The Securities and Exchange Commission (SEC) has warned Nigerians against investing in unregistered investment schemes, specifically naming Silverkuun Investment Cooperative Society and Silverkuun Limited.
In a circular issued on Wednesday, the Commission stated 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.
“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 statement read.
“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.
He added that under the new Investment and Securities Act 2025, digital assets are now officially under the SEC’s regulatory scope, requiring all virtual asset service providers and digital asset exchanges to register with the Commission.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers and digital asset exchanges,” he stated.
Agama further noted that the Commission is focusing on investor education through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities.
“This is part of our strategy to equip Nigerians with the knowledge to detect and avoid dubious investments,” he said.
“Apples Bite Magazine” reported that the SEC has warned traders against investing in Ponzi schemes, urging them to verify any investment opportunity with the commission before committing their funds.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
