Nigeria’s Securities and Exchange Commission  (SEC), on Friday cautioned the public against patronising unregistered investment schemes such as Promiseland Estates Limited and Promiseland Building & Construction Limited.

Both organisations promoting illegal investment schemes called “PRO-VEST” and MY SHARE operating under the name UYJ MULTITRADE LIMITED, the commission said in a statement are parading themselves as Investment Advisers/Fund Managers in the Nigerian Capital Market.

The statement specifically warned “that Promiseland Estates Limited and Promiseland Building & Construction Limited are not registered to operate in any capacity in the Nigerian Capital Market.”

It therefore advised the public “to refrain from engaging with Promiseland Estates Limited and Promiseland Building & Construction Limited and MY SHARE and UYJ MULTITRADE LIMITED or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

The Commission reiterated that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

It reminded the investing public of “the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them”, the Commission added.”