The Securities and Exchange Commission (SEC) has issued a warning to the public regarding the ‘Pro-vest’ and ‘My Share’ investment schemes, both of which operate under names not registered by the regulator.
SEC has identified UYJ Multitrade Limited, which claims to function as an Investment Adviser/Fund Manager in the Nigerian Capital Market and promotes the ‘My Share’ scheme, as unregistered and unauthorized to conduct business in any capacity.
Furthermore, the commission highlighted the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, linked to Pro-Vest, urging the public to avoid any investment with these entities.
“The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.,” the SEC stated.
The SEC further cautioned, “The public should also avoid any dealings with MY SHARE and UYJ Multitrade Ltd. or their representatives regarding any business related to the Nigerian capital market.”
In a final statement, the SEC stressed the importance of verifying the status of companies and entities offering investment opportunities through the Commission’s dedicated portal before proceeding with any transactions.
This warning follows a similar advisory issued in January, in which the commission cautioned the public against engaging with the investment schemes Risevest and Stecs.
A January warning
In late January 2025, the Securities and Exchange Commission (SEC) issued a strong warning to Nigerians regarding investments in Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly referred to as Stecs.
In a press statement, the commission indicated that both entities are engaged in unapproved investment schemes that prey on unsuspecting members of the public.
The SEC elaborated, stating, “The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is conducting capital market activities by soliciting public investments in its various schemes.”
Furthermore, the SEC noted, “Similarly, our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society, known as Stecs, which is also involved in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.”
What SEC changed in February
- In February, the Securities and Exchange Commission (SEC) announced a new timeline that reduces the company offer approval period to just two weeks.
- This update, communicated by SEC Director-General Dr. Emomotimi Agama on February 24, 2024, indicated that approvals would be granted within two weeks, contingent upon the completion of the necessary documentation.
In a statement, the SEC emphasized, “The capital market is the lifeblood of any economy, and this is inherently regulated by time. One of our primary goals has been to reduce the time to market.”
Furthermore, the SEC noted, “We have successfully cut the time to market from over a year to just fourteen days.”
