loss.
The Commission urged the public to remain cautious and avoid engaging with unlicensed promoters masquerading as legitimate fund managers in Nigeria.
