The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against dealing with Gvest Global and its affiliated companies, saying they are operating illegally and without approval from the regulator.

The Commission identified Gvest Global as also trading under the names Gvest (Alausa) Cooperative Multipurpose Limited, Gvest Investment Limited and Gtext Holdings. None of these entities, the SEC stressed, is registered to act as an investment adviser, fund manager, or to solicit investments from the Nigerian public.

Investigations by the regulator revealed that the company has been widely advertised on social media platforms and online forums, targeting unsuspecting Nigerians with promises of high returns.

The SEC noted that the operations of the company bear the hallmarks of Ponzi-style schemes, which typically collapse once new entrants are unable to sustain payouts to earlier investors.

“The public is advised to refrain from engaging with Gvest Global, its associated entities 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 SEC said in a statement.

The Commission urged Nigerians to always verify the registration status of any firm offering investment opportunities by consulting its official portal before parting with their money.

The warning is part of broader efforts by the SEC to clamp down on illegal investment promoters that have thrived in the country, exploiting the economic hardship and desperation of citizens. In recent years, several Ponzi-style schemes have defrauded thousands of Nigerians, wiping out life savings and leaving victims with little recourse.

By flagging Gvest Global, the Commission reaffirmed its resolve to protect investors, safeguard the integrity of Nigeria’s capital market, and reduce the risks posed by fraudulent operators.