The Securities and Exchange Commission (SEC) has once again cautioned Nigerians against doing business with GVEST Global and its affiliates, describing their activities as a classic Ponzi operation.
The regulator explained that GVEST Global has been masquerading as a licensed investment adviser and fund manager while promoting unregistered investment schemes to unsuspecting individuals.
Investigations revealed that GVEST Global also trades under other names such as GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings. However, the SEC stressed that none of these entities is authorised to solicit investments in Nigeria’s capital market.
The Commission noted that the group’s aggressive promotion on social media bears the hallmark of fraudulent schemes.
“Investigations have revealed that its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes,” the Commission warned.
The SEC urged the public to stay away from GVEST Global and its representatives, stressing that those who choose to invest do so entirely at their own risk. It further advised Nigerians to always verify the registration status of investment companies on their official website before parting with their money.
This warning is part of the SEC’s wider crackdown on fraudulent operators exploiting Nigerians’ appetite for high-yield opportunities. In recent months, the Commission has repeatedly issued alerts against illegal schemes that lack regulatory approval.
