The Securities and Exchange Commission, SEC, has warned members of the public, especially Nigerians, against the operations of Vest Global, saying the company’s characteristics, are typical of Ponzi schemes.
Fresh Angle International, can report that the warning was contained in a public notice posted on the X handle of SEC Nigeria, Thursday August 21.
According to the management of SEC, VEST GLOBAL, nor any of its affiliate entities, is REGISTERED by the Commission, either to solicit investments from the public or operate in any capacity in the Nigerian capital market.
The statement, noted: “The attention of the Securities and Exchange Commission (The Commission) has been drawn to the activities of VEST GLOBAL, which holds itself out as an Investment Adviser/Fund Manager promoting unregistered investment schemes.
“The company VEST Global is also known and operate under the following names:
1. VEST (ALAUSA) COOPERATIVE MULTIPURPOSE LIMITED
2. VEST INVESTMENT LIMITED
3. TEXT HOLDINGS
“The Commission hereby informs the public that neither VEST GLOBAL nor any of the above-named entities is REGISTERED by the Commission either to solicit investments from the public or operate in any capacity in the Nigerian capital market.
“Investigations have revealed that VEST GLOBAL has been actively promoted on social media platforms and online forums.
“Furthermore, its operations exhibit typical indicators and characteristics commonly associated with Ponzi schemes.
“Accordingly, the public is advised to refrain from engaging with VEST GLOBAL, its associated entities named above or their representatives in respect of any business in the Nigerian Capital Market, as any person who does so is at his own risk.
“The investing public is therefore reminded to VERIFY the registration status of companies and entities offering investment opportunities on the Commission's dedicated portal - www.sec.gov.ng/cmos. before transacting with them.”
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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