SEC has flagged Silverkuun Investment among other fraudulent and unregistered financial scheme operating in Nigeria.
NewsOnline Nigeria reports that the Securities and Exchange Commission (SEC) has issued a stern warning to the public regarding unregistered investment schemes, specifically highlighting Silverkuun Investment Cooperative Society as an entity falsely operating as an investment adviser and fund manager.
According to their website, Silverkuun Investment Cooperative Society primarily focuses on providing financial solutions to individuals, businesses, and organizations, including loans and investment opportunities.
They claim to offer a range of services like fixed savings, personal and business loans, and investment options with high returns.
ALSO: SunTrust Bank CEO Halima Buba, Director Under Probe Over Alleged $12m Money Laundering
SEC issues strong warning
In a circular released on Wednesday, the Commission emphasized that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate within Nigeria’s capital market, making any transactions with the company a potential financial risk.
“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.
Investors Advised to Verify Companies Before Investing
SEC cautioned against engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives, stressing that dealing with unregistered and unregulated entities exposes investors to risks such as fraud and financial loss.
“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 SEC noted.
The regulator advised the public to always verify the status of companies offering investment opportunities through the official portal www.sec.gov.ng/cmos before committing funds.
SEC Intensifies Crackdown on Unregistered Financial Operators
SEC’s Director-General, Dr. Emomotimi Agama, reinforced the Commission’s commitment to eradicating illegal investment schemes, stating that operations of unregistered entities would be shut down, with promoters held accountable under Nigerian law.
“We will shut down their operations, and the promoters will be made to face the full weight of the law,” Agama warned.
Over recent months, the Commission has heightened its enforcement actions, publicly calling out companies operating without proper regulatory approvals. This move aligns with the SEC’s broader mandate to protect investors, ensure financial transparency, and uphold the integrity of Nigeria’s capital market.
As fraudulent schemes continue to emerge, the SEC urges all stakeholders to exercise due diligence, verify the legitimacy of financial firms, and avoid falling prey to unscrupulous investment schemes promising unrealistic returns.
NewsOnline Nigeriareported earlier in May, the SEC issued a public warning against Property World Africa Network (PWAN) and its associated platform, PWAN MAX, describing the company’s investment solicitation activities as illegal and potentially fraudulent.
According to a statement released by the Commission, PWAN and PWAN MAX are not registered with the SEC and therefore lack the legal authority to collect funds from the public or operate in any capacity within the Nigerian capital market.
The SEC said it was prompted to act following complaints and intelligence reports regarding PWAN’s investment offerings, which allegedly promise unusually high returns and have failed to honour withdrawal requests from subscribers.
