The Securities and Exchange Commission (SEC) has once again cautioned Nigerians against doing business with GVEST Global and its associated entities, describing their operations as bearing the hallmark of a Ponzi scheme.
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In a public notice, the capital market regulator revealed that GVEST Global has been illegally parading itself as an investment adviser and fund manager while promoting unregistered investment schemes to unsuspecting members of the public.
According to SEC, the firm operates under different names, including GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings. However, none of these entities is registered to operate or solicit investments in Nigeria’s capital market.
The Commission noted that GVEST Global has been aggressively promoted on social media platforms and online forums, warning that its operations exhibit “typical indicators and characteristics commonly associated with Ponzi schemes.”
“Investigations have revealed that its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes,” SEC stated.
The regulator, therefore, advised the investing public to desist from engaging with GVEST Global or any of its representatives, stressing that anyone who chooses to do so is acting at their own risk.
SEC also urged Nigerians to always verify the registration status of companies and investment promoters on its official website before committing funds.
This warning forms part of SEC’s wider crackdown on fraudulent investment outfits that continue to prey on Nigerians’ appetite for high returns.
So far in 2025, the Commission has flagged at least seven other illegal operators, including Pocket Option, Forsman & Bodenfors LTD (F&B), Crypto Bridge Exchange (CBEX), and Sapphire Scents Limited, all accused of running unregistered schemes that fit Ponzi profiles.
The regulator reiterated that the presence of a company online or on social media does not equate to legitimacy, warning that investors dealing with such firms do so at their own peril.
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