In a public notice, the capital market regulator disclosed that GVEST Global has been illegally presenting itself as an investment adviser and fund manager, while luring unsuspecting Nigerians into unregistered schemes. The Commission further revealed that the company also trades under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings, none of which is licensed to operate or solicit investments in Nigeria’s capital market.
According to the SEC, GVEST Global has been aggressively promoted across social media platforms and online forums, using tactics typically associated with Ponzi schemes. “Investigations have revealed that its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes,” the Commission warned.
The regulator advised the investing public to completely avoid GVEST Global or its representatives, stressing that anyone who chooses to engage with the company does so at their own risk. SEC also reminded Nigerians to always verify the registration status of investment promoters on its official portal before committing funds.
Part of a Wider Crackdown
The latest alert is part of the SEC’s broader crackdown on fraudulent investment promoters exploiting Nigerians’ appetite for quick returns.
Earlier this year, the Commission flagged at least seven other platforms, including Pocket Option, promoted as an online investment adviser; Forsman & Bodenfors LTD (F&B), which claimed affiliation with a Swedish advertising firm; Crypto Bridge Exchange (CBEX), through which Nigerians lost billions; and Sapphire Scents Limited, which posed as an investment manager.
In each case, the SEC emphasized that these outfits are not authorized to solicit or manage funds, and that investors dealing with them do so at their own risk.
The Commission stressed that the mere presence of a company online or on social media does not guarantee legitimacy, urging Nigerians to exercise due diligence before putting their money into any scheme.
