SEC Warns Nigerians Against Unregistered Investment Scheme, ‘Silverkuun’
The Securities and Exchange Commission has warned Nigerians against investing in unregistered investment schemes.
The commission specifically named Silverkuun Investment Cooperative Society and Silverkuun Limited, stating that it had been alerted to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
In a circular issued on Wednesday, the commission said, “The attention of the Securities and Exchange Commission (‘the Commission’) has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited, which holds itself out as an investment adviser/fund manager.”
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian capital market.”
SEC, therefore, advised the public to refrain from engaging with the company or its representatives for any form of capital market business.
The commission further warned that transacting with unregistered and unregulated entities poses significant financial risks, including fraud and the potential loss of investments.
“The Commission uses this medium to reiterate that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risk, including fraud and potential loss of investment. The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the commission’s portal before transacting with them,” the statement added.
The Director-General of the SEC, Emomotimi Agama, also stressed that the commission will not hesitate to take enforcement actions against such firms.
“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Agama warned.
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
