My Shares, UYJ Multitrade, Pro-Vest are illegal operators– says SEC

Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) said its attention has been drawn to the activities of “My Share” operating under the name; UYJ Multitrade Limited which holds itself out as an Investment Adviser/Fund Manager in the Nigerian Capital Market.

“The Commission hereby notifies the investing public that My Share and UYJ Multitrade Limited are not registered to operate in any capacity in the Nigerian Capital Market.

“Accordingly, the general public is advised to refrain from engaging with My Share and UYJ Multitrade Limited or any of their representatives in respect of any business/transaction pertaining or relating to investment in Nigerian capital market,” the SEC said in a March 6 notice.

Also, the SEC noted that its attention has been drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited which hold themselves out as Investment Advisers/Fund Managers in the Nigerian Capital Market and promote an illegal investment scheme called “Pro-Vest”.

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“The Commission hereby notifies the investing public that Promiseland Estates Limited and Promiseland Building & Construction Limited are not registered to operate in any capacity in the Nigerian Capital Market.

“Accordingly, the general public is advised to refrain from engaging with Promiseland Estates Limited and Promiseland Building & Construction Limited or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

“Members of the public are specifically warned against patronizing or investing in the scheme Pro-Vest,” SEC said.

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

TAGGED:bdothernews Nigerian Capital Market Securities and Exchange Commission (SEC)

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.