The Securities and Exchange Commission has provided a strong caution to the public regarding investments in non-registered investment offerings, explicitly identifying Promiseland Estates Limited, Promiseland Building & Construction Limited, MY SHARE, and UYJ Multitrade Limited.
According to the Commission’s statement, these companies are functioning unlawfully within the Nigerian capital market, advertising unregistered investment opportunities like “PRO-VEST” without obtaining the appropriate regulatory consent.
“The attention of the Securities and Exchange Commission (SEC) has been drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, which hold themselves out as Investment Advisers/Fund Managers in the Nigerian Capital Market and promote an illegal investment scheme called ‘PRO-VEST,’” the SEC stated.
The Commission emphasized that Promiseland Estates Limited and Promiseland Building & Construction Limited are not registered to operate in any capacity within the Nigerian capital market.
“Accordingly, the general public is advised to refrain from engaging with Promiseland Estates Limited, Promiseland Building & Construction Limited, MY SHARE, and UYJ Multitrade Ltd, or any of their representatives, in respect of any business pertaining or relating to the Nigerian capital market,” it added.
SEC reiterated that engaging with unregistered and unregulated entities exposes investors to significant risks, including fraud and potential financial loss.
“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 warned.
The regulator continues to urge investors to exercise caution and verify investment firms before committing funds, ensuring that their investments are protected under Nigeria’s capital market regulations.