SEC Warns Against GVEST Global Ponzi Scheme in Nigeria Crackdown

The Securities Exchange Commission (SEC) in Nigeria has identified GVEST Global and related entities as operating like a Ponzi scheme, warning the public against investing with them. The SEC emphasized that these entities are not licensed to offer investment services and are exploiting Nigerians seeking high returns.

The regulator urged the public to avoid dealing with GVEST Global and its affiliates, as they are not authorized to manage investments. This warning is part of SEC's ongoing crackdown on fraudulent investment schemes targeting unsuspecting investors.

The SEC advised Nigerians to verify the regulatory status of any investment firm before committing funds to avoid falling victim to scams.