Securities and Exchange Commission alerts Nigerians over new ponzi schemes

The Securities and Exchange Commission (SEC) has issued a warning to Nigerians about a new ponzi scheme called Gvest Global. The SEC cautioned against engaging with the unregistered investment adviser and fund manager, which operates under various names including Gvest Alausa Cooperative Multipurpose Limited and Gvest Investment Limited.

The commission highlighted that Gvest Global has been heavily promoted on social media platforms and online forums, displaying characteristics commonly associated with Ponzi schemes. Investors were advised to refrain from dealing with Gvest Global and its associated entities, and to verify the registration status of any company offering investment opportunities through the SEC's dedicated portal.

The SEC emphasized that individuals risk losing their investments by engaging with such schemes and urged the public to exercise caution.