Gvest Global is ponzi scheme – SEC

Nigeria’s Securities and Exchange Commission (SEC) said its attention has been drawn to the activities of Gvest Global, “which holds itself out as an investment adviser/fund manager promoting unregistered investment schemes”.

According to the SEC in its recent public notice, “The company Gvest Global is also known and operates under the following names: Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited, and Gtext Holdings.”

The SEC said 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.

Related News

SEC said its investigations revealed that Gvest Global has been actively promoted on social media platforms and online forums, adding that “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,” SEC said.

The SEC also reminded the investing public to verify the registration status of companies and entities offering investment opportunities on the SEC dedicated portal – www.sec.gov.ng/cmos, before transacting with them.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.