From Adanna Nnamani, Abuja
The Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, specifically naming Silverkuun Investment Cooperative Society and Silverkuun Limited as entities operating illegally in the Nigerian capital market.
In a circular released in Abuja on Wednesday, May 28, the Commission stated that it had received reports concerning the activities of these entities, which falsely portray themselves as licensed investment advisers and fund managers.
“The attention of the Securities and Exchange 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 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,” the circular stated.
The SEC further cautioned investors to avoid engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives for any capital market-related transactions.
“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 dedicated portal, www.sec.gov.ng/cmos, before transacting with them,” the SEC added.
Director General of the Commission, Dr. Emomotimi Agama, said that the Commission will take decisive action against such unlawful operations.
“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Agama warned.
Highlighting a significant regulatory move, Agama explained that the new Investment and Securities Act (ISA) 2025 has officially brought digital assets under the SEC’s jurisdiction.
“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 (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance,” he stated.
He also emphasised the Commission’s strategy to combat fraud through public education and awareness.
“Through initiatives like podcasts, digital campaigns, and integrating capital market literacy into school curriculums, the SEC intends to equip Nigerians with the tools to recognise and avoid fraudulent investment schemes,” Agama said.
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