SEC Issues Public Alert Against Unregistered Investment Scheme, Silverkuun
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has issued a warning to the public regarding unregistered investment schemes, specifically naming Silverkuun Investment Cooperative Society/Silverkuun Limited.
The Commission cautioned against engaging with these entities, which are falsely presenting themselves as investment advisers and fund managers within the Nigerian capital market.
In a circular released in Abuja on Wednesday, the SEC stated that its attention had been drawn to the activities of these organizations. The Commission clarified that “Silverkuun Investment Cooperative Society/Silverkuun Limited is NOT REGISTERED to operate in any capacity in the Nigerian Capital Market.”
Accordingly, the SEC advised the public to avoid any dealings with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives concerning business in the Nigerian capital market.
The Commission utilized this opportunity to state that engaging in transactions in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risks, including fraud and potential loss of investment. The investing public is therefore urged to verify the registration status of companies and entities offering investment opportunities on the Commission’s dedicated portal, www.sec.gov.ng/cmos, before conducting any transactions with them.
Dr. Emomotimi Agama, the Director General of the SEC, recently conveyed that the Commission would not hesitate to close down the operations of such unregistered entities. He also made it clear that the promoters of these schemes would face the full force of the law.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” Agama warned.
In a significant regulatory development, the ISA 2025 formally brings digital assets under the SEC’s purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This move aims to address the regulatory void that has allowed many Ponzi-style platforms to flourish under the guise of cryptocurrency and digital finance.
Dr. Agama also spoke of the Commission’s education-focused strategy to combat fraud. Through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge necessary to detect and avoid suspicious investments.
