The Securities and Alternate Fee (SEC) has issued a warning to the general public relating to the ‘Professional-vest’ and ‘My Share’ funding schemes, each of which function below names not registered by the regulator.
SEC has recognized UYJ Multitrade Restricted, which claims to operate as an Funding Adviser/Fund Supervisor within the Nigerian Capital Market and promotes the ‘My Share’ scheme, as unregistered and unauthorized to conduct enterprise in any capability.
Moreover, the fee highlighted the actions of Promiseland Estates Restricted and Promiseland Constructing & Development Restricted, linked to Professional-Vest, urging the general public to keep away from any funding with these entities.
“Most people is suggested to chorus from participating with Promiseland Estates Ltd. and Promiseland Constructing and Development Ltd.,” the SEC acknowledged.
The SEC additional cautioned, “The general public also needs to keep away from any dealings with MY SHARE and UYJ Multitrade Ltd. or their representatives relating to any enterprise associated to the Nigerian capital market.”
In a remaining assertion, the SEC pressured the significance of verifying the standing of corporations and entities providing funding alternatives by means of the Fee’s devoted portal earlier than continuing with any transactions.
This warning follows the same advisory issued in January, through which the fee cautioned the general public towards participating with the funding schemes Risevest and Stecs.
A January warning
In late January 2025, the Securities and Alternate Fee (SEC) issued a powerful warning to Nigerians relating to investments in Risevest (Victoria Island) Cooperative Multipurpose Society Restricted and Stecs (Alausa) Multipurpose Cooperative Society, generally known as Stecs.
In a press assertion, the fee indicated that each entities are engaged in unapproved funding schemes that prey on unsuspecting members of the general public.
The SEC elaborated, stating, “The eye of the Securities and Alternate Fee has been drawn to the actions of Risevest (Victoria Island) Cooperative Multipurpose Society Restricted, which is conducting capital market actions by soliciting public investments in its numerous schemes.”
Moreover, the SEC famous, “Equally, our consideration has been drawn to Stecs (Alausa) Multipurpose Cooperative Society, generally known as Stecs, which can be concerned in capital market actions by inviting the general public to spend money on its Stecs Commodity Mudarabah Funding Collection I.”
What SEC modified in February
- In February, the Securities and Alternate Fee (SEC) introduced a brand new timeline that reduces the corporate supply approval interval to only two weeks.
- This replace, communicated by SEC Director-Common Dr. Emomotimi Agama on February 24, 2024, indicated that approvals could be granted inside two weeks, contingent upon the completion of the mandatory documentation.
In a press release, the SEC emphasised, “The capital market is the lifeblood of any economic system, and that is inherently regulated by time. Considered one of our main targets has been to scale back the time to market.”
Moreover, the SEC famous, “We’ve got efficiently lower the time to market from over a yr to only fourteen days.”
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