By Chukwuma Umeorah
The Securities and Exchange Commission (SEC) has flagged Silverkuun Investment Cooperative Society and Silverkuun Limited as illegal capital market operators, warning Nigerians to desist from patronising them.
In a circular issued Wednesday, the Commission said its attention had been drawn to the activities of the entities, which falsely pose as licensed investment advisers and fund managers in the Nigerian capital market.
“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 statement read.
“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.”
It warned that dealing with such unregistered and unregulated entities could expose investors to significant risks, including fraud and total loss of investments.
“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 before transacting with them,” it added.
Director General of the Commission, Emomotimi Agama, reinforced the regulator’s stance on illegal investment schemes, stressing that promoters of such entities will be dealt with decisively.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” Agama warned.
He also noted that the recently introduced Investments and Securities Act (ISA) 2025 empowers the Commission to regulate digital assets, making it mandatory for virtual asset service providers (VASPs) and digital asset exchanges to register with the SEC.
“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 said.
To further protect investors, Agama disclosed that the SEC would intensify its financial literacy campaign through podcasts, digital outreach, and the introduction of capital market education in schools and universities.
Through these efforts, he said, the Commission hopes to equip Nigerians with the knowledge to identify and steer clear of fraudulent investment schemes.