The Securities and Exchange Commission (SEC) of Nigeria has warned the public against investing with GVEST Global and its associated entities.
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In an alert released by the capital market operator, it read “the attention of the Securities and Exchange Commission (The Commission) has been drawn to the activities of GVEST GLOBAL, which holds itself out as an Investment Adviser/Fund Manager promoting unregistered investment schemes.”
It went further to state that the company Gvest Global is also know and operate under the following names:
- 1. GVEST (ALAUSA) COOPREATIVE MULTIPURPOSE LIMITED
- GVEST INVESTMENT LIMITED
- GTEXT HOLDINGS
“The Commission hereby informs the public that neither GVEST GLOBAL nor any of the above-named entities is REGISTERED by the Commission either to solicit investments from the public or operate in any capacity in the Nigerian capital market,” the statement went further to say.
The Regulator went on to say that investigations have revealed that GVEST GLOBAL has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes.
Accordingly, the public is advised to refrain from engaging with GVEST GLOBAL, its associated entities named above or their representatives in respect of any business in the Nigerian Capital Market, as any person who does so is at his own risk.
The investing public is therefore reminded to VERIFY the registration status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them.
Gvest Global
On its website, Gvest stated that it “is the first and largest digital cooperative society in the world. We are a wealth-building community, giving our members opportunities to earn passively using equity.”
It says that the company is registered with LASCOFED (Lagos State Cooperative Federation Limited) in Nigeria, and also filed with SEC (Securities Exchange Commission) in the United States.
Gvest is part of a larger company — GText Holdings — A multinational real estate company with presence in Nigeria, US, UK, Dubai and Qatar. Gvest is backed by GText Holdings who is its parent company.
It currently offers investment plans in naira and dollars.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
