The Securities and Exchange Commission (SEC) has issued a fresh warning to the public about GVEST Global and its affiliated entities, cautioning that the company is operating like a Ponzi scheme and is not authorized to provide investment services in Nigeria.
According to the SEC, GVEST Global has been illegally presenting itself as an investment adviser and fund manager, promoting unregistered investment opportunities to unsuspecting members of the public.
In a recent notice, the Commission revealed that GVEST Global operates under multiple aliases, including: GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings
However, the SEC clarified that none of these entities is licensed to operate or solicit investments within Nigeria’s capital market.
The Commission also noted that GVEST Global has been aggressively promoted on social media platforms and online forums—a tactic commonly used by Ponzi schemes to attract victims.
“Investigations have revealed that its operations exhibit typical signs and characteristics of Ponzi schemes,” the SEC stated.
The SEC strongly advised Nigerians to avoid dealing with GVEST Global or its representatives, warning that anyone who does so is doing so at their own risk.
As a precaution, the regulator reminded the public to always verify the registration status of any company or investment promoter via the official SEC website before investing their money.
This warning is part of the SEC’s ongoing efforts to crack down on fraudulent investment schemes targeting Nigerians, especially those lured by promises of quick and high returns.
In recent months, the Commission has issued multiple alerts against companies engaging in unlicensed investment promotions and deceptive financial practices.
